Mulkia REIT posts SAR 28.54 mln net profit in FY2019

Mulkia REIT posts SAR 28.54 mln net profit in FY2019

31/03/2020 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund posted a net profit of SAR 28.54 million for the fiscal year 2019, according to a bourse filing by Mulkia Investment Co. on Tuesday.

 

Net asset value (NAV) stood at SAR 573.87 million, while the NAV per unit reached SAR 9.56 by the end of 2019.



Financials (M)

Item 2018 2019 Change‬
Rental Income 55.95 58.10 3.8 %
Funds from Operations(FFO) 39.99 35.70 (10.7 %)
Net Income 17.27 28.55 65.3 %
No of shares 60.00 60.00 -
Operating EPS (Riyals) 0.67 0.60 (10.7 %)
EPS (Riyals) 0.29 0.48 65.3 %

The number of issued units totalled 60 million, with a yield of 4.87% for FY2019.

 

Total expenses and fees stood at SAR 30.75 million for FY2019.



Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬
Rental Income 29.63 29.12 (1.7 %)
Funds from Operations(FFO) 22.03 15.36 (30.3 %)
Net Income 2.90 8.58 195.9 %
No of shares 60.00 60.00 -
Operating EPS (Riyals) 0.37 0.26 (30.3 %)
EPS (Riyals) 0.05 0.14 195.9 %

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets 757.59 872.05 15.1 %
Total Debt 149.04 258.04 73.1 %
Net assets attributable to the Unitholders Item 586.13 573.88 (2.1 %)
Market value of net assets 592.35 594.35 0.3 %


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 26.32 - 17.96 - 14.37 -
H2 2018 29.63 - 22.03 - 2.90 -
H1 2019 28.98 10.1 % 20.35 13.3 % 19.96 38.9 %
H2 2019 29.12 (1.7 %) 15.36 (30.3 %) 8.58 195.9 %
2019 58.10 3.8 % 35.70 (10.7 %) 28.55 65.3 %

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 2017 - - - - - - - -
H2 2017 618.32 - - - 605.76 - 594.68 -
H1 2018 773.07 - 151.00 - 603.41 - 588.49 -
H2 2018 757.59 22.5 % 149.04 - 586.13 (3.2 %) 592.35 (0.4 %)
H1 2019 761.39 (1.5 %) 149.18 (1.2 %) 585.70 (2.9 %) 596.68 1.4 %
H2 2019 872.05 15.1 % 258.04 73.1 % 573.88 (2.1 %) 594.35 0.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2010 - -
Q4 2010 - -
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 48.84 12.20
Q2 2019 39.48 12.32
Q4 2019 35.80 16.55

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - 10.10 9.91
H1 2018 0.30 0.24 10.06 9.81
H2 2018 0.37 0.05 9.77 9.87
H1 2019 0.34 0.33 9.76 9.94
H2 2019 0.26 0.14 9.56 9.91


Financial Ratios
Current
Number of Units (Million) 103.77
Net Income/Unit ( Riyal) 0.13
Funds from operations/Unit ( Riyal) 0.13
P/E (X) (TTM) 42.71
Current Price/FFO (X) 41.33
Par Value ( Riyal) 10.00
Price/book 0.72
Asset Growth (%) (9.12 )
Revenue Growth (%) (0.02 )
Net Income Growth (%) 361.0
Adjusted P/E (Last12) (X) 42.71
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Share Price

Mulkia Gulf Real Estate REIT
5.41
(0.04) (0.73 %)

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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