Mulkia REIT posts SAR 15.1 mln FFO, SAR 11.8 mln loss in 2023

31/03/2024 Argaam Exclusive

Mulkia Gulf Real Estate REIT Fund’s net loss widened to SAR 11.8 million, or SAR 0.11 per unit, for 2023, compared to losses of SAR 106,000 in 2022.

 

Funds from operations (FFO) reached SAR 15.1 million last year, down 42% compared to SAR 26 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 95.85 113.47 18.4 %
Funds from Operations(FFO) 25.98 15.14 (41.7 %)
Net Income (0.11) (11.81) (11,038.3 %)
No of shares 68.11 103.77 52.4 %
Operating EPS (Riyals) 0.38 0.15 (61.7 %)
EPS (Riyals) 0.00 (0.11) (7,210.8 %)

The REIT reported a 68.4% year-on-year (YoY) rise in financing costs (FCs), an 82.13% increase in provision for credit losses (PCL), and a 27.3% jump in impairment for real estate investments.

 

In addition, other administrative expenses increased due to higher capital hike costs of SAR 1.47 million.

 

Meanwhile, total revenues rose 20% YoY to SAR 114.76 million amid lower Zakat expenditure.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 60.50 59.44 (1.7 %)
Funds from Operations(FFO) 10.03 4.92 (50.9 %)
Net Income 12.95 6.18 (52.3 %)
No of shares 68.11 103.77 52.4 %
Operating EPS (Riyals) 0.15 0.05 (67.8 %)
EPS (Riyals) 0.19 0.06 (68.7 %)

Net asset value (NAV) stood at SAR 790.84 million as of 2023, while net book value per unit reached SAR 7.62.

 

The market value of assets stood at SAR 861.81 million by the end of 2023, with the market value per unit at SAR 8.31.

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,345.43 1,310.58 (2.6 %)
Total Debt 587.98 476.97 (18.9 %)
Net assets attributable to the Unitholders Item 600.23 790.84 31.8 %
Market value of net assets 654.40 861.81 31.7 %

View More Financial Results

 

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Share Price

Mulkia Gulf Real Estate REIT
5.43
(0.01) (0.18 %)

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) 42.87
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
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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 %)
H2 2023 59.44 (1.7 %) 4.92 (50.9 %) 6.18 (52.3 %)
2023 113.47 18.4 % 15.14 (41.7 %) (11.81) (11,038.3 %)

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 %
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 %
H2 2023 1,310.58 (2.6 %) 476.97 (18.9 %) 790.84 31.8 % 861.81 31.7 %

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
Q4 2023 NEG 41.46

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
H2 2023 0.05 0.06 7.62 8.31

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