MEFIC REIT logs FFO of SAR 436,000, net loss of SAR 11.5M

28/03/2024 Argaam Exclusive

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MEFIC REIT Fund turned to a net loss of SAR 11.5 million in 2023, against a net profit of SAR 13.7 million a year earlier.

Funds from operations (FFO) amounted to SAR 436,000 in 2023, a decline of 94% from SAR 7.1 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	63.21	60.52	(4.2 %)
Funds from Operations(FFO)	7.06	0.44	(93.8 %)
Net Income	13.69	(11.47)	(183.8 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.10	0.01	(93.8 %)
EPS (Riyals)	0.19	(0.16)	(183.8 %)

The losses were attributed to a 4% decline in lease revenues, as well as a rise in credit loss provision to SAR 20.37 million compared with SAR 17.31 million in 2022.

Other expenses increased from SAR 11.4 million to SAR 15.2 million, while other income fell by 36%.

Meanwhile, financing costs dropped from SAR 21.2 million to SAR 18.8 million.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	31.42	28.77	(8.4 %)
Funds from Operations(FFO)	2.31	(0.81)	(135.0 %)
Net Income	(1.39)	(24.45)	(1,665.0 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.03	(0.01)	(135.0 %)
EPS (Riyals)	(0.02)	(0.33)	(1,665.0 %)

Item	H1 2023	H2 2023	Change‬
Rental Income	31.76	28.77	(9.4 %)
Funds from Operations(FFO)	1.25	(0.81)	(165.0 %)
Net Income	12.98	(24.45)	(288.4 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.02	(0.01)	(165.0 %)
EPS (Riyals)	0.18	(0.33)	(288.4 %)

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,024.22	1,001.97	(2.2 %)
Total Debt	458.78	447.26	(2.5 %)
Net assets attributable to the Unitholders Item	524.63	513.16	(2.2 %)
Market value of net assets	586.64	567.44	(3.3 %)

Net asset value (NAV) in 2023 stood at SAR 513.16 million, while net book value per unit reached SAR 7.

The 2023 market value of assets stood at SAR 567.44 million, with market value per unit at SAR 7.74.

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