Mulkia REIT posts 38% drop in H1 2022 FFO to SAR 16 mln; net loss at SAR 13 mln

23/08/2022 Argaam Exclusive

Mulkia Gulf Real Estate REIT (Mulkia REIT) reported a net loss of SAR 13 million (SAR 0.19 per unit) for H1 2022, against a profit of SAR 20.7 million a year earlier.

 

Funds from operations (FFO) stood at SAR 16 million in H1 2022, a 38% drop from SAR 25.5 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 39.28 35.35 (10.0 %)
Funds from Operations(FFO) 25.53 15.96 (37.5 %)
Net Income 20.67 (13.06) (163.2 %)
No of shares 68.11 68.11 -
Operating EPS (Riyals) 0.37 0.23 (37.5 %)
EPS (Riyals) 0.30 (0.19) (163.2 %)

The loss was attributed to recording a provision for asset valuation decrease of SAR 20.2 million, almost SAR 16 million of which came as a result of recording real estate tax expenses and acquisition commission in the book value of the asset acquired during this period in accordance with the applicable accounting standards.

 

Net asset value (NAV) stood at SAR 604.68 million (SAR 8.88 per unit) at the end of the six-month period.



The market value of assets stood at SAR 636.62 million in H1 2022, with a net market value per unit at SAR 9.35.

Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,014.06 1,334.41 31.6 %
Total Debt 341.96 576.08 68.5 %
Net assets attributable to the Unitholders Item 646.70 604.68 (6.5 %)
Market value of net assets 670.47 636.62 (5.0 %)

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Share Price

Mulkia Gulf Real Estate REIT
5.44
0.00 0.00 %

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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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) 42.95
Current Price/FFO (X) 41.56
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) 42.95
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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 %
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 %
H1 2021 39.28 6.2 % 25.53 34.7 % 20.67 242.7 %
H2 2021 37.24 14.9 % 19.57 42.7 % 9.86 (19.3 %)
H1 2022 35.35 (10.0 %) 15.96 (37.5 %) (13.06) (163.2 %)

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 %
H1 2021 1,014.06 (0.9 %) 341.96 0.4 % 646.70 0.6 % 670.47 1.1 %
H2 2021 1,009.70 (20.6 %) 342.01 (43.1 %) 638.85 (0.4 %) 674.79 1.7 %
H1 2022 1,334.41 31.6 % 576.08 68.5 % 604.68 (6.5 %) 636.62 (5.0 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 32.51 17.87
Q4 2021 33.48 14.87
Q2 2022 NEG 17.44

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
H1 2021 0.37 0.30 9.50 9.84
H2 2021 0.29 0.14 9.38 9.91
H1 2022 0.23 (0.19) 8.88 9.35

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