Musharaka REIT posts SAR 46.6 mln FFO, SAR 36.1 mln profit in 2020

Musharaka REIT posts SAR 46.6 mln FFO, SAR 36.1 mln profit in 2020

30/03/2021 Argaam Exclusive

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Musharaka REIT Fund reported a net profit of SAR 36.1 million (SAR 0.4 per unit) for 2020, down 10%, compared to SAR 40.1 million a year earlier, fund manager Musharaka Capital said in a bourse filing today, March 30, 2021.

 

Funds from operations (FFO) stood at SAR 46.6 million in 2020, falling 7%, compared to SAR 50 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Rental Income 106.27 103.57 (2.5 %)
Funds from Operations(FFO) 61.60 56.74 (7.9 %)
Net Income 40.09 36.08 (10.0 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.70 0.64 (7.9 %)
EPS (Riyals) 0.46 0.41 (10.0 %)

The lower profit was attributed to a 5% increase in operating expenses and 9% drop in other revenues.

 

Net asset value (NAV) stood at SAR 881,7 million, while the NAV per unit reached SAR 10.

 

The market value of assets reached SAR 904 million in 2020, while the per unit market value stood at SAR 10.3.



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 53.06 47.78 (10.0 %)
Funds from Operations(FFO) 26.89 22.05 (18.0 %)
Net Income 17.29 13.00 (24.8 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.31 0.25 (18.0 %)
EPS (Riyals) 0.20 0.15 (24.8 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,273.89 1,354.14 6.3 %
Total Debt 337.36 450.59 33.6 %
Net assets attributable to the Unitholders Item 907.22 881.70 (2.8 %)
Market value of net assets 959.99 950.16 (1.0 %)


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 %)
2020 103.57 (2.5 %) 56.74 (7.9 %) 36.08 (10.0 %)

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 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 %)

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 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

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


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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Share Price

Musharaka REIT Fund
4.84
(0.03) (0.62 %)

Musharaka REIT Fund (MUSHARAKA REIT)

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