MEFIC REIT posts FFO of SAR 7.1 mln, net profit of SAR 13.7 mln in 2022

MEFIC REIT posts FFO of SAR 7.1 mln, net profit of SAR 13.7 mln in 2022

30/03/2023 Argaam Exclusive

View other reports

MEFIC REIT Fund posted a net profit of SAR 13.7 million for 2022, against a net loss of SAR 133.1 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 7.1 million in 2022, a fall of 40% compared to SAR 11.8 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Rental Income 56.07 63.21 12.7 %
Funds from Operations(FFO) 11.76 7.06 (40.0 %)
Net Income (133.12) 13.69 110.3 %
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.16 0.10 (40.0 %)
EPS (Riyals) (1.82) 0.19 110.3 %

The fund turned profitable in 2022 on a 13% rise in rental revenues and a SAR 16.1 million provision for real estate investment and intangible asset impairments.



Interim Comparasion (M)

Compared With The
Item 2021 2022 Change‬
Rental Income 28.69 31.42 9.5 %
Funds from Operations(FFO) 5.22 2.31 (55.7 %)
Net Income (32.56) (1.39) 95.7 %
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.07 0.03 (55.7 %)
EPS (Riyals) (0.44) (0.02) 95.7 %

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 1,040.94 1,024.22 (1.6 %)
Total Debt 460.30 458.78 (0.3 %)
Net assets attributable to the Unitholders Item 521.93 524.63 0.5 %
Market value of net assets 526.66 586.64 11.4 %

Net asset value (NAV) in 2022 stood at SAR 524.63 million, while net book value per unit reached SAR 7.16.

 

The 2022 market value of assets stood at SAR 586.64 million, with market value per unit at SAR 8.01.

View more financial results

 


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 %)
H2 2021 28.69 12.1 % 5.22 149.5 % (32.56) 18.0 %
H1 2022 31.79 16.1 % 4.75 (27.4 %) 15.08 115.0 %
H2 2022 31.42 9.5 % 2.31 (55.7 %) (1.39) 95.7 %
2022 63.21 12.7 % 7.06 (40.0 %) 13.69 110.3 %

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 %)
H2 2021 1,040.94 (11.1 %) 460.30 4.7 % 521.93 (22.1 %) 526.66 (23.5 %)
H1 2022 1,042.33 (1.7 %) 451.88 4.1 % 529.68 (5.1 %) 575.25 (0.4 %)
H2 2022 1,024.22 (1.6 %) 458.78 (0.3 %) 524.63 0.5 % 586.64 11.4 %

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 - -
Q2 2019 - -
Q4 2019 20.56 9.06
Q2 2020 NEG 8.57
Q4 2020 NEG More than 100
Q2 2021 NEG NEG
Q4 2021 NEG 45.00
Q2 2022 NEG 44.27
Q4 2022 25.53 49.51

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
H2 2021 0.07 (0.44) 7.12 7.19
H1 2022 0.06 0.21 7.23 7.85
H2 2022 0.03 (0.02) 7.16 8.01


Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) (0.16 )
Funds from operations/Unit ( Riyal) 0.01
P/E (X) (TTM) NEG
Current Price/FFO (X) 742.85
Par Value ( Riyal) 10.00
Price/book 0.63
Asset Growth (%) (2.17 )
Revenue Growth (%) (4.25 )
Net Income Growth (%) (183.81 )
Adjusted P/E (Last12) (X) Neg
more

Share Price

MEFIC REIT Fund
4.42
(0.02) (0.45 %)

MEFIC REIT Fund (MEFIC REIT)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.