MEFIC REIT achieves SAR 1.3 mln FFO, SAR 13 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

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MEFIC REIT Fund posted a net profit of SAR 13 million (SAR 0.18 per unit) in H1 2023, a drop of 14% from SAR 15.1 million a year earlier.

Funds from operations (FFO) amounted to nearly SAR 1.3 million in the six-month period, a slump of 74% from SAR 4.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	31.79	31.76	(0.1 %)
Funds from Operations(FFO)	4.75	1.25	(73.8 %)
Net Income	15.08	12.98	(13.9 %)
No of shares	73.28	73.28	-
Operating EPS (Riyals)	0.06	0.02	(73.8 %)
EPS (Riyals)	0.21	0.18	(13.9 %)

The sluggish performance was because the fund incurred finance charges of SAR 15.2 million during the first half of this year, compared to SAR 11.7 million in H1 2022.

The rental income was almost unchanged at SAR 31.8 million in H1 2023.

By contrast, other income stood at SAR 5.5 million in H1 2023, versus SAR 19.1 million in the prior-year period.

MEFIC REIT recorded a reversal impairment of investment properties of SAR 21.1 million in H1 2023, compared to SAR 16.3 million in H1 2022.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,042.33	1,031.85	(1.0 %)
Total Debt	451.88	446.52	(1.2 %)
Net assets attributable to the Unitholders Item	529.68	537.61	1.5 %
Market value of net assets	575.25	597.56	3.9 %

Net asset value (NAV) in H1 2023 stood at SAR 537.61 million, while net book value per unit reached SAR 7.34.

The market value of assets stood at SAR 597.55 million in H1 2023, with market value per unit at SAR 8.15.

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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 %)

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 %

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 %

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 %

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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2013	-	-
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

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

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

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)	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

MEFIC REIT Fund (MEFIC REIT)

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MEFIC REIT achieves SAR 1.3 mln FFO, SAR 13 mln net loss in H1 2023

View other reports

Financials (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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