MEFIC REIT logs FFO of SAR 436,000, net loss of SAR 11.5M
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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)
| Item | 2022 | 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 %) |
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.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
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 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 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | 32.74 | More than 100 |
| Q4 2023 | NEG | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.02 | 0.18 | 7.34 | 8.15 |
| H2 2023 | (0.01) | (0.33) | 7.00 | 7.74 |
| 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) | 746.22 |
| 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 |
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