Musharaka REIT’s H1 2022 FFO down 3% to SAR 23.7 mln, net profit drops to SAR 12.9 mln

Musharaka REIT’s H1 2022 FFO down 3% to SAR 23.7 mln, net profit drops to SAR 12.9 mln

25/08/2022 Argaam Exclusive

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Musharaka REIT Fund reported a drop of 13% in H1 2022 net profit to SAR 12.9 million (SAR 0.15 per unit), from SAR 14.8 million a year earlier.

 

Funds from operations (FFO) declined 3% to SAR 23.7 million in the six-month period, from SAR 24.4 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 49.26 56.18 14.1 %
Funds from Operations(FFO) 30.34 29.53 (2.7 %)
Net Income 14.78 12.92 (12.6 %)
No of shares 88.00 88.00 -
Operating EPS (Riyals) 0.34 0.34 (2.7 %)
EPS (Riyals) 0.17 0.15 (12.6 %)

The profit fall was attributed to an increase in depreciation to SAR 13.4 million, from SAR 11.3 million in H1 2022.

 

Allowance for expected credit losses stood at SAR 1.06 million. Further, operating expenses and finance costs rose, despite a 16% jump year-on-year (YoY) in rental income and a lower provision for impairment loss on investment properties.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,347.91 1,689.22 25.3 %
Total Debt 453.92 790.95 74.2 %
Net assets attributable to the Unitholders Item 870.08 845.29 (2.8 %)
Market value of net assets 952.99 953.35 0.0 %

Net asset value (NAV) stood at SAR 845.29 million by the end of H1 2022, while net book value per unit reached SAR 9.61

 

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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 %)

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 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 35.85 19.01
Q4 2021 29.23 14.75
Q2 2022 30.23 14.50

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


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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