Mulkia REIT posts SAR 32.7 mln FFO, SAR 18.2 mln net profit in 2020
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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)
| 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 % |
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 % |
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
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 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 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2020 | More than 100 | 15.94 |
| Q4 2020 | More than 100 | 18.87 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2020 | 0.28 | 0.09 | 9.44 | 9.73 |
| H2 2020 | 0.20 | 0.18 | 9.42 | 9.74 |
| 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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