Mulkia Investment Company announces the interim financial statements of Mulkia Gulf Real Estate REIT Fund for the period ending on 30 June 2022.
The following is the summary of the interim financial results of the period:
Net Assets at the End of the Period : 604,678,305 SAR
Total Expenses and Fees for the Period : (28,030,936) SAR
Net Profit/(Loss) for the Period : (13,058,632) SAR
Number of the Outstanding Units at the End of Period : 68108652 units
Net Unit Value : 8.88 SAR
Return for the Period : (2.04)%
-Net Asset Value as fair value : 636,618,744 SAR
-Net Asset Value Per Unit as fair value : 9.35 SAR
-Total depreciation for the period : 8,638,248 SAR
– The above expenses and fees for the period do not include the impairment of investment properties with an amount of 20,195,057 Saudi Riyals.
– The above expenses and fees for the period do not include the Zakat expense of 2022, which equals 182,985 Saudi Riyals
– Return for the Period was calculated by dividing the net loss/ profit by the net asset value at beginning of the period.
– It should be noted that the loss recorded in the income statement resulted mainly from recording a provision for assets valuation decrease of SAR 20.2 million, the majority of this amount (equivalent to approximately SAR 16 million) comes as a result of recording the real estate tax expenses and the acquisition commission in the book value of the asset acquired during this period in accordance with the applicable accounting standards, however, when evaluating the properties the valuers don’t consider these costs as part of the recoverable value of the property.
To view the interim financial statements for the first half of 2022 , Please open the link or the attached file.