Mulkia Gulf Real Estate REIT posts SAR 10.2 mln FFO, SAR 18 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

Mulkia Gulf Real Estate REIT Fund  logged a net loss of SAR 18 million, or SAR 0.17 per unit, for H1 2023, compared to a SAR 13.1 million loss in H1 2022.

 

Funds from operations (FFO) reached SAR 10.2 million in H1 2023, down 36% compared to SAR 16 million in the same period a year ago.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 35.35 54.03 52.8 %
Funds from Operations(FFO) 15.96 10.22 (36.0 %)
Net Income (13.06) (17.99) (37.7 %)
No of shares 68.11 103.77 52.4 %
Operating EPS (Riyals) 0.23 0.10 (58.0 %)
EPS (Riyals) (0.19) (0.17) 9.6 %

The losses recorded in H1 2023 were due to the increase in financing costs and administrative expenses, in addition to recording a SAR 2.5 million provision for expected credit losses.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,334.41 1,433.73 7.4 %
Total Debt 576.08 592.76 2.9 %
Net assets attributable to the Unitholders Item 604.68 807.65 33.6 %
Market value of net assets 636.62 865.94 36.0 %

Net asset value (NAV) stood at SAR 807.65 million as of June 30, 2023, while net book value per unit reached SAR 7.78.

 

The market value of assets stood at SAR 865.94 million by the end of H1 2023, with a market value per unit of SAR 8.35.

 

View more financial results

 

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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 %)
H2 2022 60.50 62.4 % 10.03 (48.8 %) 12.95 31.4 %
H1 2023 54.03 52.8 % 10.22 (36.0 %) (17.99) (37.7 %)

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 %)
H2 2022 1,345.43 33.3 % 587.98 71.9 % 600.23 (6.0 %) 654.40 (3.0 %)
H1 2023 1,433.73 7.4 % 592.76 2.9 % 807.65 33.6 % 865.94 36.0 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2022 NEG 20.31
Q2 2023 NEG 36.60

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
H2 2022 0.15 0.19 8.81 9.61
H1 2023 0.10 (0.17) 7.78 8.35

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