Mulkia REIT posts SAR 19 mln FFO, SAR 6 mln profit in H1 2020

Mulkia REIT posts SAR 19 mln FFO, SAR 6 mln profit in H1 2020

11/08/2020 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund reported a 70% drop year-on-year (YoY) in profit to SAR 6 million (SAR 0.09/unit) for the first six months of 2020, fund manager Mulkia Investment said in a bourse statement.

 

Funds from operations (FFO) stood at SAR 19 million in H1, down by 7% YoY.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 28.98 36.99 27.6 %
Funds from Operations(FFO) 20.35 18.95 (6.9 %)
Net Income 19.96 6.03 (69.8 %)
No of shares 60.00 68.11 13.5 %
Operating EPS (Riyals) 0.34 0.28 (18.0 %)
EPS (Riyals) 0.33 0.09 (73.4 %)

The profit decline was driven by higher investment amortization, increased cost of finance and higher administrative fees. The fund also cited credit loss provisions and real estate investment impairment.

 

Net asset value (NAV) stood at SAR 643.11 million by the end of June 30, 2020, with a net book value per unit at SAR 9.44.

 

Net asset value as fair value stood at SAR 663 million in H1 2020, with net asset value per unit as fair value at SAR 9.73.



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 761.39 1,023.12 34.4 %
Total Debt 149.18 340.76 128.4 %
Net assets attributable to the Unitholders Item 585.70 643.11 9.8 %
Market value of net assets 596.68 663.00 11.1 %


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 %)

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 %

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

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


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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Share Price

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

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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