Musharaka REIT posts SAR 24.4 mln FFO, SAR 14.8 mln net profit in H1 2021

Musharaka REIT posts SAR 24.4 mln FFO, SAR 14.8 mln net profit in H1 2021

18/08/2021 Argaam Exclusive

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Musharaka REIT Fund reported a net profit of SAR 14.8 mln (SAR 0.17/unit) for H1 2021, compared to SAR 23.1 million a year earlier, Musharaka Capital, the fund manager, said in a bourse statement.

 

Funds from operations (FFO) reached SAR 24.4 million during the six-month period, compared to SAR 30 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 51.07 43.32 (15.2 %)
Funds from Operations(FFO) 29.96 24.40 (18.6 %)
Net Income 23.07 14.78 (35.9 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.34 0.28 (18.6 %)
EPS (Riyals) 0.26 0.17 (35.9 %)

The profit drop was driven by a 15% slump in rental revenue, and an asset impairment of SAR 4.7 million.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,337.70 1,347.91 0.8 %
Total Debt 402.14 453.92 12.9 %
Net assets attributable to the Unitholders Item 899.50 870.08 (3.3 %)
Market value of net assets 965.18 952.99 (1.3 %)

Net asset value (NAV) stood at SAR 870.08 million, while the NAV per unit reached SAR 9.89 during the six-month period.

 

The market value of assets reached SAR 889.08 million, with per unit market value at SAR 10.10.

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 65.47 - 54.71 - 42.46 -
H2 2018 57.63 - 38.17 - 12.41 -
H1 2019 47.52 (27.4 %) 29.02 (47.0 %) 22.80 (46.3 %)
H2 2019 47.13 (18.2 %) 20.96 (45.1 %) 17.29 39.3 %
H1 2020 51.07 7.5 % 29.96 3.3 % 23.07 1.2 %
H2 2020 42.38 (10.1 %) 16.66 (20.5 %) 13.00 (24.8 %)
H1 2021 43.32 (15.2 %) 24.40 (18.6 %) 14.78 (35.9 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 1,072.49 - 160.73 - 891.66 - 872.44 -
H2 2018 1,057.67 - 159.79 - 848.63 - 852.32 -
H1 2019 1,362.32 27.0 % 424.62 164.2 % 889.94 (0.2 %) 842.05 (3.5 %)
H2 2019 1,273.89 20.4 % 337.36 111.1 % 907.22 6.9 % 959.99 12.6 %
H1 2020 1,337.70 (1.8 %) 402.14 (5.3 %) 899.50 1.1 % 965.18 14.6 %
H2 2020 1,354.14 6.3 % 450.59 33.6 % 881.70 (2.8 %) 950.16 (1.0 %)
H1 2021 1,347.91 0.8 % 453.92 12.9 % 870.08 (3.3 %) 952.99 (1.3 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 13.36 7.89
Q2 2019 20.32 10.65
Q4 2019 20.83 16.71
Q2 2020 17.44 13.83
Q4 2020 23.98 18.56
Q2 2021 35.85 24.26

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.62 0.48 10.13 9.91
H2 2018 0.43 0.14 9.64 9.69
H1 2019 0.33 0.26 10.11 9.57
H2 2019 0.24 0.20 10.31 10.91
H1 2020 0.34 0.26 10.22 10.97
H2 2020 0.19 0.15 10.02 10.80
H1 2021 0.28 0.17 9.89 10.83


Financial Ratios
Current
Number of Units (Million) 88.00
Net Income/Unit ( Riyal) (0.09 )
Funds from operations/Unit ( Riyal) (0.07 )
P/E (X) (TTM) NEG
Current Price/FFO (X) NEG
Par Value ( Riyal) 10.00
Price/book 0.53
Asset Growth (%) (1.40 )
Revenue Growth (%) (5.07 )
Net Income Growth (%) (176.59 )
Adjusted P/E (Last12) (X) Neg
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Share Price

Musharaka REIT Fund
4.75
(0.02) (0.42 %)

Musharaka REIT Fund (MUSHARAKA REIT)

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