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.
| 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.
| 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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