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

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 %)

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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