Mulkia REIT posts SAR 19 mln FFO, SAR 6 mln profit in H1 2020

11/08/2020 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund reported a 70% drop year-on-year (YoY) in profit to SAR 6 million (SAR 0.09/unit) for the first six months of 2020, fund manager Mulkia Investment said in a bourse statement.

Funds from operations (FFO) stood at SAR 19 million in H1, down by 7% YoY.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Rental Income	28.98	36.99	27.6 %
Funds from Operations(FFO)	20.35	18.95	(6.9 %)
Net Income	19.96	6.03	(69.8 %)
No of shares	60.00	68.11	13.5 %
Operating EPS (Riyals)	0.34	0.28	(18.0 %)
EPS (Riyals)	0.33	0.09	(73.4 %)

The profit decline was driven by higher investment amortization, increased cost of finance and higher administrative fees. The fund also cited credit loss provisions and real estate investment impairment.

Net asset value (NAV) stood at SAR 643.11 million by the end of June 30, 2020, with a net book value per unit at SAR 9.44.

Net asset value as fair value stood at SAR 663 million in H1 2020, with net asset value per unit as fair value at SAR 9.73.

Balance Sheet (Million)

Item	6m 2019	6m 2020	Change‬
Total Assets	761.39	1,023.12	34.4 %
Total Debt	149.18	340.76	128.4 %
Net assets attributable to the Unitholders Item	585.70	643.11	9.8 %
Market value of net assets	596.68	663.00	11.1 %

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