Mulkia Gulf REIT reports FFO at SAR 8.7M, profit at SAR 7M in H1 2024

11/08/2024 Argaam Exclusive

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Mulkia Gulf Real Estate REIT reported a net profit of SAR 7 million in H1 2024, versus a net loss of SAR 18 million a year earlier.

Funds from operations (FFO) reached SAR 8.7 million during the six-month period, down 15% from SAR 10.2 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	54.03	55.06	1.9 %
Funds from Operations(FFO)	10.22	8.66	(15.3 %)
Net Income	(17.99)	6.96	138.7 %
No of shares	103.77	103.77	-
Operating EPS (Riyals)	0.10	0.08	(15.3 %)
EPS (Riyals)	(0.17)	0.07	138.7 %

This was triggered by higher rental revenue to SAR 55.1 million, from SAR 54.8 million in a year earlier period. The current period includes reversal of investment impairment at SAR 7.6 million, despite an increase in the credit loss provisions to SAR 6.5 million from SAR 2.5 million in a prior-year period.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	1,433.73	1,303.02	(9.1 %)
Total Debt	592.76	476.91	(19.5 %)
Net assets attributable to the Unitholders Item	807.65	780.93	(3.3 %)
Market value of net assets	865.94	878.46	1.4 %

Net asset value (NAV) stood at SAR 780.934 million by the end of H1 2024, while net book value per unit reached SAR 7.53.

The market value of assets stood at SAR 878.459 million as of June 30, 2024, with a market value per unit of SAR 8.47.

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