Mulkia Gulf Real Estate REIT Fund reported a 70% drop year-on-year (YoY) in profit to SAR 6 million (SAR 0.09/unit) for the first six months of 2020, fund manager Mulkia Investment said in a bourse statement.
Funds from operations (FFO) stood at SAR 19 million in H1, down by 7% YoY.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Rental Income | 28.98 | 36.99 | 27.6 % |
| Funds from Operations(FFO) | 20.35 | 18.95 | (6.9 %) |
| Net Income | 19.96 | 6.03 | (69.8 %) |
| No of shares | 60.00 | 68.11 | 13.5 % |
| Operating EPS (Riyals) | 0.34 | 0.28 | (18.0 %) |
| EPS (Riyals) | 0.33 | 0.09 | (73.4 %) |
The profit decline was driven by higher investment amortization, increased cost of finance and higher administrative fees. The fund also cited credit loss provisions and real estate investment impairment.
Net asset value (NAV) stood at SAR 643.11 million by the end of June 30, 2020, with a net book value per unit at SAR 9.44.
Net asset value as fair value stood at SAR 663 million in H1 2020, with net asset value per unit as fair value at SAR 9.73.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Total Assets | 761.39 | 1,023.12 | 34.4 % |
| Total Debt | 149.18 | 340.76 | 128.4 % |
| Net assets attributable to the Unitholders Item | 585.70 | 643.11 | 9.8 % |
| Market value of net assets | 596.68 | 663.00 | 11.1 % |
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}