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

31/03/2024 Argaam Exclusive

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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 %)

Item	H1 2023	H2 2023	Change‬
Rental Income	54.03	59.44	10.0 %
Funds from Operations(FFO)	10.22	4.92	(51.8 %)
Net Income	(17.99)	6.18	134.4 %
No of shares	103.77	103.77	-
Operating EPS (Riyals)	0.10	0.05	(51.8 %)
EPS (Riyals)	(0.17)	0.06	134.4 %

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 %

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.

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Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	8.10	-	6.69	-	5.76	-
H1 2018	26.32	-	17.96	-	14.37	-
H2 2018	29.63	-	22.03	-	2.90	-
2018	55.95	590.5 %	39.99	497.7 %	17.27	200.0 %
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 %
2019	58.10	3.8 %	35.70	(10.7 %)	28.55	65.3 %
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 %)
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 %)
2021	76.52	10.2 %	45.11	38.1 %	30.53	67.4 %
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 %
2022	95.85	25.3 %	25.98	(42.4 %)	(0.11)	(100.3 %)
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 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2017	8.10	-	6.69	-	5.76	-
2018	55.95	590.5 %	39.99	497.7 %	17.27	200.0 %
2019	58.10	3.8 %	35.70	(10.7 %)	28.55	65.3 %
2020	69.42	19.5 %	32.66	(8.5 %)	18.24	(36.1 %)
2021	76.52	10.2 %	45.11	38.1 %	30.53	67.4 %
2022	95.85	25.3 %	25.98	(42.4 %)	(0.11)	(100.3 %)
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 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2017	618.32	-	-	-	605.76	-	594.68	-
2018	757.59	22.5 %	149.04	-	586.13	(3.2 %)	592.35	(0.4 %)
2019	872.05	15.1 %	258.04	73.1 %	573.88	(2.1 %)	594.35	0.3 %
2020	1,272.02	45.9 %	601.60	133.1 %	641.70	11.8 %	663.38	11.6 %
2021	1,009.70	(20.6 %)	342.01	(43.1 %)	638.85	(0.4 %)	674.79	1.7 %
2022	1,345.43	33.3 %	587.98	71.9 %	600.23	(6.0 %)	654.40	(3.0 %)
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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	More than 100	More than 100
2018	48.84	12.20
2019	35.80	16.55
2020	More than 100	18.87
2021	33.48	14.87
2022	NEG	20.31
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

Period	Operating EPS	EPS	Book Value	Market Value
2017	0.11	0.10	10.10	9.91
2018	0.67	0.29	9.77	9.87
2019	0.60	0.48	9.56	9.91
2020	0.48	0.27	9.42	9.74
2021	0.66	0.45	9.38	9.91
2022	0.38	0.00	8.81	9.61
2023	0.15	(0.11)	7.62	8.31

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

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Mulkia Gulf Real Estate REIT (MULKIA REIT)

Comments {{getCommentCount()}}

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