Financial Results : MEFIC REIT posts SAR 9.2M FFO, SAR 8.1M net profit in 2024

MEFIC REIT posts SAR 9.2M FFO, SAR 8.1M net profit in 2024

27/03/2025 Argaam Exclusive

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MEFIC REIT Fund posted a net profit of SAR 8.1 million for 2024, against a net loss of SAR 11.5 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 9.2 million in 2024, compared to SAR 0.44 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 60.52 64.51 6.6 %
Funds from Operations(FFO) 0.44 9.24 2019.0 %
Net Income (11.47) 8.12 170.7 %
No of shares 73.28 73.28 0.0 %
Earnings Per Share before unusual items (Riyals) (0.16) 0.11 170.7 %
Operating EPS (Riyal) 0.01 0.13 2019.0 %
EPS (Riyal) (0.16) 0.11 170.7 %

Rental income increased to SAR 64.5 million, compared to SAR 60.5 million a year before, a rise of 7% year-on-year (YoY).

 

The fund also realized a reversal of impairment provision on investment properties amounting to SAR 13.2 million, compared to SAR 4.01 million a year earlier.

 

It also reported a decrease in the depreciation of investment properties by 4% YoY.

 

Other income leapt 19% YoY to SAR 8.8 million.

 

This was offset by an increase in financing costs to SAR 32.8 million, compared to SAR 18.8 million in 2023.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 28.77 28.68 (0.3 %)
Funds from Operations(FFO) (0.81) 8.31 1127.4 %
Net Income (24.45) 6.65 127.2 %
No of shares 73.28 73.28 0.0 %
Operating EPS (Riyal) (0.01) 0.11 1127.4 %
EPS (Riyal) (0.33) 0.09 127.2 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,001.97 990.57 (1.1 %)
Total Debt 447.26 436.76 (2.3 %)
Net assets attributable to the Unitholders Item 513.16 515.41 0.4 %
Market value of net assets 567.44 546.19 (3.7 %)

Net book value per unit reached SAR 7.03.

 

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