Al Mashaar REIT posts SAR 12.9 mln net loss, FFO of SAR 6 mln in H1 2020

25/08/2020 Argaam Exclusive

Al Mashaar REIT Fund posted a net loss of SAR 12.9 million (SAR 0.22 per unit) for H1 2020, against a net profit of SAR 12.1 million in year-earlier period, due to SAR 15.37 million impairment in real estate investments.

 

Funds from operations (FFO) stood at SAR 6 million in H1 2020, falling 61.4% from SAR 15.4 million in H1 2019.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 19.16 19.21 0.3 %
Funds from Operations(FFO) 15.43 5.95 (61.5 %)
Net Income 12.08 (12.88) (206.6 %)
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.27 0.10 (61.5 %)
EPS (Riyals) 0.21 (0.22) (206.6 %)

Total net asset value (NAV) came in at SAR 549 million, while NAV per unit reached SAR 9.59. Net asset book value reached SAR 549 million.

 

Total expenses and fees reached SAR 32 million for the six-month period.

 

The number of issued units hit SAR 572.4 million,

 

The first-half return reached -2.23%.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 581.19 549.72 (5.4 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 579.35 549.07 (5.2 %)
Market value of net assets 589.73 549.07 (6.9 %)

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Share Price

SICO Saudi REIT Fund
4.04
(0.03) (0.74 %)

SICO Saudi REIT Fund (SICO SAUDI REIT)

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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) 73.41
Par Value ( Riyal) 10.00
Price/book 0.90
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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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 %)

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 %)

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

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

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