Musharaka REIT sees negative FFO of SAR 5.5 mln, SAR 634,800 net profit in H1 2023

14/08/2023 Argaam Exclusive

Musharaka REIT Fund reported a net profit of SAR 634,800 (SAR 0.01 per unit) for the first half of 2023, from SAR 12.9 million a year earlier, Musharaka Capital, the fund manager, said in a statement to Tadawul.

 

Funds from operations (FFO) came in at a negative SAR 5.5 million during the six-month period, from a positive SAR 23.7 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 56.18 52.17 (7.1 %)
Funds from Operations(FFO) 29.53 0.11 (99.6 %)
Net Income 12.92 0.63 (95.1 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.34 0.00 (99.6 %)
EPS (Riyals) 0.15 0.01 (95.1 %)

Funds from operations (FFO) came in at a negative SAR 5.5 million during the six-month period, from a positive SAR 23.7 million in H1 2022.

 

The fund attributed the decline in net profit to a decrease in rental leasing income to SAR 46.6 million in H1 2023, compared to SAR 50.4 million in the same period of the previous year.

 

The fund also cited a jump in financing costs to SAR 28.8 million in H1 2034 from SAR 12 million a year earlier. Consumption expenses also grew to SAR 15.3 million in the current period, versus SAR 13.4 million in H1 2022.

 

Moreover, operating expenses increased to SAR 12.2 million in H1 2023 from SAR 4.3 million in H1 2022.

 

This came despite recording a reversal of the impairment provision on investment properties in the current period. This was besides logging a financing income on short-term Murabaha deposits of SAR 628,000 in the current period, compared to nothing for the same period of the previous year.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,689.22 1,641.40 (2.8 %)
Total Debt 790.95 794.87 0.5 %
Net assets attributable to the Unitholders Item 845.29 799.90 (5.4 %)
Market value of net assets 953.35 904.03 (5.2 %)

Net asset value (NAV) stood at SAR 799.90 million by the end of H1 2023, while net book value per unit reached SAR 9.09.

 

The market value of assets stood at SAR 904.03 million as of June 30, 2023, with a market value per unit of SAR 10.27.

 

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Share Price

Musharaka REIT Fund
4.84
(0.03) (0.62 %)

Musharaka REIT Fund (MUSHARAKA REIT)

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Financial Ratios
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) 40.53
Par Value ( Riyal) 10.00
Price/book 0.56
Asset Growth (%) (2.16 )
Revenue Growth (%) 0.7
Net Income Growth (%) (1596.90 )
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 66.25 - 55.49 - 42.46 -
H2 2018 57.87 - 38.41 - 12.41 -
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 %
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 %)
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 %
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 %)
H1 2023 52.17 (7.1 %) 0.11 (99.6 %) 0.63 (95.1 %)

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 %)

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 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

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

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