Musharaka REIT reports FFO at SAR 5.3M, loss at SAR 14.6M in H1 2024

Musharaka REIT Fund turned to a loss of SAR 14.6 million for the first half of 2024, from a profit of SAR 635,000 a year earlier, Musharaka Capital, the fund manager, said in a statement to Tadawul.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	52.17	54.40	4.3 %
Funds from Operations(FFO)	0.11	5.25	4549.6 %
Net Income	0.63	(14.56)	(2393.1 %)
No of shares	88.00	88.00	-
Operating EPS (Riyals)	0.00	0.06	4549.6 %
EPS (Riyals)	0.01	(0.17)	(2393.1 %)

Funds from operations (FFO) reached SAR 5.3 million during the six-month period, from SAR 113,000 in H1 2023.

The fund attributed the loss to impairment losses on investment properties amounted to SAR 5.9 million, compared to profits of SAR 15 million last year, not to mention higher financing charges and 3% lower financing revenue to SAR 5.4 million.

This was offset by a SAR 1.9 million provision for expected credit losses, 5.2% increase in rental income, and lower fund management fees.

The fund also cited a jump in financing income on short-term Murabaha deposits of SAR 1.1 million in H1 2034 from SAR 628,000 a year earlier.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,641.40	1,605.99	(2.2 %)
Total Debt	794.87	789.62	(0.7 %)
Net assets attributable to the Unitholders Item	799.90	761.40	(4.8 %)
Market value of net assets	904.03	830.29	(8.2 %)

Net asset value (NAV) stood at SAR 767.25 million by the end of H1 2024, while net book value per unit reached SAR 8.72.

The market value of assets stood at SAR 830.291 million as of June 30, 2023, with a market value per unit of SAR 9.44.

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Share Price

Musharaka REIT Fund (MUSHARAKA REIT)

	Current
Number of Units (Million)	88.00
Net Income/Unit ( Riyal)	(0.27 )
Funds from operations/Unit ( Riyal)	0.12
P/E (X) (TTM)	NEG
Current Price/FFO (X)	39.19
Par Value ( Riyal)	10.00
Price/book	0.54
Asset Growth (%)	(2.16 )
Revenue Growth (%)	0.7
Net Income Growth (%)	(1596.90 )
Adjusted P/E (Last12) (X)	Neg

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2018	66.25	-	55.49	-	42.46	-
H2 2018	57.87	-	38.41	-	12.41	-
2018	124.12	-	93.89	-	54.87	-
H1 2019	53.22	(19.7 %)	34.71	(37.4 %)	22.80	(46.3 %)
H2 2019	53.06	(8.3 %)	26.89	(30.0 %)	17.29	39.3 %
2019	106.27	(14.4 %)	61.60	(34.4 %)	40.09	(26.9 %)
H1 2020	55.80	4.8 %	34.69	(0.1 %)	23.07	1.2 %
H2 2020	47.78	(10.0 %)	22.05	(18.0 %)	13.00	(24.8 %)
2020	103.57	(2.5 %)	56.74	(7.9 %)	36.08	(10.0 %)
H1 2021	49.26	(11.7 %)	30.34	(12.5 %)	14.78	(35.9 %)
H2 2021	51.44	7.7 %	28.84	30.8 %	15.09	16.0 %
2021	100.70	(2.8 %)	59.18	4.3 %	29.87	(17.2 %)
H1 2022	56.18	14.1 %	29.53	(2.7 %)	12.92	(12.6 %)
H2 2022	56.03	8.9 %	15.90	(44.9 %)	(2.02)	(113.4 %)
2022	112.21	11.4 %	45.43	(23.2 %)	10.90	(63.5 %)
H1 2023	52.17	(7.1 %)	0.11	(99.6 %)	0.63	(95.1 %)
H2 2023	54.52	(2.7 %)	5.25	(67.0 %)	(8.98)	(344.3 %)
2023	106.68	(4.9 %)	5.37	(88.2 %)	(8.35)	(176.6 %)
H1 2024	54.40	4.3 %	5.25	4549.6 %	(14.56)	(2393.1 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	124.12	-	93.89	-	54.87	-
2019	106.27	(14.4 %)	61.60	(34.4 %)	40.09	(26.9 %)
2020	103.57	(2.5 %)	56.74	(7.9 %)	36.08	(10.0 %)
2021	100.70	(2.8 %)	59.18	4.3 %	29.87	(17.2 %)
2022	112.21	11.4 %	45.43	(23.2 %)	10.90	(63.5 %)
2023	106.68	(4.9 %)	5.37	(88.2 %)	(8.35)	(176.6 %)

