MEFIC REIT logs FFO of SAR 436,000, net loss of SAR 11.5M

28/03/2024 Argaam Exclusive

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MEFIC REIT Fund turned to a net loss of SAR 11.5 million in 2023, against a net profit of SAR 13.7 million a year earlier.

Funds from operations (FFO) amounted to SAR 436,000 in 2023, a decline of 94% from SAR 7.1 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	63.21	60.52	(4.2 %)
Funds from Operations(FFO)	7.06	0.44	(93.8 %)
Net Income	13.69	(11.47)	(183.8 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.10	0.01	(93.8 %)
EPS (Riyals)	0.19	(0.16)	(183.8 %)

The losses were attributed to a 4% decline in lease revenues, as well as a rise in credit loss provision to SAR 20.37 million compared with SAR 17.31 million in 2022.

Other expenses increased from SAR 11.4 million to SAR 15.2 million, while other income fell by 36%.

Meanwhile, financing costs dropped from SAR 21.2 million to SAR 18.8 million.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	31.42	28.77	(8.4 %)
Funds from Operations(FFO)	2.31	(0.81)	(135.0 %)
Net Income	(1.39)	(24.45)	(1,665.0 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.03	(0.01)	(135.0 %)
EPS (Riyals)	(0.02)	(0.33)	(1,665.0 %)

Item	H1 2023	H2 2023	Change‬
Rental Income	31.76	28.77	(9.4 %)
Funds from Operations(FFO)	1.25	(0.81)	(165.0 %)
Net Income	12.98	(24.45)	(288.4 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.02	(0.01)	(165.0 %)
EPS (Riyals)	0.18	(0.33)	(288.4 %)

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	1,024.22	1,001.97	(2.2 %)
Total Debt	458.78	447.26	(2.5 %)
Net assets attributable to the Unitholders Item	524.63	513.16	(2.2 %)
Market value of net assets	586.64	567.44	(3.3 %)

Net asset value (NAV) in 2023 stood at SAR 513.16 million, while net book value per unit reached SAR 7.

The 2023 market value of assets stood at SAR 567.44 million, with market value per unit at SAR 7.74.

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Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	23.53	-	12.07	-	21.07	-
H1 2019	43.67	-	22.95	-	8.62	-
H2 2019	52.09	-	40.56	-	19.36	-
2019	95.75	306.9 %	63.51	426.1 %	27.98	32.8 %
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 %)
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 %
2021	56.07	(14.9 %)	11.76	483.8 %	(133.12)	(101.0 %)
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 %
H1 2023	31.76	(0.1 %)	1.25	(73.8 %)	12.98	(13.9 %)
H2 2023	28.77	(8.4 %)	(0.81)	(135.0 %)	(24.45)	(1,665.0 %)
2023	60.52	(4.2 %)	0.44	(93.8 %)	(11.47)	(183.8 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	23.53	-	12.07	-	21.07	-
2019	95.75	306.9 %	63.51	426.1 %	27.98	32.8 %
2020	65.87	(31.2 %)	2.01	(96.8 %)	(66.24)	(336.8 %)
2021	56.07	(14.9 %)	11.76	483.8 %	(133.12)	(101.0 %)
2022	63.21	12.7 %	7.06	(40.0 %)	13.69	110.3 %
2023	60.52	(4.2 %)	0.44	(93.8 %)	(11.47)	(183.8 %)

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 %)
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 %
H1 2023	1,031.85	(1.0 %)	446.52	(1.2 %)	537.61	1.5 %	597.56	3.9 %
H2 2023	1,001.97	(2.2 %)	447.26	(2.5 %)	513.16	(2.2 %)	567.44	(3.3 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,253.67	-	274.94	-	753.84	-	759.12	-
2019	1,352.03	7.8 %	423.58	54.1 %	754.25	0.1 %	761.50	0.3 %
2020	1,171.10	(13.4 %)	439.64	3.8 %	669.69	(11.2 %)	688.40	(9.6 %)
2021	1,040.94	(11.1 %)	460.30	4.7 %	521.93	(22.1 %)	526.66	(23.5 %)
2022	1,024.22	(1.6 %)	458.78	(0.3 %)	524.63	0.5 %	586.64	11.4 %
2023	1,001.97	(2.2 %)	447.26	(2.5 %)	513.16	(2.2 %)	567.44	(3.3 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q2 2023	32.74	More than 100
Q4 2023	NEG	More than 100

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	28.34	49.47
2019	20.56	9.06
2020	NEG	More than 100
2021	NEG	45.00
2022	25.53	49.51
2023	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
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
H1 2023	0.02	0.18	7.34	8.15
H2 2023	(0.01)	(0.33)	7.00	7.74

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.16	0.29	10.29	10.36
2019	0.87	0.38	10.29	10.39
2020	0.03	(0.90)	9.14	9.39
2021	0.16	(1.82)	7.12	7.19
2022	0.10	0.19	7.16	8.01
2023	0.01	(0.16)	7.00	7.74

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

MEFIC REIT Fund (MEFIC REIT)

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MEFIC REIT logs FFO of SAR 436,000, net loss of SAR 11.5M

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

MEFIC REIT Fund (MEFIC REIT)

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MEFIC REIT logs FFO of SAR 436,000, net loss of SAR 11.5M

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

MEFIC REIT Fund (MEFIC REIT)

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