MEFIC REIT logs FFO of SAR 436,000, net loss of SAR 11.5M

28/03/2024 Argaam Exclusive

MEFIC REIT Fund turned to a net loss of SAR 11.5 million in 2023, against a net profit of SAR 13.7 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 436,000 in 2023, a decline of 94% from SAR 7.1 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 63.21 60.52 (4.2 %)
Funds from Operations(FFO) 7.06 0.44 (93.8 %)
Net Income 13.69 (11.47) (183.8 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.10 0.01 (93.8 %)
EPS (Riyals) 0.19 (0.16) (183.8 %)

The losses were attributed to a 4% decline in lease revenues, as well as a rise in credit loss provision to SAR 20.37 million compared with SAR 17.31 million in 2022.

 

Other expenses increased from SAR 11.4 million to SAR 15.2 million, while other income fell by 36%.

 

Meanwhile, financing costs dropped from SAR 21.2 million to SAR 18.8 million.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 31.42 28.77 (8.4 %)
Funds from Operations(FFO) 2.31 (0.81) (135.0 %)
Net Income (1.39) (24.45) (1,665.0 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.03 (0.01) (135.0 %)
EPS (Riyals) (0.02) (0.33) (1,665.0 %)

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,024.22 1,001.97 (2.2 %)
Total Debt 458.78 447.26 (2.5 %)
Net assets attributable to the Unitholders Item 524.63 513.16 (2.2 %)
Market value of net assets 586.64 567.44 (3.3 %)

Net asset value (NAV) in 2023 stood at SAR 513.16 million, while net book value per unit reached SAR 7.

 

The 2023 market value of assets stood at SAR 567.44 million, with market value per unit at SAR 7.74.

 

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Share Price

MEFIC REIT Fund
4.04
(0.04) (0.98 %)

MEFIC REIT Fund (MEFIC REIT)

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Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) (0.31 )
Funds from operations/Unit ( Riyal) 0.00
P/E (X) (TTM) NEG
Current Price/FFO (X) 2,508.80
Par Value ( Riyal) 10.00
Price/book 0.58
Asset Growth (%) (3.36 )
Revenue Growth (%) 2.2
Net Income Growth (%) (298.25 )
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 - - - - - -
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 %
H1 2022 31.79 16.1 % 4.75 (27.4 %) 15.08 115.0 %
H2 2022 31.42 9.5 % 2.31 (55.7 %) (1.39) 95.7 %
H1 2023 31.76 (0.1 %) 1.25 (73.8 %) 12.98 (13.9 %)
H2 2023 28.77 (8.4 %) (0.81) (135.0 %) (24.45) (1,665.0 %)
2023 60.52 (4.2 %) 0.44 (93.8 %) (11.47) (183.8 %)

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 %)
H1 2022 1,042.33 (1.7 %) 451.88 4.1 % 529.68 (5.1 %) 575.25 (0.4 %)
H2 2022 1,024.22 (1.6 %) 458.78 (0.3 %) 524.63 0.5 % 586.64 11.4 %
H1 2023 1,031.85 (1.0 %) 446.52 (1.2 %) 537.61 1.5 % 597.56 3.9 %
H2 2023 1,001.97 (2.2 %) 447.26 (2.5 %) 513.16 (2.2 %) 567.44 (3.3 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2022 NEG 44.27
Q4 2022 25.53 49.51
Q2 2023 32.74 More than 100
Q4 2023 NEG More than 100

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
H1 2022 0.06 0.21 7.23 7.85
H2 2022 0.03 (0.02) 7.16 8.01
H1 2023 0.02 0.18 7.34 8.15
H2 2023 (0.01) (0.33) 7.00 7.74

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