MEFIC REIT posts FFO of SAR 11.8 mln, net loss of SAR 133.1 mln in 2021

31/03/2022 Argaam Exclusive

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MEFIC REIT Fund widened its 2021 net loss to SAR 133.1 million, from SAR 66.2 million a year earlier.

Funds from operations (FFO) amounted to SAR 11.8 million in 2021, compared to SAR 2 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	65.87	56.07	(14.9 %)
Funds from Operations(FFO)	2.01	11.76	483.8 %
Net Income	(66.24)	(133.12)	(101.0 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.03	0.16	483.8 %
EPS (Riyals)	(0.90)	(1.82)	(101.0 %)

The losses increased on lower lease revenue, and higher impairment loss of real estate investments.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	25.58	28.69	12.1 %
Funds from Operations(FFO)	(10.55)	5.22	149.5 %
Net Income	(39.69)	(32.56)	18.0 %
No of shares	73.28	73.28	-
Operating EPS (Riyals)	(0.14)	0.07	149.5 %
EPS (Riyals)	(0.54)	(0.44)	18.0 %

Item	H1 2021	H2 2021	Change‬
Rental Income	27.38	28.69	4.8 %
Funds from Operations(FFO)	6.54	5.22	(20.3 %)
Net Income	(100.56)	(32.56)	67.6 %
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.09	0.07	(20.3 %)
EPS (Riyals)	(1.37)	(0.44)	67.6 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	1,171.10	1,040.94	(11.1 %)
Total Debt	439.64	460.30	4.7 %
Net assets attributable to the Unitholders Item	669.69	521.93	(22.1 %)
Market value of net assets	688.40	526.66	(23.5 %)

Net asset value (NAV) in 2021 stood at SAR 521.93 million, while net book value per unit reached SAR 7.12.

The 2021 market value of assets stood at SAR 526.66 million, with market value per unit at SAR 7.19.

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