Al Mashaar REIT posts SAR 4.7 mln FFO, SAR 6 mln net loss in H1 2021

Al Mashaar REIT posts SAR 4.7 mln FFO, SAR 6 mln net loss in H1 2021

19/08/2021 Argaam Exclusive

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Al Mashaar REIT reported net loss of SAR 6 mln (SAR 0.10/unit) for H1 2021, compared to SAR 12.9 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement today, Aug. 19, 2021.

 

Funds from operations (FFO) reached SAR 4.7 million during the six-month period, a drop of 21%, compared to SAR 6 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 19.21 6.77 (64.7 %)
Funds from Operations(FFO) 5.95 4.72 (20.6 %)
Net Income (12.88) (5.98) 53.6 %
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.10 0.08 (20.6 %)
EPS (Riyals) (0.22) (0.10) 53.6 %

The profit drop was driven by lower expenses and asset impairment.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 549.72 658.89 19.9 %
Total Debt - 149.89 -
Net assets attributable to the Unitholders Item 549.07 495.20 (9.8 %)
Market value of net assets 549.07 495.23 (9.8 %)

Net asset value (NAV) stood at SAR 495.20 million, while the NAV per unit reached SAR 8.65 during the six-month period.

 

The market value of assets reached SAR 495.20 million, with per unit market value stood at SAR 8.65.

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 19.74 - 15.75 - 11.61 -
H2 2018 19.43 - 15.36 - 13.03 -
H1 2019 19.16 (2.9 %) 15.43 (2.0 %) 12.08 4.0 %
H2 2019 19.48 0.3 % 15.62 1.7 % 12.36 (5.1 %)
H1 2020 19.21 0.3 % 5.95 (61.5 %) (12.88) (206.6 %)
H2 2020 - - (0.64) (104.1 %) (42.16) (441.1 %)
H1 2021 6.77 (64.7 %) 4.72 (20.6 %) (5.98) 53.6 %

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 604.71 - - - 584.01 - 588.50 -
H2 2018 583.88 - - - 582.16 - 589.07 -
H1 2019 581.19 (3.9 %) - - 579.35 (0.8 %) 589.73 0.2 %
H2 2019 578.80 (0.9 %) - - 576.83 (0.9 %) 590.66 0.3 %
H1 2020 549.72 (5.4 %) - - 549.07 (5.2 %) 549.07 (6.9 %)
H2 2020 501.65 (13.3 %) - - 501.18 (13.1 %) 501.18 (15.1 %)
H1 2021 658.89 19.9 % 149.89 - 495.20 (9.8 %) 495.23 (9.8 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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 16.59 13.14
Q2 2019 17.31 14.11
Q4 2019 19.00 14.95
Q2 2020 NEG 18.98
Q4 2020 NEG More than 100
Q2 2021 NEG More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.28 0.20 10.20 10.28
H2 2018 0.27 0.23 10.17 10.29
H1 2019 0.27 0.21 10.12 10.30
H2 2019 0.27 0.22 10.08 10.32
H1 2020 0.10 (0.22) 9.59 9.59
H2 2020 (0.01) (0.74) 8.76 8.76
H1 2021 0.08 (0.10) 8.65 8.65


Financial Ratios
Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (1.85 )
Funds from operations/Unit ( Riyal) 0.06
P/E (X) (TTM) NEG
Current Price/FFO (X) 71.96
Par Value ( Riyal) 10.00
Price/book 0.89
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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Share Price

SICO Saudi REIT Fund
3.96
(0.02) (0.50 %)

SICO Saudi REIT Fund (SICO SAUDI REIT)

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