Al Mashaar REIT reports SAR 55 mln loss for 2020

Al Mashaar REIT reports SAR 55 mln loss for 2020

31/03/2021 Argaam Exclusive

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Al Mashaar REIT Fund reported a net loss of SAR 55 million for 2020, against a net profit of SAR 24.44 million a year earlier, fund manager Muscat Capital said in a bourse filing today, March 31, 2021.

 

Funds from operations (FFO) stood at SAR 5.3 million in 2020, compared to SAR 31.1 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Rental Income 38.64 7.81 (79.8 %)
Funds from Operations(FFO) 31.05 5.31 (82.9 %)
Net Income 24.44 (55.04) (325.2 %)
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.54 0.09 (82.9 %)
EPS (Riyals) 0.43 (0.96) (325.2 %)

The company attributed the loss mainly to the provision for impairment in real estate investment at SAR 53.4 million.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 19.48 - -
Funds from Operations(FFO) 15.62 (0.64) (104.1 %)
Net Income 12.36 (42.16) (441.1 %)
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.27 (0.01) (104.1 %)
EPS (Riyals) 0.22 (0.74) (441.1 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 578.80 501.65 (13.3 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 576.83 501.18 (13.1 %)
Market value of net assets 590.66 501.18 (15.1 %)

Net asset value (NAV) stood at SAR 501.2 million, while the NAV per unit reached SAR 8.8 in 2020.

 

The market value of assets amounted to SAR 501.2 million in 2020.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 19.74 - 15.75 - 11.61 -
H2 2018 19.43 - 15.36 - 13.03 -
H1 2019 19.16 (2.9 %) 15.43 (2.0 %) 12.08 4.0 %
H2 2019 19.48 0.3 % 15.62 1.7 % 12.36 (5.1 %)
H1 2020 19.21 0.3 % 5.95 (61.5 %) (12.88) (206.6 %)
H2 2020 - - (0.64) (104.1 %) (42.16) (441.1 %)
2020 7.81 (79.8 %) 5.31 (82.9 %) (55.04) (325.2 %)

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 604.71 - - - 584.01 - 588.50 -
H2 2018 583.88 - - - 582.16 - 589.07 -
H1 2019 581.19 (3.9 %) - - 579.35 (0.8 %) 589.73 0.2 %
H2 2019 578.80 (0.9 %) - - 576.83 (0.9 %) 590.66 0.3 %
H1 2020 549.72 (5.4 %) - - 549.07 (5.2 %) 549.07 (6.9 %)
H2 2020 501.65 (13.3 %) - - 501.18 (13.1 %) 501.18 (15.1 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
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 16.59 13.14
Q2 2019 17.31 14.11
Q4 2019 19.00 14.95
Q2 2020 NEG 18.98
Q4 2020 NEG More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.28 0.20 10.20 10.28
H2 2018 0.27 0.23 10.17 10.29
H1 2019 0.27 0.21 10.12 10.30
H2 2019 0.27 0.22 10.08 10.32
H1 2020 0.10 (0.22) 9.59 9.59
H2 2020 (0.01) (0.74) 8.76 8.76


Financial Ratios
Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (1.85 )
Funds from operations/Unit ( Riyal) 0.06
P/E (X) (TTM) NEG
Current Price/FFO (X) 71.96
Par Value ( Riyal) 10.00
Price/book 0.89
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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Share Price

SICO Saudi REIT Fund
3.96
(0.02) (0.50 %)

SICO Saudi REIT Fund (SICO SAUDI REIT)

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