Mulkia Gulf Real Estate REIT Fund’s net loss widened to SAR 11.8 million, or SAR 0.11 per unit, for 2023, compared to losses of SAR 106,000 in 2022.
Funds from operations (FFO) reached SAR 15.1 million last year, down 42% compared to SAR 26 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 95.85 | 113.47 | 18.4 % |
| Funds from Operations(FFO) | 25.98 | 15.14 | (41.7 %) |
| Net Income | (0.11) | (11.81) | (11,038.3 %) |
| No of shares | 68.11 | 103.77 | 52.4 % |
| Operating EPS (Riyals) | 0.38 | 0.15 | (61.7 %) |
| EPS (Riyals) | 0.00 | (0.11) | (7,210.8 %) |
The REIT reported a 68.4% year-on-year (YoY) rise in financing costs (FCs), an 82.13% increase in provision for credit losses (PCL), and a 27.3% jump in impairment for real estate investments.
In addition, other administrative expenses increased due to higher capital hike costs of SAR 1.47 million.
Meanwhile, total revenues rose 20% YoY to SAR 114.76 million amid lower Zakat expenditure.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 60.50 | 59.44 | (1.7 %) |
| Funds from Operations(FFO) | 10.03 | 4.92 | (50.9 %) |
| Net Income | 12.95 | 6.18 | (52.3 %) |
| No of shares | 68.11 | 103.77 | 52.4 % |
| Operating EPS (Riyals) | 0.15 | 0.05 | (67.8 %) |
| EPS (Riyals) | 0.19 | 0.06 | (68.7 %) |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 1,345.43 | 1,310.58 | (2.6 %) |
| Total Debt | 587.98 | 476.97 | (18.9 %) |
| Net assets attributable to the Unitholders Item | 600.23 | 790.84 | 31.8 % |
| Market value of net assets | 654.40 | 861.81 | 31.7 % |
Net asset value (NAV) stood at SAR 790.84 million as of 2023, while net book value per unit reached SAR 7.62.
The market value of assets stood at SAR 861.81 million by the end of 2023, with the market value per unit at SAR 8.31.
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