Mulkia REIT reports SAR 29.3M FFO, SAR 28.4M loss in 2025

31/03/2026 Argaam Exclusive

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Mulkia Gulf REIT Fund reported funds from operations (FFO) of SAR 29.3 million, or SAR 0.28 per unit, in 2025, up from SAR 21.2 million, or SAR 0.20 per unit, a year earlier.

 

The fund incurred a net loss of SAR 28.4 million, or SAR 0.27 per unit, compared with a net profit of SAR 15.1 million, or SAR 0.15 per unit, in 2024.



Financials (M)

Item 2024 2025 Change‬
Rental Income 119.34 124.44 4.3 %
Funds from Operations(FFO) 21.23 29.28 37.9 %
Net Income 15.14 (28.36) (287.4 %)
No of shares 103.77 103.77 -
Earnings Per Share before unusual items (Riyals) 0.15 (0.32) (320.0 %)
Operating EPS (Riyal) 0.20 0.28 37.9 %
EPS (Riyal) 0.15 (0.27) (287.4 %)

The results reflected an impairment loss on investment properties of SAR 40.7 million, compared with a reversal of SAR 14.3 million in 2024. Depreciation on investment properties rose to SAR 18.7 million from SAR 16.8 million, while finance costs increased to SAR 45.7 million from SAR 41.3 million.

 

This was partly offset by higher rental income versus the prior-year period, although gains were capped by weaker hotel operating income. Expected credit loss provisions declined to SAR 2.6 million from SAR 6.4 million, while the company recorded capital gains of SAR 4.9 million, compared with none a year earlier.



Interim Comparasion (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 64.28 64.91 1.0 %
Funds from Operations(FFO) 12.57 16.27 29.4 %
Net Income 8.18 (18.60) (327.5 %)
No of shares 103.77 103.77 -
Operating EPS (Riyal) 0.12 0.16 29.4 %
EPS (Riyal) 0.08 (0.18) (327.5 %)

Net book value per unit stood at SAR 6.82, while the market value of net assets per unit reached SAR 7.99.

Balance Sheet (Million)

Item 2024 2025 Change‬
Total Assets 1,523.92 1,477.80 (3.0 %)
Total Debt 697.93 720.14 3.2 %
Net assets attributable to the Unitholders Item 771.32 707.91 (8.2 %)
Market value of net assets 892.81 829.04 (7.1 %)

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Share Price

Mulkia Gulf Real Estate REIT
4.52
(0.03) (0.66 %)

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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Financial Ratios
Current
Number of Units (Million) 103.77
Net Income/Unit ( Riyal) (0.27 )
Funds from operations/Unit ( Riyal) 0.28
Par Value ( Riyal) 10.00
Price/book 0.66
Asset Growth (%) (3.03 )
Revenue Growth (%) 4.3
Net Income Growth (%) (287.35 )
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