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Mulkia REIT posts SAR 28.54 mln net profit in FY2019
31/03/2020
Argaam Exclusive
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)
| 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 % |
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Share Price
Mulkia Gulf Real Estate REIT (MULKIA REIT)
| Current | |
| Number of Units (Million) | 103.77 |
| Net Income/Unit ( Riyal) | 0.13 |
| Funds from operations/Unit ( Riyal) | 0.13 |
| P/E (X) (TTM) | 42.55 |
| Current Price/FFO (X) | 41.18 |
| 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) | 42.55 |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 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)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2019 | 39.48 | 12.32 |
| Q4 2019 | 35.80 | 16.55 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2019 | 0.34 | 0.33 | 9.76 | 9.94 |
| H2 2019 | 0.26 | 0.14 | 9.56 | 9.91 |
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