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

30/03/2023 Argaam Exclusive

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Share Price

MEFIC REIT Fund
4.55
(0.01) (0.22 %)

MEFIC REIT Fund (MEFIC REIT)

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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.

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