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Musharaka REIT posts SAR 40 mln profit in FY2019
29/03/2020
Argaam Exclusive
Musharaka REIT posted a net profit of SAR 40.08 million for the fiscal year 2019 as compared to SAR 54.84 million a year earlier, according to a bourse statement on Sunday.
Financials (M)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Rental Income | 124.12 | 106.27 | (14.4 %) |
| Funds from Operations(FFO) | 93.89 | 61.60 | (34.4 %) |
| Net Income | 54.87 | 40.09 | (26.9 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 1.07 | 0.70 | (34.4 %) |
| EPS (Riyals) | 0.62 | 0.46 | (26.9 %) |
Net asset value (NAV) stood at SAR 907.22 million, while net book value per unit hit SAR 10.31.
The full-year expenses and fees reached SAR 29.96 million.
The number of issued units totaled 88 million and net return per unit reached 7% in FY2019.
Total income for FY2019 for the fund reached SAR 65.37 million.
Interim Comparasion (M)
| Item | H2 2018 | H2 2019 | Change |
|---|---|---|---|
| Rental Income | 57.87 | 53.06 | (8.3 %) |
| Funds from Operations(FFO) | 38.41 | 26.89 | (30.0 %) |
| Net Income | 12.41 | 17.29 | 39.3 % |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.44 | 0.31 | (30.0 %) |
| EPS (Riyals) | 0.14 | 0.20 | 39.3 % |
Balance Sheet (Million)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Total Assets | 1,057.67 | 1,273.89 | 20.4 % |
| Total Debt | 159.79 | 337.36 | 111.1 % |
| Net assets attributable to the Unitholders Item | 848.63 | 907.22 | 6.9 % |
| Market value of net assets | 852.32 | 959.99 | 12.6 % |
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Share Price
Musharaka REIT Fund (MUSHARAKA REIT)
| Current | |
| Number of Units (Million) | 88.00 |
| Net Income/Unit ( Riyal) | (0.27 ) |
| Funds from operations/Unit ( Riyal) | 0.12 |
| P/E (X) (TTM) | NEG |
| Current Price/FFO (X) | 41.71 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.58 |
| Asset Growth (%) | (2.16 ) |
| Revenue Growth (%) | 0.7 |
| Net Income Growth (%) | (1596.90 ) |
| Adjusted P/E (Last12) (X) | Neg |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2019 | 53.22 | (19.7 %) | 34.71 | (37.4 %) | 22.80 | (46.3 %) |
| H2 2019 | 53.06 | (8.3 %) | 26.89 | (30.0 %) | 17.29 | 39.3 % |
| 2019 | 106.27 | (14.4 %) | 61.60 | (34.4 %) | 40.09 | (26.9 %) |
Balance Sheet (Million)
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2019 | 1,362.32 | 27.0 % | 424.62 | 164.2 % | 889.94 | (0.2 %) | 842.05 | (3.5 %) |
| H2 2019 | 1,273.89 | 20.4 % | 337.36 | 111.1 % | 907.22 | 6.9 % | 959.99 | 12.6 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2019 | 20.32 | 9.79 |
| Q4 2019 | 20.83 | 13.56 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2019 | 0.39 | 0.26 | 10.11 | 9.57 |
| H2 2019 | 0.31 | 0.20 | 10.31 | 10.91 |
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