MEFIC REIT posts FFO of SAR 11.8 mln, net loss of SAR 133.1 mln in 2021

MEFIC REIT posts FFO of SAR 11.8 mln, net loss of SAR 133.1 mln in 2021

31/03/2022 Argaam Exclusive

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MEFIC REIT Fund widened its 2021 net loss to SAR 133.1 million, from SAR 66.2 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 11.8 million in 2021, compared to SAR 2 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 65.87 56.07 (14.9 %)
Funds from Operations(FFO) 2.01 11.76 483.8 %
Net Income (66.24) (133.12) (101.0 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.03 0.16 483.8 %
EPS (Riyals) (0.90) (1.82) (101.0 %)

The losses increased on lower lease revenue, and higher impairment loss of real estate investments.



Interim Comparasion (M)

Compared With The
Item 2020 2021 Change‬
Rental Income 25.58 28.69 12.1 %
Funds from Operations(FFO) (10.55) 5.22 149.5 %
Net Income (39.69) (32.56) 18.0 %
No of shares 73.28 73.28 -
Operating EPS (Riyals) (0.14) 0.07 149.5 %
EPS (Riyals) (0.54) (0.44) 18.0 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,171.10 1,040.94 (11.1 %)
Total Debt 439.64 460.30 4.7 %
Net assets attributable to the Unitholders Item 669.69 521.93 (22.1 %)
Market value of net assets 688.40 526.66 (23.5 %)

Net asset value (NAV) in 2021 stood at SAR 521.93 million, while net book value per unit reached SAR 7.12.

 

The 2021 market value of assets stood at SAR 526.66 million, with market value per unit at SAR 7.19.

 

View more financial results

 


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 43.67 - 22.95 - 8.62 -
H2 2019 52.09 - 40.56 - 19.36 -
H1 2020 40.29 (7.7 %) 12.56 (45.3 %) (26.55) (408.1 %)
H2 2020 25.58 (50.9 %) (10.55) (126.0 %) (39.69) (305.0 %)
H1 2021 27.38 (32.0 %) 6.54 (47.9 %) (100.56) (278.7 %)
H2 2021 28.69 12.1 % 5.22 149.5 % (32.56) 18.0 %
2021 56.07 (14.9 %) 11.76 483.8 % (133.12) (101.0 %)

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 - - - - - - - -
H2 2018 - - - - - - - -
H1 2019 1,245.86 - 302.32 - 762.46 - 767.29 -
H2 2019 1,352.03 - 423.58 - 754.25 - 761.50 -
H1 2020 1,241.13 (0.4 %) 445.29 47.3 % 709.38 (7.0 %) 725.00 (5.5 %)
H2 2020 1,171.10 (13.4 %) 439.64 3.8 % 669.69 (11.2 %) 688.40 (9.6 %)
H1 2021 1,060.50 (14.6 %) 434.00 (2.5 %) 558.16 (21.3 %) 577.82 (20.3 %)
H2 2021 1,040.94 (11.1 %) 460.30 4.7 % 521.93 (22.1 %) 526.66 (23.5 %)

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 - -
Q2 2019 - -
Q4 2019 20.56 9.06
Q2 2020 NEG 8.57
Q4 2020 NEG More than 100
Q2 2021 NEG NEG
Q4 2021 NEG 45.00

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - - -
H1 2019 0.31 0.12 10.41 10.47
H2 2019 0.55 0.26 10.29 10.39
H1 2020 0.17 (0.36) 9.68 9.89
H2 2020 (0.14) (0.54) 9.14 9.39
H1 2021 0.09 (1.37) 7.62 7.89
H2 2021 0.07 (0.44) 7.12 7.19


Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) (0.16 )
Funds from operations/Unit ( Riyal) 0.01
P/E (X) (TTM) NEG
Current Price/FFO (X) 746.22
Par Value ( Riyal) 10.00
Price/book 0.63
Asset Growth (%) (2.17 )
Revenue Growth (%) (4.25 )
Net Income Growth (%) (183.81 )
Adjusted P/E (Last12) (X) Neg
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Share Price

MEFIC REIT Fund
4.41
(0.03) (0.68 %)

MEFIC REIT Fund (MEFIC REIT)

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