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.
| 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.
| Item | 2020 | 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 %) |
| 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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