Financial Results : Musharaka REIT Fund reports SAR 61.6M FFO, net profit of SAR 40.1M in 2019

Musharaka REIT Fund reports SAR 61.6M FFO, net profit of SAR 40.1M in 2019

29/03/2020 Argaam Exclusive

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Musharaka REIT  posted a net profit of SAR 40.1 million (SAR 0.46 per unit) for 2019 as compared to SAR 54.9 million a year earlier.

 

Funds from operations (FFO) stood at SAR 61.6 million in 2019, down 34% from SAR 93.9 million in 2018.



Financials (M)

Item 2018 2019 Change‬
Rental Income 124.12 106.27 (14.4 %)
Funds from Operations(FFO) 93.89 61.60 (34.4 %)
Net Income 54.87 40.09 (26.9 %)
No of shares 88.00 88.00 -
Earnings Per Share before unusual items (Riyals) 0.62 0.46 (26.9 %)
Operating EPS (Riyal) 1.07 0.70 (34.4 %)
EPS (Riyal) 0.62 0.46 (26.9 %)

The profit decline was due to higher operating expenses and a 14% fall in rental income.



Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬
Rental Income 57.87 53.06 (8.3 %)
Funds from Operations(FFO) 38.41 26.89 (30.0 %)
Net Income 12.41 17.29 39.3 %
No of shares 88.00 88.00 -
Operating EPS (Riyal) 0.44 0.31 (30.0 %)
EPS (Riyal) 0.14 0.20 39.3 %

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets 1,057.67 1,273.89 20.4 %
Total Debt 159.79 337.36 111.1 %
Net assets attributable to the Unitholders Item 848.63 907.22 6.9 %
Market value of net assets 852.32 959.99 12.6 %


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 66.25 - 55.49 - 42.46 -
H2 2018 57.87 - 38.41 - 12.41 -
H1 2019 53.22 (19.7 %) 34.71 (37.4 %) 22.80 (46.3 %)
H2 2019 53.06 (8.3 %) 26.89 (30.0 %) 17.29 39.3 %
2019 106.27 (14.4 %) 61.60 (34.4 %) 40.09 (26.9 %)

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 1,072.49 - 160.73 - 891.66 - 872.44 -
H2 2018 1,057.67 - 159.79 - 848.63 - 852.32 -
H1 2019 1,362.32 27.0 % 424.62 164.2 % 889.94 (0.2 %) 842.05 (3.5 %)
H2 2019 1,273.89 20.4 % 337.36 111.1 % 907.22 6.9 % 959.99 12.6 %

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.63 0.48 10.13 9.91
H2 2018 0.44 0.14 9.64 9.69
H1 2019 0.39 0.26 10.11 9.57
H2 2019 0.31 0.20 10.31 10.91


Financial Ratios
Current
Number of Units (Million) 88.00
Net Income/Unit ( Riyal) (0.25 )
Funds from operations/Unit ( Riyal) 0.13
Par Value ( Riyal) 10.00
Price/book 0.51
Asset Growth (%) (2.83 )
Revenue Growth (%) (0.55 )
Net Income Growth (%) (166.97 )
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Share Price

Musharaka REIT Fund
4.30
(0.04) (0.92 %)

Musharaka REIT Fund (MUSHARAKA REIT)

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