Mulkia REIT posts SAR 32.7 mln FFO, SAR 18.2 mln net profit in 2020

Mulkia Gulf Real Estate REIT Fund posted a net profit of SAR 18.2 million (SAR 0.30/unit) in 2020, a 36% decline compared to a net profit of SAR 28.6 million a year earlier, according to a bourse filing by Mulkia Investment Co., the fund manager.

Funds from operations (FFO) dropped 9% to SAR 32.7 million in 2020, from SAR 35.70 million in 2019.

The profit decline was attributed to higher fund management fees, finance charges and other administrative expenses. The fund also reported credit loss provisions of SAR 6.4 million for the same period. It also reported SAR 3.27 million in impairment of real estate investments.

Financials (M)

Item	2019	2020	Change‬
Rental Income	58.10	69.42	19.5 %
Funds from Operations(FFO)	35.70	32.66	(8.5 %)
Net Income	28.55	18.24	(36.1 %)
No of shares	60.00	68.11	13.5 %
Operating EPS (Riyals)	0.60	0.48	(19.4 %)
EPS (Riyals)	0.48	0.27	(43.7 %)

Net assets stood at SAR 641.7 million in 2020, while net unit value stood at SAR 9.42.

Net asset fair value as per real estate valuation reached SAR 663.38 million for the same period.

Due to the COVID-19 precautionary measures and tenant requests, the fund manager offered discounts to the tenants whose activities were affected during the suspension period, with settlements equaling an amount of SAR 7,367,287, which represents 9.6% of the total revenue from investment properties in 2020.

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	29.12	32.43	11.4 %
Funds from Operations(FFO)	15.36	13.72	(10.7 %)
Net Income	8.58	12.21	42.2 %
No of shares	60.00	68.11	13.5 %
Operating EPS (Riyals)	0.26	0.20	(21.3 %)
EPS (Riyals)	0.14	0.18	25.3 %

Item	H1 2020	H2 2020	Change‬
Rental Income	36.99	32.43	(12.3 %)
Funds from Operations(FFO)	18.95	13.72	(27.6 %)
Net Income	6.03	12.21	102.3 %
No of shares	68.11	68.11	-
Operating EPS (Riyals)	0.28	0.20	(27.6 %)
EPS (Riyals)	0.09	0.18	102.3 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	872.05	1,272.02	45.9 %
Total Debt	258.04	601.60	133.1 %
Net assets attributable to the Unitholders Item	573.88	641.70	11.8 %
Market value of net assets	594.35	663.38	11.6 %

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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)	42.87
Current Price/FFO (X)	41.48
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)	42.87

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	8.10	-	6.69	-	5.76	-
H1 2018	26.32	-	17.96	-	14.37	-
H2 2018	29.63	-	22.03	-	2.90	-
2018	55.95	590.5 %	39.99	497.7 %	17.27	200.0 %
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 %
H1 2020	36.99	27.6 %	18.95	(6.9 %)	6.03	(69.8 %)
H2 2020	32.43	11.4 %	13.72	(10.7 %)	12.21	42.2 %
2020	69.42	19.5 %	32.66	(8.5 %)	18.24	(36.1 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2017	8.10	-	6.69	-	5.76	-
2018	55.95	590.5 %	39.99	497.7 %	17.27	200.0 %
2019	58.10	3.8 %	35.70	(10.7 %)	28.55	65.3 %
2020	69.42	19.5 %	32.66	(8.5 %)	18.24	(36.1 %)

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 %
H1 2020	1,023.12	34.4 %	340.76	128.4 %	643.11	9.8 %	663.00	11.1 %
H2 2020	1,272.02	45.9 %	601.60	133.1 %	641.70	11.8 %	663.38	11.6 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2017	618.32	-	-	-	605.76	-	594.68	-
2018	757.59	22.5 %	149.04	-	586.13	(3.2 %)	592.35	(0.4 %)
2019	872.05	15.1 %	258.04	73.1 %	573.88	(2.1 %)	594.35	0.3 %
2020	1,272.02	45.9 %	601.60	133.1 %	641.70	11.8 %	663.38	11.6 %

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q2 2020	More than 100	15.94
Q4 2020	More than 100	18.87

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2011	-	-
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	More than 100	More than 100
2018	48.84	12.20
2019	35.80	16.55
2020	More than 100	18.87

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
H1 2020	0.28	0.09	9.44	9.73
H2 2020	0.20	0.18	9.42	9.74

Period	Operating EPS	EPS	Book Value	Market Value
2017	0.11	0.10	10.10	9.91
2018	0.67	0.29	9.77	9.87
2019	0.60	0.48	9.56	9.91
2020	0.48	0.27	9.42	9.74

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Mulkia REIT posts SAR 32.7 mln FFO, SAR 18.2 mln net profit in 2020

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

View other reports

Share Price

Mulkia Gulf Real Estate REIT (MULKIA REIT)

Financial Ratios

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

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