MEFIC REIT posts FFO of SAR 7.1 mln, net profit of SAR 13.7 mln in 2022

30/03/2023 Argaam Exclusive

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MEFIC REIT Fund posted a net profit of SAR 13.7 million for 2022, against a net loss of SAR 133.1 million a year earlier.

Funds from operations (FFO) amounted to SAR 7.1 million in 2022, a fall of 40% compared to SAR 11.8 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Rental Income	56.07	63.21	12.7 %
Funds from Operations(FFO)	11.76	7.06	(40.0 %)
Net Income	(133.12)	13.69	110.3 %
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.16	0.10	(40.0 %)
EPS (Riyals)	(1.82)	0.19	110.3 %

The fund turned profitable in 2022 on a 13% rise in rental revenues and a SAR 16.1 million provision for real estate investment and intangible asset impairments.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	28.69	31.42	9.5 %
Funds from Operations(FFO)	5.22	2.31	(55.7 %)
Net Income	(32.56)	(1.39)	95.7 %
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.07	0.03	(55.7 %)
EPS (Riyals)	(0.44)	(0.02)	95.7 %

Item	H1 2022	H2 2022	Change‬
Rental Income	31.79	31.42	(1.2 %)
Funds from Operations(FFO)	4.75	2.31	(51.4 %)
Net Income	15.08	(1.39)	(109.2 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.06	0.03	(51.4 %)
EPS (Riyals)	0.21	(0.02)	(109.2 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	1,040.94	1,024.22	(1.6 %)
Total Debt	460.30	458.78	(0.3 %)
Net assets attributable to the Unitholders Item	521.93	524.63	0.5 %
Market value of net assets	526.66	586.64	11.4 %

Net asset value (NAV) in 2022 stood at SAR 524.63 million, while net book value per unit reached SAR 7.16.

The 2022 market value of assets stood at SAR 586.64 million, with market value per unit at SAR 8.01.

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