Musharaka REIT Fund reported a net profit of SAR 14.8 mln (SAR 0.17/unit) for H1 2021, compared to SAR 23.1 million a year earlier, Musharaka Capital, the fund manager, said in a bourse statement.
Funds from operations (FFO) reached SAR 24.4 million during the six-month period, compared to SAR 30 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 51.07 | 43.32 | (15.2 %) |
| Funds from Operations(FFO) | 29.96 | 24.40 | (18.6 %) |
| Net Income | 23.07 | 14.78 | (35.9 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.34 | 0.28 | (18.6 %) |
| EPS (Riyals) | 0.26 | 0.17 | (35.9 %) |
The profit drop was driven by a 15% slump in rental revenue, and an asset impairment of SAR 4.7 million.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 1,337.70 | 1,347.91 | 0.8 % |
| Total Debt | 402.14 | 453.92 | 12.9 % |
| Net assets attributable to the Unitholders Item | 899.50 | 870.08 | (3.3 %) |
| Market value of net assets | 965.18 | 952.99 | (1.3 %) |
Net asset value (NAV) stood at SAR 870.08 million, while the NAV per unit reached SAR 9.89 during the six-month period.
The market value of assets reached SAR 889.08 million, with per unit market value at SAR 10.10.
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