MEFIC REIT posts SAR 2 mln FFO, SAR 66.2 mln net loss in 2020

31/03/2021 Argaam Exclusive

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MEFIC REIT Fund reported a net loss of SAR 66.2 million for 2020, against a net profit of SAR 28 million a year earlier.

Funds from operations (FFO) dropped to SAR 2 million in 2020 from SAR 63.5 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Rental Income	95.75	65.87	(31.2 %)
Funds from Operations(FFO)	63.51	2.01	(96.8 %)
Net Income	27.98	(66.24)	(336.8 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.87	0.03	(96.8 %)
EPS (Riyals)	0.38	(0.90)	(336.8 %)

The losses were attributed to a decline in rental income, an increase in impairment of real estate investment provision of SAR 34.4 million, and a rise of SAR 24.1 million in doubtful debt provisions

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	52.09	25.58	(50.9 %)
Funds from Operations(FFO)	40.56	(10.55)	(126.0 %)
Net Income	19.36	(39.69)	(305.0 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.55	(0.14)	(126.0 %)
EPS (Riyals)	0.26	(0.54)	(305.0 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	40.29	25.58	(36.5 %)
Funds from Operations(FFO)	12.56	(10.55)	(184.0 %)
Net Income	(26.55)	(39.69)	(49.5 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.17	(0.14)	(184.0 %)
EPS (Riyals)	(0.36)	(0.54)	(49.5 %)

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,352.03	1,171.10	(13.4 %)
Total Debt	423.58	439.64	3.8 %
Net assets attributable to the Unitholders Item	754.25	669.69	(11.2 %)
Market value of net assets	761.50	688.40	(9.6 %)

Net asset value (NAV) stood at SAR 669.69 million, while the NAV per unit reached SAR 9.14 during the year.

The market value of assets reached SAR 675.90 million, with per unit market value stood at SAR 9.22.

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