MEFIC REIT posts SAR 6.5 mln FFO, SAR 100.6 mln net loss in H1 2021

MEFIC REIT posts SAR 6.5 mln FFO, SAR 100.6 mln net loss in H1 2021

18/08/2021 Argaam Exclusive

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MEFIC REIT Fund reported a net loss of SAR 100.6 million for the first six months of 2021, from a loss of SAR 26.6 million in the similar period last year, fund manager MEFIC Capital said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 6.5 million in H1 2021, compared to SAR 12.6 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 40.29 27.38 (32.0 %)
Funds from Operations(FFO) 12.56 6.54 (47.9 %)
Net Income (26.55) (100.56) (278.7 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.17 0.09 (47.9 %)
EPS (Riyals) (0.36) (1.37) (278.7 %)

The increase in losses is attributed to a 32% decline in rental income, SAR 89.7 million impairment loss on real estate investments, and SAR 6 million impairment of usufruct assets.

 

This was despite the decrease in the depreciation of real estate investments and expected credit losses of receivables.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,241.13 1,060.50 (14.6 %)
Total Debt 445.29 434.00 (2.5 %)
Net assets attributable to the Unitholders Item 709.38 558.16 (21.3 %)
Market value of net assets 725.00 577.82 (20.3 %)

Net asset value (NAV) stood at SAR 558.16 million (SAR 7.62/unit) by the end of June 30, 2021.

 

The market value of assets stood at SAR 558.16 million in H1 2021, with market value per unit as fair value at SAR 7.62.

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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 %)
H1 2021 27.38 (32.0 %) 6.54 (47.9 %) (100.56) (278.7 %)

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 %)
H1 2021 1,060.50 (14.6 %) 434.00 (2.5 %) 558.16 (21.3 %) 577.82 (20.3 %)

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 - -
Q2 2019 - -
Q4 2019 20.56 9.06
Q2 2020 NEG 8.57
Q4 2020 NEG More than 100
Q2 2021 NEG NEG

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
H1 2021 0.09 (1.37) 7.62 7.89


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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