Financial Results : Mulkia REIT makes SAR 21.2M FFO, SAR 15.1M profit in 2024

Mulkia REIT makes SAR 21.2M FFO, SAR 15.1M profit in 2024

27/03/2025 Argaam Exclusive

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Mulkia Gulf Real Estate REIT Fund recorded net earnings of SAR 15.1 million (SAR 0.15 per unit) in 2024, against a loss of SAR 11.8 million (SAR 0.11 per unit) a year before.

 

Funds from operations (FFO) reached SAR 21.2 million (SAR 0.20 per unit) in 2024, up from SAR 15.1 million (SAR 0.15 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 113.47 119.34 5.2 %
Funds from Operations(FFO) 15.14 21.23 40.2 %
Net Income (11.81) 15.14 228.2 %
No of shares 103.77 103.77 -
Earnings Per Share before unusual items (Riyals) (0.11) 0.15 228.2 %
Operating EPS (Riyal) 0.15 0.20 40.2 %
EPS (Riyal) (0.11) 0.15 228.2 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 1,310.58 1,523.92 16.3 %
Total Debt 476.97 697.93 46.3 %
Net assets attributable to the Unitholders Item 790.84 771.32 (2.5 %)
Market value of net assets 861.81 892.81 3.6 %

Net book value per unit amounted to SAR 7.43, while market value of assets per unit amounted to SAR 8.60.

 

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The REIT recorded an increase in rental income by 5% year-on-year (YoY) to SAR 119.3 million from SAR 113.3 million.

 

It also reported a reversal of impairment provision on real estate investments amounting to SAR 14.7 million, compared to a provision of SAR 9.1 million in 2023.

 

A credit loss provision of SAR 6.4 million was also recorded compared to SAR 15.3 million in 2023, down 58%.

 

On the other hand, financing costs increased, and transaction fees and financing structuring fees reached SAR 2.3 million and SAR 2.4 million, respectively, for the current year, compared to none for 2023.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 59.44 64.28 8.1 %
Funds from Operations(FFO) 4.92 12.57 155.4 %
Net Income 6.18 8.18 32.3 %
No of shares 103.77 103.77 -
Operating EPS (Riyal) 0.05 0.12 155.4 %
EPS (Riyal) 0.06 0.08 32.3 %

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