Musharaka REIT Fund reported a net profit of SAR 634,800 (SAR 0.01 per unit) for the first half of 2023, from SAR 12.9 million a year earlier, Musharaka Capital, the fund manager, said in a statement to Tadawul.
Funds from operations (FFO) came in at a negative SAR 5.5 million during the six-month period, from a positive SAR 23.7 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 50.38 | 46.57 | (7.6 %) |
| Funds from Operations(FFO) | 23.73 | (5.48) | (123.1 %) |
| Net Income | 12.92 | 0.64 | (95.1 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.27 | (0.06) | (123.1 %) |
| EPS (Riyals) | 0.15 | 0.01 | (95.1 %) |
Funds from operations (FFO) came in at a negative SAR 5.5 million during the six-month period, from a positive SAR 23.7 million in H1 2022.
The fund attributed the decline in net profit to a decrease in rental leasing income to SAR 46.6 million in H1 2023, compared to SAR 50.4 million in the same period of the previous year.
The fund also cited a jump in financing costs to SAR 28.8 million in H1 2034 from SAR 12 million a year earlier. Consumption expenses also grew to SAR 15.3 million in the current period, versus SAR 13.4 million in H1 2022.
Moreover, operating expenses increased to SAR 12.2 million in H1 2023 from SAR 4.3 million in H1 2022.
This came despite recording a reversal of the impairment provision on investment properties in the current period. This was besides logging a financing income on short-term Murabaha deposits of SAR 628,000 in the current period, compared to nothing for the same period of the previous year.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Total Assets | 1,689.22 | 1,641.40 | (2.8 %) |
| Total Debt | 790.95 | 794.87 | 0.5 % |
| Net assets attributable to the Unitholders Item | 845.29 | 799.91 | (5.4 %) |
| Market value of net assets | 953.35 | 904.03 | (5.2 %) |
Net asset value (NAV) stood at SAR 799.90 million by the end of H1 2023, while net book value per unit reached SAR 9.09.
The market value of assets stood at SAR 904.03 million as of June 30, 2023, with a market value per unit of SAR 10.27.
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