Mulkia REIT posts SAR 45.1 mln FFO, SAR 30.5 mln profit in 2021

30/03/2022 Argaam Exclusive

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Mulkia Gulf Real Estate REIT (Mulkia REIT) reported a net income of SAR 30.5 million (SAR 0.45 per unit) in 2021, compared to SAR 18.2 million in 2020, fund manager Riyad Capital said in a bourse statement.

Funds from operations (FFO) stood at SAR 45.1 million in 2021, a 38% jump from SAR 32.7 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Rental Income	69.42	76.52	10.2 %
Funds from Operations(FFO)	32.66	45.11	38.1 %
Net Income	18.24	30.53	67.4 %
No of shares	68.11	68.11	-
Operating EPS (Riyals)	0.48	0.66	38.1 %
EPS (Riyals)	0.27	0.45	67.4 %

The profit growth was driven by higher revenues from investment property leases and lower finance charges. In addition, the company recorded fees of dealing, capital structure and finance structure a year earlier.

This was despite an increase in fund management fees and credit impairment provision.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Rental Income	32.43	37.24	14.9 %
Funds from Operations(FFO)	13.72	19.57	42.7 %
Net Income	12.21	9.86	(19.3 %)
No of shares	68.11	68.11	-
Operating EPS (Riyals)	0.20	0.29	42.7 %
EPS (Riyals)	0.18	0.14	(19.3 %)

Item	H1 2021	H2 2021	Change‬
Rental Income	39.28	37.24	(5.2 %)
Funds from Operations(FFO)	25.53	19.57	(23.3 %)
Net Income	20.67	9.86	(52.3 %)
No of shares	68.11	68.11	-
Operating EPS (Riyals)	0.37	0.29	(23.3 %)
EPS (Riyals)	0.30	0.14	(52.3 %)

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	1,272.02	1,009.70	(20.6 %)
Total Debt	601.60	342.01	(43.1 %)
Net assets attributable to the Unitholders Item	641.70	638.85	(0.4 %)
Market value of net assets	663.38	674.79	1.7 %

Net asset value (NAV) stood at SAR 638.9 million (SAR 9.38 per unit) at the end of 2021.

The market value of assets stood at SAR 674.8 million in 2021, with a net market value per unit at SAR 9.91.

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