Mulkia REIT posts SAR 25.5 mln FFO, SAR 20.7 mln net profit in H1 2021

16/08/2021 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund reported a net profit of SAR 20.7 million (SAR 0.3/unit) for H1 2021, compared to SAR 6 million a year earlier, Mulkia Investment Co., the fund manager, said in a bourse statement.

Funds from operations (FFO) reached SAR 25.5 million during the six-month period, an increase of nearly 35%, compared to SAR 19 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	36.99	39.28	6.2 %
Funds from Operations(FFO)	18.95	25.53	34.7 %
Net Income	6.03	20.67	242.7 %
No of shares	68.11	68.11	-
Operating EPS (Riyals)	0.28	0.37	34.7 %
EPS (Riyals)	0.09	0.30	242.7 %

The profit increase was driven by a 6% rise in rental revenue, a 39% slump in cost of finance in addition to gains from writing back SAR 1.3 million in realty impairment in H1 2021, versus impairment losses of SAR 7.9 million in prior-year period.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	1,023.12	1,014.06	(0.9 %)
Total Debt	340.76	341.96	0.4 %
Net assets attributable to the Unitholders Item	643.11	646.70	0.6 %
Market value of net assets	663.00	670.47	1.1 %

Net asset value (NAV) stood at SAR 646.7 million, while the NAV per unit reached SAR 9.5 during the six-month period.

The market value of assets reached SAR 670.5 million, with per unit market value stood at SAR 9.8.

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