MEFIC REIT posts SAR 2 mln FFO, SAR 66.2 mln net loss in 2020

MEFIC REIT posts SAR 2 mln FFO, SAR 66.2 mln net loss in 2020

31/03/2021 Argaam Exclusive

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MEFIC REIT Fund reported a net loss of SAR 66.2 million for 2020, against a net profit of SAR 28 million a year earlier.

 

Funds from operations (FFO) dropped to SAR 2 million in 2020 from SAR 63.5 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Rental Income 95.75 65.87 (31.2 %)
Funds from Operations(FFO) 63.51 2.01 (96.8 %)
Net Income 27.98 (66.24) (336.8 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.87 0.03 (96.8 %)
EPS (Riyals) 0.38 (0.90) (336.8 %)

The losses were attributed to a decline in rental income, an increase in impairment of real estate investment provision of SAR 34.4 million, and a rise of SAR 24.1 million in doubtful debt provisions



Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 52.09 25.58 (50.9 %)
Funds from Operations(FFO) 40.56 (10.55) (126.0 %)
Net Income 19.36 (39.69) (305.0 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.55 (0.14) (126.0 %)
EPS (Riyals) 0.26 (0.54) (305.0 %)

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 1,352.03 1,171.10 (13.4 %)
Total Debt 423.58 439.64 3.8 %
Net assets attributable to the Unitholders Item 754.25 669.69 (11.2 %)
Market value of net assets 761.50 688.40 (9.6 %)

Net asset value (NAV) stood at SAR 669.69 million, while the NAV per unit reached SAR 9.14 during the year.

 

The market value of assets reached SAR 675.90 million, with per unit market value stood at SAR 9.22.



Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 43.67 - 22.95 - 8.62 -
H2 2019 52.09 - 40.56 - 19.36 -
H1 2020 40.29 (7.7 %) 12.56 (45.3 %) (26.55) (408.1 %)
H2 2020 25.58 (50.9 %) (10.55) (126.0 %) (39.69) (305.0 %)
2020 65.87 (31.2 %) 2.01 (96.8 %) (66.24) (336.8 %)

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 - - - - - - - -
H2 2018 - - - - - - - -
H1 2019 1,245.86 - 302.32 - 762.46 - 767.29 -
H2 2019 1,352.03 - 423.58 - 754.25 - 761.50 -
H1 2020 1,241.13 (0.4 %) 445.29 47.3 % 709.38 (7.0 %) 725.00 (5.5 %)
H2 2020 1,171.10 (13.4 %) 439.64 3.8 % 669.69 (11.2 %) 688.40 (9.6 %)

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 - -
Q2 2019 - -
Q4 2019 20.56 9.06
Q2 2020 NEG 8.57
Q4 2020 NEG More than 100

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - - -
H1 2019 0.31 0.12 10.41 10.47
H2 2019 0.55 0.26 10.29 10.39
H1 2020 0.17 (0.36) 9.68 9.89
H2 2020 (0.14) (0.54) 9.14 9.39


Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) (0.31 )
Funds from operations/Unit ( Riyal) 0.00
P/E (X) (TTM) NEG
Current Price/FFO (X) 2,502.59
Par Value ( Riyal) 10.00
Price/book 0.58
Asset Growth (%) (3.36 )
Revenue Growth (%) 2.2
Net Income Growth (%) (298.25 )
Adjusted P/E (Last12) (X) Neg
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Share Price

MEFIC REIT Fund
4.03
(0.01) (0.25 %)

MEFIC REIT Fund (MEFIC REIT)

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