Musharaka REIT Fund reported a net profit of SAR 36.1 million (SAR 0.4 per unit) for 2020, down 10%, compared to SAR 40.1 million a year earlier, fund manager Musharaka Capital said in a bourse filing today, March 30, 2021.
Funds from operations (FFO) stood at SAR 46.6 million in 2020, falling 7%, compared to SAR 50 million a year earlier.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 94.65 | 93.46 | (1.3 %) |
| Funds from Operations(FFO) | 49.97 | 46.62 | (6.7 %) |
| Net Income | 40.09 | 36.08 | (10.0 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.57 | 0.53 | (6.7 %) |
| EPS (Riyals) | 0.46 | 0.41 | (10.0 %) |
The lower profit was attributed to a 5% increase in operating expenses and 9% drop in other revenues.
Net asset value (NAV) stood at SAR 881,7 million, while the NAV per unit reached SAR 10.
The market value of assets reached SAR 904 million in 2020, while the per unit market value stood at SAR 10.3.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 47.13 | 42.38 | (10.1 %) |
| Funds from Operations(FFO) | 20.96 | 16.66 | (20.5 %) |
| Net Income | 17.29 | 13.00 | (24.8 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.24 | 0.19 | (20.5 %) |
| EPS (Riyals) | 0.20 | 0.15 | (24.8 %) |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 51.07 | 42.38 | (17.0 %) |
| Funds from Operations(FFO) | 29.96 | 16.66 | (44.4 %) |
| Net Income | 23.07 | 13.00 | (43.6 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.34 | 0.19 | (44.4 %) |
| EPS (Riyals) | 0.26 | 0.15 | (43.6 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 1,273.89 | 1,354.14 | 6.3 % |
| Total Debt | 337.36 | 450.59 | 33.6 % |
| Net assets attributable to the Unitholders Item | 907.22 | 881.70 | (2.8 %) |
| Market value of net assets | 959.99 | 950.16 | (1.0 %) |
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