Financial Results : Mulkia REIT makes SAR 13M FFO, incurs SAR 9.8M loss in H1 2025

Mulkia REIT makes SAR 13M FFO, incurs SAR 9.8M loss in H1 2025

11/08/2025 Argaam Exclusive

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Mulkia REIT Fund swung to losses of SAR 9.8 million (SAR -0.09 a unit) in H1 2025, against profits of SAR 7 million (SAR 0.07 per unit) in the year-earlier period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Rental Income 55.06 59.54 8.1 %
Funds from Operations(FFO) 8.66 13.01 50.2 %
Net Income 6.96 (9.76) (240.2 %)
No of shares 103.77 103.77 -
Earnings Per Share before unusual items (Riyals) 0.07 (0.14) (311.1 %)
Operating EPS (Riyal) 0.08 0.13 50.2 %
EPS (Riyal) 0.07 (0.09) (240.2 %)

On the other hand, its funds from operations (FFO) advanced to SAR 13 million (SAR 0.13 per unit) for the same period, from SAR 8.7 million (SAR 0.08 apiece) in H1 2024.

 

The six-month profit drop followed an increase in financing costs to SAR 22.5 million in H1 2025, versus SAR 17.3 million in the year before.

 

Rental income, however, surged on a yearly basis during the first six months of 2025, offsetting the impact of weaker hotel operating revenues for the same period.

 

Moreover, Mulkia REIT recorded SAR 4.9 million in capital gains for H1 2025, compared to none in the same period last year.



Balance Sheet (Million)

Item 6m 2024 6m 2025 Change‬
Total Assets 1,303.02 1,469.73 12.8 %
Total Debt 476.91 680.43 42.7 %
Net assets attributable to the Unitholders Item 780.93 743.19 (4.8 %)
Market value of net assets 878.46 875.93 (0.3 %)
 

The fund’s net book value per unit amounted to SAR 7.16, while the market value of assets per unit reached SAR 8.44.

 

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 26.32 - 17.96 - 14.37 -
H2 2018 29.63 - 22.03 - 2.90 -
H1 2019 28.98 10.1 % 20.35 13.3 % 19.96 38.9 %
H2 2019 29.12 (1.7 %) 15.36 (30.3 %) 8.58 195.9 %
H1 2020 36.99 27.6 % 18.95 (6.9 %) 6.03 (69.8 %)
H2 2020 32.43 11.4 % 13.72 (10.7 %) 12.21 42.2 %
H1 2021 39.28 6.2 % 25.53 34.7 % 20.67 242.7 %
H2 2021 37.24 14.9 % 19.57 42.7 % 9.86 (19.3 %)
H1 2022 35.35 (10.0 %) 15.96 (37.5 %) (13.06) (163.2 %)
H2 2022 60.50 62.4 % 10.03 (48.8 %) 12.95 31.4 %
H1 2023 54.03 52.8 % 10.22 (36.0 %) (17.99) (37.7 %)
H2 2023 59.44 (1.7 %) 4.92 (50.9 %) 6.18 (52.3 %)
H1 2024 55.06 1.9 % 8.66 (15.3 %) 6.96 138.7 %
H2 2024 64.28 8.1 % 12.57 155.4 % 8.18 32.3 %
H1 2025 59.54 8.1 % 13.01 50.2 % (9.76) (240.2 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2017 - - - - - - - -
H2 2017 618.32 - - - 605.76 - 594.68 -
H1 2018 773.07 - 151.00 - 603.41 - 588.49 -
H2 2018 757.59 22.5 % 149.04 - 586.13 (3.2 %) 592.35 (0.4 %)
H1 2019 761.39 (1.5 %) 149.18 (1.2 %) 585.70 (2.9 %) 596.68 1.4 %
H2 2019 872.05 15.1 % 258.04 73.1 % 573.88 (2.1 %) 594.35 0.3 %
H1 2020 1,023.12 34.4 % 340.76 128.4 % 643.11 9.8 % 663.00 11.1 %
H2 2020 1,272.02 45.9 % 601.60 133.1 % 641.70 11.8 % 663.38 11.6 %
H1 2021 1,014.06 (0.9 %) 341.96 0.4 % 646.70 0.6 % 670.47 1.1 %
H2 2021 1,009.70 (20.6 %) 342.01 (43.1 %) 638.85 (0.4 %) 674.79 1.7 %
H1 2022 1,334.41 31.6 % 576.08 68.5 % 604.68 (6.5 %) 636.62 (5.0 %)
H2 2022 1,345.43 33.3 % 587.98 71.9 % 600.23 (6.0 %) 654.40 (3.0 %)
H1 2023 1,433.73 7.4 % 592.76 2.9 % 807.65 33.6 % 865.94 36.0 %
H2 2023 1,310.58 (2.6 %) 476.97 (18.9 %) 790.84 31.8 % 861.81 31.7 %
H1 2024 1,303.02 (9.1 %) 476.91 (19.5 %) 780.93 (3.3 %) 878.46 1.4 %
H2 2024 1,523.92 16.3 % 697.93 46.3 % 771.32 (2.5 %) 892.81 3.6 %
H1 2025 1,469.73 12.8 % 680.43 42.7 % 743.19 (4.8 %) 875.93 (0.3 %)

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 - - - -
H2 2017 - - 10.10 9.91
H1 2018 0.30 0.24 10.06 9.81
H2 2018 0.37 0.05 9.77 9.87
H1 2019 0.34 0.33 9.76 9.94
H2 2019 0.26 0.14 9.56 9.91
H1 2020 0.28 0.09 9.44 9.73
H2 2020 0.20 0.18 9.42 9.74
H1 2021 0.37 0.30 9.50 9.84
H2 2021 0.29 0.14 9.38 9.91
H1 2022 0.23 (0.19) 8.88 9.35
H2 2022 0.15 0.19 8.81 9.61
H1 2023 0.10 (0.17) 7.78 8.35
H2 2023 0.05 0.06 7.62 8.31
H1 2024 0.08 0.07 7.53 8.47
H2 2024 0.12 0.08 7.43 8.60
H1 2025 0.13 (0.09) 7.16 8.44


Financial Ratios
Current
Number of Units (Million) 103.77
Net Income/Unit ( Riyal) (0.02 )
Funds from operations/Unit ( Riyal) 0.25
Par Value ( Riyal) 10.00
Price/book 0.68
Asset Growth (%) 12.8
Revenue Growth (%) 8.1
Net Income Growth (%) (112.04 )
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Share Price

Mulkia Gulf Real Estate REIT
4.90
0.02 0.41 %

Mulkia Gulf Real Estate REIT (MULKIA REIT)

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