MEFIC REIT Fund reported a net loss of SAR 66.2 million for 2020, against a net profit of SAR 28 million a year earlier.
Funds from operations (FFO) dropped to SAR 2 million in 2020 from SAR 63.5 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 95.75 | 65.87 | (31.2 %) |
| Funds from Operations(FFO) | 63.51 | 2.01 | (96.8 %) |
| Net Income | 27.98 | (66.24) | (336.8 %) |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.87 | 0.03 | (96.8 %) |
| EPS (Riyals) | 0.38 | (0.90) | (336.8 %) |
The losses were attributed to a decline in rental income, an increase in impairment of real estate investment provision of SAR 34.4 million, and a rise of SAR 24.1 million in doubtful debt provisions
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Rental Income | 52.09 | 25.58 | (50.9 %) |
| Funds from Operations(FFO) | 40.56 | (10.55) | (126.0 %) |
| Net Income | 19.36 | (39.69) | (305.0 %) |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.55 | (0.14) | (126.0 %) |
| EPS (Riyals) | 0.26 | (0.54) | (305.0 %) |
| Item | 2020 | 2020 | Change |
|---|---|---|---|
| Rental Income | 40.29 | 25.58 | (36.5 %) |
| Funds from Operations(FFO) | 12.56 | (10.55) | (184.0 %) |
| Net Income | (26.55) | (39.69) | (49.5 %) |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.17 | (0.14) | (184.0 %) |
| EPS (Riyals) | (0.36) | (0.54) | (49.5 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Total Assets | 1,352.03 | 1,171.10 | (13.4 %) |
| Total Debt | 423.58 | 439.64 | 3.8 % |
| Net assets attributable to the Unitholders Item | 754.25 | 669.69 | (11.2 %) |
| Market value of net assets | 761.50 | 688.40 | (9.6 %) |
Net asset value (NAV) stood at SAR 669.69 million, while the NAV per unit reached SAR 9.14 during the year.
The market value of assets reached SAR 675.90 million, with per unit market value stood at SAR 9.22.
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