Al Mashaar REIT reports SAR 55 mln loss for 2020

31/03/2021 Argaam Exclusive

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Al Mashaar REIT Fund reported a net loss of SAR 55 million for 2020, against a net profit of SAR 24.44 million a year earlier, fund manager Muscat Capital said in a bourse filing today, March 31, 2021.

Funds from operations (FFO) stood at SAR 5.3 million in 2020, compared to SAR 31.1 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Rental Income	38.64	7.81	(79.8 %)
Funds from Operations(FFO)	31.05	5.31	(82.9 %)
Net Income	24.44	(55.04)	(325.2 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.54	0.09	(82.9 %)
EPS (Riyals)	0.43	(0.96)	(325.2 %)

The company attributed the loss mainly to the provision for impairment in real estate investment at SAR 53.4 million.

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	19.48	-	-
Funds from Operations(FFO)	15.62	(0.64)	(104.1 %)
Net Income	12.36	(42.16)	(441.1 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.27	(0.01)	(104.1 %)
EPS (Riyals)	0.22	(0.74)	(441.1 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	19.21	-	-
Funds from Operations(FFO)	5.95	(0.64)	(110.8 %)
Net Income	(12.88)	(42.16)	(227.5 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.10	(0.01)	(110.8 %)
EPS (Riyals)	(0.22)	(0.74)	(227.5 %)

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	578.80	501.65	(13.3 %)
Total Debt	-	-	-
Net assets attributable to the Unitholders Item	576.83	501.18	(13.1 %)
Market value of net assets	590.66	501.18	(15.1 %)

Net asset value (NAV) stood at SAR 501.2 million, while the NAV per unit reached SAR 8.8 in 2020.

The market value of assets amounted to SAR 501.2 million in 2020.

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