MEFIC REIT logs FFO of SAR 927,000, net profit of SAR 1.5M

MEFIC REIT logs FFO of SAR 927,000, net profit of SAR 1.5M

11/08/2024 Argaam Exclusive

View other reports

MEFIC REIT Fund posted SAR 1.5 million net profit in H1 2024, a drop of 89% from SAR 13 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 927,000 in H1 2024, a decline of 26% from SAR 1.3 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 31.76 35.83 12.8 %
Funds from Operations(FFO) 1.25 0.93 (25.5 %)
Net Income 12.98 1.47 (88.7 %)
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.02 0.01 (25.5 %)
EPS (Riyals) 0.18 0.02 (88.7 %)

The decline in H1 2024 net profit was ascribed to lower other revenues to SAR 18,000, from SAR 5.5 million in the prior-year period, as well as the rise in other expenses and financing costs.

 

The value of investment properties declined to reach SAR 12.2 million, compared to SAR 21.2 million in H1 2023.

 

Meanwhile, rental revenues rose to SAR 35.8 million, from SAR 31.8 million in the year-earlier period.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 1,031.85 997.14 (3.4 %)
Total Debt 446.52 444.00 (0.6 %)
Net assets attributable to the Unitholders Item 537.61 508.76 (5.4 %)
Market value of net assets 597.56 567.59 (5.0 %)

Net asset value (NAV) in H1 2024 stood at SAR 508.76 million, while net book value per unit reached SAR 6.94. 

 

The market value of assets stood at SAR 567.59 million, with market value per unit at SAR 7.75.

 

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 %
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 %)
H1 2024 35.83 12.8 % 0.93 (25.5 %) 1.47 (88.7 %)

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 %)
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 %)
H1 2024 997.14 (3.4 %) 444.00 (0.6 %) 508.76 (5.4 %) 567.59 (5.0 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2024 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
H1 2024 0.01 0.02 6.94 7.75


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) 2,508.80
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
more

Share Price

MEFIC REIT Fund
4.04
(0.04) (0.98 %)

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.