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

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 %

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.

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 %

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Share Price

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

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Share Price

Mulkia Gulf Real Estate REIT (MULKIA REIT)

Financial Ratios

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