Mulkia REIT posts SAR 25.5 mln FFO, SAR 20.7 mln net profit in H1 2021

Mulkia REIT posts SAR 25.5 mln FFO, SAR 20.7 mln net profit in H1 2021

16/08/2021 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund reported a net profit of SAR 20.7 million (SAR 0.3/unit) for H1 2021, compared to SAR 6 million a year earlier, Mulkia Investment Co., the fund manager, said in a bourse statement.

 

Funds from operations (FFO) reached SAR 25.5 million during the six-month period, an increase of nearly 35%, compared to SAR 19 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 36.99 39.28 6.2 %
Funds from Operations(FFO) 18.95 25.53 34.7 %
Net Income 6.03 20.67 242.7 %
No of shares 68.11 68.11 -
Operating EPS (Riyals) 0.28 0.37 34.7 %
EPS (Riyals) 0.09 0.30 242.7 %

The profit increase was driven by a 6% rise in rental revenue, a 39% slump in cost of finance in addition to gains from writing back SAR 1.3 million in realty impairment in H1 2021, versus impairment losses of SAR 7.9 million in prior-year period.



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,023.12 1,014.06 (0.9 %)
Total Debt 340.76 341.96 0.4 %
Net assets attributable to the Unitholders Item 643.11 646.70 0.6 %
Market value of net assets 663.00 670.47 1.1 %

Net asset value (NAV) stood at SAR 646.7 million, while the NAV per unit reached SAR 9.5 during the six-month period.

 

The market value of assets reached SAR 670.5 million, with per unit market value stood at SAR 9.8.

 

 

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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 %

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 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2020 More than 100 18.87
Q2 2021 32.51 17.87

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


Financial Ratios
Current
Number of Units (Million) 103.77
Net Income/Unit ( Riyal) (0.11 )
Funds from operations/Unit ( Riyal) 0.15
P/E (X) (TTM) NEG
Current Price/FFO (X) 37.35
Par Value ( Riyal) 10.00
Price/book 0.72
Asset Growth (%) (2.59 )
Revenue Growth (%) 18.4
Net Income Growth (%) (10995.96 )
Adjusted P/E (Last12) (X) Neg
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Share Price

Mulkia Gulf Real Estate REIT
5.45
(0.06) (1.09 %)

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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