Musharaka REIT posts SAR 33.8 mln FFO, SAR 10.9 mln profit in 2022
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Musharaka REIT Fund reported a net profit of SAR 10.9 million (SAR 0.12 per unit) in 2022, down 64% from SAR 29.9 million (SAR 0.34 per unit) a year earlier.
Funds from operations (FFO) dropped 28% to SAR 33.8 million in 2022, compared to SAR 47.3 million in the year before.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 100.70 | 112.21 | 11.4 % |
| Funds from Operations(FFO) | 59.18 | 45.43 | (23.2 %) |
| Net Income | 29.87 | 10.90 | (63.5 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.67 | 0.52 | (23.2 %) |
| EPS (Riyals) | 0.34 | 0.12 | (63.5 %) |
The lower profit was attributed to a rise in the cost of finance as well as an increase in other operating expenses.
The fund reported a SAR 8.4 million impairment loss of investment properties in 2022, compared to SAR 4.7 million a year earlier.
It also recorded SAR 5.1 million provisions for expected credit losses, but wrote back SAR 116,000 provisions in 2021. On the other hand, the fund’s rental income jumped 13% year-on-year.
Interim Comparasion (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Rental Income | 51.44 | 56.03 | 8.9 % |
| Funds from Operations(FFO) | 28.84 | 15.90 | (44.9 %) |
| Net Income | 15.09 | (2.02) | (113.4 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.33 | 0.18 | (44.9 %) |
| EPS (Riyals) | 0.17 | (0.02) | (113.4 %) |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 1,441.77 | 1,657.16 | 14.9 % |
| Total Debt | 547.49 | 796.86 | 45.5 % |
| Net assets attributable to the Unitholders Item | 858.77 | 816.87 | (4.9 %) |
| Market value of net assets | 947.84 | 895.37 | (5.5 %) |
Net asset value (NAV) stood at SAR 816.87 million, while the NAV per unit reached SAR 9.28.
The market value of assets reached SAR 959.17 million in 2022, while the per unit market value stood at SAR 10.9.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| 2022 | 112.21 | 11.4 % | 45.43 | (23.2 %) | 10.90 | (63.5 %) |
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 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 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | 30.23 | 14.50 |
| Q4 2022 | More than 100 | 17.14 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.34 | 0.15 | 9.61 | 10.83 |
| H2 2022 | 0.18 | (0.02) | 9.28 | 10.17 |
| 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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