Musharaka REIT Fund reported a drop of 13% in H1 2022 net profit to SAR 12.9 million (SAR 0.15 per unit), from SAR 14.8 million a year earlier.
Funds from operations (FFO) declined 3% to SAR 23.7 million in the six-month period, from SAR 24.4 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 43.32 | 50.38 | 16.3 % |
| Funds from Operations(FFO) | 24.40 | 23.73 | (2.8 %) |
| Net Income | 14.78 | 12.92 | (12.6 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.28 | 0.27 | (2.8 %) |
| EPS (Riyals) | 0.17 | 0.15 | (12.6 %) |
The profit fall was attributed to an increase in depreciation to SAR 13.4 million, from SAR 11.3 million in H1 2022.
Allowance for expected credit losses stood at SAR 1.06 million. Further, operating expenses and finance costs rose, despite a 16% jump year-on-year (YoY) in rental income and a lower provision for impairment loss on investment properties.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,347.91 | 1,689.22 | 25.3 % |
| Total Debt | 453.92 | 790.95 | 74.2 % |
| Net assets attributable to the Unitholders Item | 870.08 | 845.29 | (2.8 %) |
| Market value of net assets | 952.99 | 953.35 | 0.0 % |
Net asset value (NAV) stood at SAR 845.29 million by the end of H1 2022, while net book value per unit reached SAR 9.61
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