MEFIC REIT posts SAR 22.4 mln FFO, SAR 26.6 mln net loss in H1 2020
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MEFIC REIT Fund posted a net loss of SAR 26.6 million for H1 2020, against a net profit of SAR 8.6 million a year earlier, MEFIC Capital, the fund manager, said in a bourse statement.
The losses were attributed to an 8% year-on-year (YoY) drop in lease revenues, increased provision for real estate investments impairment, and SAR 4.9 million losses from the disposal of investment real estate.
Funds from operations (FFO) stood at SAR 22.4 million in H1 2020, falling from SAR 30.4 million in H1 2019.
Financials (M)
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 43.67 | 40.29 | (7.7 %) |
| Funds from Operations(FFO) | 22.95 | 12.56 | (45.3 %) |
| Net Income | 8.62 | (26.55) | (408.1 %) |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.31 | 0.17 | (45.3 %) |
| EPS (Riyals) | 0.12 | (0.36) | (408.1 %) |
Balance Sheet (Million)
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 1,245.86 | 1,241.13 | (0.4 %) |
| Total Debt | 302.32 | 445.29 | 47.3 % |
| Net assets attributable to the Unitholders Item | 762.46 | 709.38 | (7.0 %) |
| Market value of net assets | 767.29 | 725.00 | (5.5 %) |
Total net asset value (NAV) came in at SAR 709.38 million, while NAV per unit reached SAR 9.68.
Total expenses and fees reached SAR 7.73 million for the six-month period.
The number of issued units hit SAR 73.2 million.
The first-half return reached -3.74%.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2020 | 40.29 | (7.7 %) | 12.56 | (45.3 %) | (26.55) | (408.1 %) |
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 2020 | 1,241.13 | (0.4 %) | 445.29 | 47.3 % | 709.38 | (7.0 %) | 725.00 | (5.5 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | NEG | 8.57 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.17 | (0.36) | 9.68 | 9.89 |
| 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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