Mulkia Gulf REIT reports FFO at SAR 8.7M, profit at SAR 7M in H1 2024

Mulkia Gulf REIT reports FFO at SAR 8.7M, profit at SAR 7M in H1 2024

11/08/2024 Argaam Exclusive

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Mulkia Gulf Real Estate REIT reported a net profit of SAR 7 million in H1 2024, versus a net loss of SAR 18 million a year earlier.

 

Funds from operations (FFO) reached SAR 8.7 million during the six-month period, down 15% from SAR 10.2 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 54.03 55.06 1.9 %
Funds from Operations(FFO) 10.22 8.66 (15.3 %)
Net Income (17.99) 6.96 138.7 %
No of shares 103.77 103.77 -
Operating EPS (Riyals) 0.10 0.08 (15.3 %)
EPS (Riyals) (0.17) 0.07 138.7 %

This was triggered by higher rental revenue to SAR 55.1 million, from SAR 54.8 million in a year earlier period. The current period includes reversal of investment impairment at SAR 7.6 million, despite an increase in the credit loss provisions to SAR 6.5 million from SAR 2.5 million in a prior-year period.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 1,433.73 1,303.02 (9.1 %)
Total Debt 592.76 476.91 (19.5 %)
Net assets attributable to the Unitholders Item 807.65 780.93 (3.3 %)
Market value of net assets 865.94 878.46 1.4 %

Net asset value (NAV) stood at SAR 780.934 million by the end of H1 2024, while net book value per unit reached SAR 7.53.

 

The market value of assets stood at SAR 878.459 million as of June 30, 2024, with a market value per unit of SAR 8.47.

 

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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 %)
H1 2024 55.06 1.9 % 8.66 (15.3 %) 6.96 138.7 %

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 %
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 %
H1 2024 1,303.02 (9.1 %) 476.91 (19.5 %) 780.93 (3.3 %) 878.46 1.4 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2024 44.21 42.78

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
H1 2024 0.08 0.07 7.53 8.47


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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