MULKIA REIT

Mulkia Gulf Real Estate REIT Fund

4336REITsTadawulReal Estate

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operating Summary
Revenue	119.97M	114.76M	96.01M	76.52M	69.45M
Interest Expense	-41.25M	-37.50M	-22.27M	-9.36M	-14.94M
Pretax Income	15.45M	-11.40M	1.00M	31.95M	18.24M
Income Tax	0.32M	0.41M	1.11M	1.43M	—
Net Income	15.14M	-11.81M	-0.11M	30.53M	18.24M
Rental Revenue	119.34M	113.47M	95.85M	76.52M	69.42M
Property Expenses	38.42M	38.41M	29.96M	10.15M	11.84M
Operating Income	45.20M	35.56M	33.04M	42.50M	37.76M
EPS (Basic)	0.15	-0.11	-0.00	0.45	0.27
EPS (Diluted)	0.15	-0.11	-0.00	0.45	0.27
DPS	0.32	0.43	0.52	—	0.30
Margins & Efficiency
Net Margin %	+12.6%	-10.3%	-0.1%	+39.9%	+26.3%
Revenue & Income
Revenue as Reported	119.97M	114.76M	96.01M	76.52M	70.02M
Revenue Growth (YoY)	+4.5%	+19.5%	+25.5%	+10.2%	+17.7%
Revenue RE	119.97M	114.76M	96.01M	76.52M	69.45M
Rental Revenue	119.34M	113.47M	95.85M	76.52M	69.42M
Other Revenue RE	0.63M	1.29M	0.17M	0.01M	—
Expenses & Provisions
SG&A RE	3.44M	0.97M	6.63M	2.30M	1.67M
Total Operating Expenses RE	74.77M	79.20M	62.97M	34.03M	31.70M
Interest Expense RE	-41.25M	-37.50M	-22.27M	-9.36M	-14.94M
Other Non Oper Exp Suppl RE	-2.76M	-0.33M	-2.60M	-0.25M	-1.30M
Property Expenses	38.42M	38.41M	29.96M	10.15M	11.84M
Asset Writedown	14.27M	-9.14M	-7.17M	-0.94M	-3.27M
D&A For EBITDA	20.67M	18.70M	17.97M	12.22M	11.76M
Dep Amor RE	20.67M	18.70M	17.97M	12.22M	11.76M
Profitability & Returns
EBIT	45.20M	35.56M	33.04M	42.50M	37.76M
EBIT Margin	+37.7%	+31.0%	+34.4%	+55.5%	+54.4%
EBITDA	65.87M	54.26M	51.01M	54.72M	49.52M
EBITDA Margin	+54.9%	+47.3%	+53.1%	+71.5%	+71.3%
EBT Excl RE	1.19M	-2.26M	8.18M	32.89M	21.51M
Pretax Income	15.45M	-11.40M	1.00M	31.95M	18.24M
Operating Income RE	45.20M	35.56M	33.04M	42.50M	37.76M
Operating Margin	+37.7%	+31.0%	+34.4%	+55.5%	+54.4%
Profit Margin	+12.6%	-10.3%	-0.1%	+39.9%	+26.3%
Net Income	15.14M	-11.81M	-0.11M	30.53M	18.24M
Net Income to Common	15.14M	-11.81M	-0.11M	30.53M	18.24M
Net Income Growth	—	—	—	+67.4%	-36.1%
Income Tax Expense	0.32M	0.41M	1.11M	1.43M	—
Effective Tax Rate	+2.0%	—	+110.6%	+4.5%	—
Net Interest Expense RE	-41.25M	-37.50M	-22.27M	-9.36M	-14.94M
Per Share & Capital
EPS (Basic)	0.15	-0.11	-0.00	0.45	0.27
EPS (Diluted)	0.15	-0.11	-0.00	0.45	0.27
EPS Growth	—	—	—	+67.4%	-43.7%
Dividend Per Share	0.32	0.43	0.52	—	0.30
Shares Change (YoY)	—	0.52	—	—	0.14
Shares Outstanding (Basic)	103.77M	103.77M	68.11M	68.11M	68.11M
Shares Outstanding (Diluted)	103.77M	103.77M	68.11M	68.11M	68.11M
Dividend Growth	-25.6%	-17.3%	—	—	—
Payout Ratio	+233.1%	—	—	+109.3%	+170.1%
