Mulkia Gulf Real Estate REIT posts SAR 10.2 mln FFO, SAR 18 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund logged a net loss of SAR 18 million, or SAR 0.17 per unit, for H1 2023, compared to a SAR 13.1 million loss in H1 2022.

Funds from operations (FFO) reached SAR 10.2 million in H1 2023, down 36% compared to SAR 16 million in the same period a year ago.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Rental Income	35.35	54.03	52.8 %
Funds from Operations(FFO)	15.96	10.22	(36.0 %)
Net Income	(13.06)	(17.99)	(37.7 %)
No of shares	68.11	103.77	52.4 %
Operating EPS (Riyals)	0.23	0.10	(58.0 %)
EPS (Riyals)	(0.19)	(0.17)	9.6 %

The losses recorded in H1 2023 were due to the increase in financing costs and administrative expenses, in addition to recording a SAR 2.5 million provision for expected credit losses.

Balance Sheet (Million)

Item	6m 2022	6m 2023	Change‬
Total Assets	1,334.41	1,433.73	7.4 %
Total Debt	576.08	592.76	2.9 %
Net assets attributable to the Unitholders Item	604.68	807.65	33.6 %
Market value of net assets	636.62	865.94	36.0 %

Net asset value (NAV) stood at SAR 807.65 million as of June 30, 2023, while net book value per unit reached SAR 7.78.

The market value of assets stood at SAR 865.94 million by the end of H1 2023, with a market value per unit of SAR 8.35.

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