MEFIC REIT achieves SAR 1.3 mln FFO, SAR 13 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

View other reports

MEFIC REIT Fund posted a net profit of SAR 13 million (SAR 0.18 per unit) in H1 2023, a drop of 14% from SAR 15.1 million a year earlier.

Funds from operations (FFO) amounted to nearly SAR 1.3 million in the six-month period, a slump of 74% from SAR 4.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	31.79	31.76	(0.1 %)
Funds from Operations(FFO)	4.75	1.25	(73.8 %)
Net Income	15.08	12.98	(13.9 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.06	0.02	(73.8 %)
EPS (Riyals)	0.21	0.18	(13.9 %)

The sluggish performance was because the fund incurred finance charges of SAR 15.2 million during the first half of this year, compared to SAR 11.7 million in H1 2022.

The rental income was almost unchanged at SAR 31.8 million in H1 2023.

By contrast, other income stood at SAR 5.5 million in H1 2023, versus SAR 19.1 million in the prior-year period.

MEFIC REIT recorded a reversal impairment of investment properties of SAR 21.1 million in H1 2023, compared to SAR 16.3 million in H1 2022.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,042.33	1,031.85	(1.0 %)
Total Debt	451.88	446.52	(1.2 %)
Net assets attributable to the Unitholders Item	529.68	537.61	1.5 %
Market value of net assets	575.25	597.56	3.9 %

Net asset value (NAV) in H1 2023 stood at SAR 537.61 million, while net book value per unit reached SAR 7.34.

The market value of assets stood at SAR 597.55 million in H1 2023, with market value per unit at SAR 8.15.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×