MEFIC REIT logs FFO of SAR 927,000, net profit of SAR 1.5M

11/08/2024 Argaam Exclusive

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MEFIC REIT Fund posted SAR 1.5 million net profit in H1 2024, a drop of 89% from SAR 13 million a year earlier.

Funds from operations (FFO) amounted to SAR 927,000 in H1 2024, a decline of 26% from SAR 1.3 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	31.76	35.83	12.8 %
Funds from Operations(FFO)	1.25	0.93	(25.5 %)
Net Income	12.98	1.47	(88.7 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.02	0.01	(25.5 %)
EPS (Riyals)	0.18	0.02	(88.7 %)

The decline in H1 2024 net profit was ascribed to lower other revenues to SAR 18,000, from SAR 5.5 million in the prior-year period, as well as the rise in other expenses and financing costs.

The value of investment properties declined to reach SAR 12.2 million, compared to SAR 21.2 million in H1 2023.

Meanwhile, rental revenues rose to SAR 35.8 million, from SAR 31.8 million in the year-earlier period.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,031.85	997.14	(3.4 %)
Total Debt	446.52	444.00	(0.6 %)
Net assets attributable to the Unitholders Item	537.61	508.76	(5.4 %)
Market value of net assets	597.56	567.59	(5.0 %)

Net asset value (NAV) in H1 2024 stood at SAR 508.76 million, while net book value per unit reached SAR 6.94.

The market value of assets stood at SAR 567.59 million, with market value per unit at SAR 7.75.

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