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 %)
H2 2021	1,441.77	6.5 %	547.49	21.5 %	858.77	(2.6 %)	947.84	(0.2 %)
H1 2022	1,689.22	25.3 %	790.95	74.2 %	845.29	(2.8 %)	953.35	0.0 %
H2 2022	1,657.16	14.9 %	796.86	45.5 %	816.87	(4.9 %)	895.37	(5.5 %)
H1 2023	1,641.40	(2.8 %)	794.87	0.5 %	799.90	(5.4 %)	904.03	(5.2 %)
H2 2023	1,633.95	(1.4 %)	794.31	(0.3 %)	784.76	(3.9 %)	833.82	(6.9 %)
H1 2024	1,605.99	(2.2 %)	789.62	(0.7 %)	761.40	(4.8 %)	830.29	(8.2 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,057.67	-	159.79	-	848.63	-	852.32	-
2019	1,273.89	20.4 %	337.36	111.1 %	907.22	6.9 %	959.99	12.6 %
2020	1,354.14	6.3 %	450.59	33.6 %	881.70	(2.8 %)	950.16	(1.0 %)
2021	1,441.77	6.5 %	547.49	21.5 %	858.77	(2.6 %)	947.84	(0.2 %)
2022	1,657.16	14.9 %	796.86	45.5 %	816.87	(4.9 %)	895.37	(5.5 %)
2023	1,633.95	(1.4 %)	794.31	(0.3 %)	784.76	(3.9 %)	833.82	(6.9 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
Q2 2015	-	-
Q4 2015	-	-
Q2 2016	-	-
Q4 2016	-	-
Q2 2017	-	-
Q4 2017	-	-
Q2 2018	-	-
Q4 2018	13.36	7.81
Q2 2019	20.32	9.79
Q4 2019	20.83	13.56
Q2 2020	17.44	11.43
Q4 2020	23.98	15.25
Q2 2021	35.85	19.01
Q4 2021	29.23	14.75
Q2 2022	30.23	14.50
Q4 2022	More than 100	17.14
Q2 2023	NEG	42.64
Q4 2023	NEG	More than 100
Q2 2024	NEG	40.28

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	13.36	7.81
2019	20.83	13.56
2020	23.98	15.25
2021	29.23	14.75
2022	More than 100	17.14
2023	NEG	More than 100

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2018	0.63	0.48	10.13	9.91
H2 2018	0.44	0.14	9.64	9.69
H1 2019	0.39	0.26	10.11	9.57
H2 2019	0.31	0.20	10.31	10.91
H1 2020	0.39	0.26	10.22	10.97
H2 2020	0.25	0.15	10.02	10.80
H1 2021	0.34	0.17	9.89	10.83
H2 2021	0.33	0.17	9.76	10.77
H1 2022	0.34	0.15	9.61	10.83
H2 2022	0.18	(0.02)	9.28	10.17
H1 2023	0.00	0.01	9.09	10.27
H2 2023	0.06	(0.10)	8.92	9.48
H1 2024	0.06	(0.17)	8.65	9.44

Period	Operating EPS	EPS	Book Value	Market Value
2018	1.07	0.62	9.64	9.69
2019	0.70	0.46	10.31	10.91
2020	0.64	0.41	10.02	10.80
2021	0.67	0.34	9.76	10.77
2022	0.52	0.12	9.28	10.17
2023	0.06	(0.09)	8.92	9.48

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Musharaka REIT reports FFO at SAR 5.3M, loss at SAR 14.6M in H1 2024

Financials (M)

Balance Sheet (Million)

View other reports

Share Price

Musharaka REIT Fund (MUSHARAKA REIT)

Financial Ratios

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

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