MEFIC REIT Fund swung to a net profit of SAR 15.1 million in the first half of 2022, against a net loss of SAR 100.6 million a year earlier.
Funds from operations (FFO) declined 27% to SAR 4.8 million in the six-month period, from SAR 6.5 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 27.38 | 31.79 | 16.1 % |
| Funds from Operations(FFO) | 6.54 | 4.75 | (27.4 %) |
| Net Income | (100.56) | 15.08 | 115.0 % |
| No of shares | 73.28 | 73.28 | - |
| Operating EPS (Riyals) | 0.09 | 0.06 | (27.4 %) |
| EPS (Riyals) | (1.37) | 0.21 | 115.0 % |
The positive results were attributed to a 16% year-on-year (YoY) jump in rental income. The fund recorded a reversal of SAR 8.9 million in impairment of intangible assets.
Further, the reversal impairment of investment properties rose to SAR 16.5 million in H2 2022, from SAR 1.9 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,060.50 | 1,042.33 | (1.7 %) |
| Total Debt | 434.00 | 451.88 | 4.1 % |
| Net assets attributable to the Unitholders Item | 558.16 | 529.68 | (5.1 %) |
| Market value of net assets | 577.82 | 575.25 | (0.4 %) |
Net asset value (NAV) stood at SAR 529.68 million by the end of H1 2022, while net book value per unit reached SAR 7.23.
The market value of assets stood at SAR 575.25 million as of June 30, 2022, with market value per unit at SAR 7.85.
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