Mulkia REIT posts SAR 32.7 mln FFO, SAR 18.2 mln net profit in 2020

10/03/2021 Argaam Exclusive

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)

Compared With The
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 %

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Share Price

Mulkia Gulf Real Estate REIT
5.39
(0.11) (2.00 %)

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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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) 42.55
Current Price/FFO (X) 41.18
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) 42.55
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