Mulkia Gulf Real Estate REIT Fund reported a net profit of SAR 20.7 million (SAR 0.3/unit) for H1 2021, compared to SAR 6 million a year earlier, Mulkia Investment Co., the fund manager, said in a bourse statement.
Funds from operations (FFO) reached SAR 25.5 million during the six-month period, an increase of nearly 35%, compared to SAR 19 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 36.99 | 39.28 | 6.2 % |
| Funds from Operations(FFO) | 18.95 | 25.53 | 34.7 % |
| Net Income | 6.03 | 20.67 | 242.7 % |
| No of shares | 68.11 | 68.11 | - |
| Operating EPS (Riyals) | 0.28 | 0.37 | 34.7 % |
| EPS (Riyals) | 0.09 | 0.30 | 242.7 % |
The profit increase was driven by a 6% rise in rental revenue, a 39% slump in cost of finance in addition to gains from writing back SAR 1.3 million in realty impairment in H1 2021, versus impairment losses of SAR 7.9 million in prior-year period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 1,023.12 | 1,014.06 | (0.9 %) |
| Total Debt | 340.76 | 341.96 | 0.4 % |
| Net assets attributable to the Unitholders Item | 643.11 | 646.70 | 0.6 % |
| Market value of net assets | 663.00 | 670.47 | 1.1 % |
Net asset value (NAV) stood at SAR 646.7 million, while the NAV per unit reached SAR 9.5 during the six-month period.
The market value of assets reached SAR 670.5 million, with per unit market value stood at SAR 9.8.
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