Mulkia REIT posts SAR 45.1 mln FFO, SAR 30.5 mln profit in 2021
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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)
| 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.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 39.28 | 6.2 % | 25.53 | 34.7 % | 20.67 | 242.7 % |
| H2 2021 | 37.24 | 14.9 % | 19.57 | 42.7 % | 9.86 | (19.3 %) |
| 2021 | 76.52 | 10.2 % | 45.11 | 38.1 % | 30.53 | 67.4 % |
Balance Sheet (Million)
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2021 | 1,014.06 | (0.9 %) | 341.96 | 0.4 % | 646.70 | 0.6 % | 670.47 | 1.1 % |
| H2 2021 | 1,009.70 | (20.6 %) | 342.01 | (43.1 %) | 638.85 | (0.4 %) | 674.79 | 1.7 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | 32.51 | 17.87 |
| Q4 2021 | 33.48 | 14.87 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.37 | 0.30 | 9.50 | 9.84 |
| H2 2021 | 0.29 | 0.14 | 9.38 | 9.91 |
| Current | |
| Number of Units (Million) | 103.77 |
| Net Income/Unit ( Riyal) | 0.13 |
| Funds from operations/Unit ( Riyal) | 0.13 |
| P/E (X) (TTM) | 42.71 |
| Current Price/FFO (X) | 41.33 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.72 |
| Asset Growth (%) | (9.12 ) |
| Revenue Growth (%) | (0.02 ) |
| Net Income Growth (%) | 361.0 |
| Adjusted P/E (Last12) (X) | 42.71 |
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