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Mulkia Gulf Real Estate REIT (Mulkia REIT) reported a net loss of SAR 13 million (SAR 0.19 per unit) for H1 2022, against a profit of SAR 20.7 million a year earlier.

Funds from operations (FFO) stood at SAR 16 million in H1 2022, a 38% drop from SAR 25.5 million a year earlier.

The loss was attributed to recording a provision for asset valuation decrease of SAR 20.2 million, almost SAR 16 million of which came as a result of recording real estate tax expenses and acquisition commission in the book value of the asset acquired during this period in accordance with the applicable accounting standards.

Net asset value (NAV) stood at SAR 604.68 million (SAR 8.88 per unit) at the end of the six-month period.

The market value of assets stood at SAR 636.62 million in H1 2022, with a net market value per unit at SAR 9.35.

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Share Price

Mulkia Gulf Real Estate REIT (MULKIA REIT)

Number of Units (Million) 68.11
Net Income/Unit ( Riyal) (0.05 )
Funds from operations/Unit ( Riyal) 0.52
Current Price/FFO (X) 16.62
Price/book 0.98
Asset Growth (%) 31.6
Revenue Growth (%) 1.2
Net Income Growth (%) (109.74 )
Adjusted P/E (Last12) (X) Neg

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