Mulkia REIT posts SAR 28.54 mln net profit in FY2019

31/03/2020 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund posted a net profit of SAR 28.54 million for the fiscal year 2019, according to a bourse filing by Mulkia Investment Co. on Tuesday.

Net asset value (NAV) stood at SAR 573.87 million, while the NAV per unit reached SAR 9.56 by the end of 2019.

Financials (M)

Item	2018	2019	Change‬
Rental Income	55.95	58.10	3.8 %
Funds from Operations(FFO)	39.99	35.70	(10.7 %)
Net Income	17.27	28.55	65.3 %
No of shares	60.00	60.00	-
Operating EPS (Riyals)	0.67	0.60	(10.7 %)
EPS (Riyals)	0.29	0.48	65.3 %

The number of issued units totalled 60 million, with a yield of 4.87% for FY2019.

Total expenses and fees stood at SAR 30.75 million for FY2019.

Interim Comparasion (M)

Compared With The

Item	H2 2018	H2 2019	Change‬
Rental Income	29.63	29.12	(1.7 %)
Funds from Operations(FFO)	22.03	15.36	(30.3 %)
Net Income	2.90	8.58	195.9 %
No of shares	60.00	60.00	-
Operating EPS (Riyals)	0.37	0.26	(30.3 %)
EPS (Riyals)	0.05	0.14	195.9 %

Item	H1 2019	H2 2019	Change‬
Rental Income	28.98	29.12	0.5 %
Funds from Operations(FFO)	20.35	15.36	(24.5 %)
Net Income	19.96	8.58	(57.0 %)
No of shares	60.00	60.00	-
Operating EPS (Riyals)	0.34	0.26	(24.5 %)
EPS (Riyals)	0.33	0.14	(57.0 %)

Balance Sheet (Million)

Item	2018	2019	Change‬
Total Assets	757.59	872.05	15.1 %
Total Debt	149.04	258.04	73.1 %
Net assets attributable to the Unitholders Item	586.13	573.88	(2.1 %)
Market value of net assets	592.35	594.35	0.3 %

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