Supplemental
Other Operating Expenses RE	5.85M	5.80M	—	—	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operating Summary
Revenue	119.97M	114.76M	96.01M	76.52M	69.45M
Interest Expense	-41.25M	-37.50M	-22.27M	-9.36M	-14.94M
Pretax Income	15.45M	-11.40M	1.00M	31.95M	18.24M
Income Tax	0.32M	0.41M	1.11M	1.43M	—
Net Income	15.14M	-11.81M	-0.11M	30.53M	18.24M
Rental Revenue	119.34M	113.47M	95.85M	76.52M	69.42M
Property Expenses	38.42M	38.41M	29.96M	10.15M	11.84M
Operating Income	45.20M	35.56M	33.04M	42.50M	37.76M
EPS (Basic)	0.15	-0.11	-0.00	0.45	0.27
EPS (Diluted)	0.15	-0.11	-0.00	0.45	0.27
DPS	0.32	0.43	0.52	—	0.30
Margins & Efficiency
Net Margin %	+12.6%	-10.3%	-0.1%	+39.9%	+26.3%
Revenue & Income
Revenue as Reported	119.97M	114.76M	96.01M	76.52M	70.02M
Revenue Growth (YoY)	+4.5%	+19.5%	+25.5%	+10.2%	+17.7%
Revenue RE	119.97M	114.76M	96.01M	76.52M	69.45M
Rental Revenue	119.34M	113.47M	95.85M	76.52M	69.42M
Other Revenue RE	0.63M	1.29M	0.17M	0.01M	—
Expenses & Provisions
SG&A RE	3.44M	0.97M	6.63M	2.30M	1.67M
Total Operating Expenses RE	74.77M	79.20M	62.97M	34.03M	31.70M
Interest Expense RE	-41.25M	-37.50M	-22.27M	-9.36M	-14.94M
Other Non Oper Exp Suppl RE	-2.76M	-0.33M	-2.60M	-0.25M	-1.30M
Property Expenses	38.42M	38.41M	29.96M	10.15M	11.84M
Asset Writedown	14.27M	-9.14M	-7.17M	-0.94M	-3.27M
D&A For EBITDA	20.67M	18.70M	17.97M	12.22M	11.76M
Dep Amor RE	20.67M	18.70M	17.97M	12.22M	11.76M
Profitability & Returns
EBIT	45.20M	35.56M	33.04M	42.50M	37.76M
EBIT Margin	+37.7%	+31.0%	+34.4%	+55.5%	+54.4%
EBITDA	65.87M	54.26M	51.01M	54.72M	49.52M
EBITDA Margin	+54.9%	+47.3%	+53.1%	+71.5%	+71.3%
EBT Excl RE	1.19M	-2.26M	8.18M	32.89M	21.51M
Pretax Income	15.45M	-11.40M	1.00M	31.95M	18.24M
Operating Income RE	45.20M	35.56M	33.04M	42.50M	37.76M
Operating Margin	+37.7%	+31.0%	+34.4%	+55.5%	+54.4%
Profit Margin	+12.6%	-10.3%	-0.1%	+39.9%	+26.3%
Net Income	15.14M	-11.81M	-0.11M	30.53M	18.24M
Net Income to Common	15.14M	-11.81M	-0.11M	30.53M	18.24M
Net Income Growth	—	—	—	+67.4%	-36.1%
Income Tax Expense	0.32M	0.41M	1.11M	1.43M	—
Effective Tax Rate	+2.0%	—	+110.6%	+4.5%	—
Net Interest Expense RE	-41.25M	-37.50M	-22.27M	-9.36M	-14.94M
Per Share & Capital
EPS (Basic)	0.15	-0.11	-0.00	0.45	0.27
EPS (Diluted)	0.15	-0.11	-0.00	0.45	0.27
EPS Growth	—	—	—	+67.4%	-43.7%
Dividend Per Share	0.32	0.43	0.52	—	0.30
Shares Change (YoY)	—	0.52	—	—	0.14
Shares Outstanding (Basic)	103.77M	103.77M	68.11M	68.11M	68.11M
Shares Outstanding (Diluted)	103.77M	103.77M	68.11M	68.11M	68.11M
Dividend Growth	-25.6%	-17.3%	—	—	—
Payout Ratio	+233.1%	—	—	+109.3%	+170.1%
Supplemental
Other Operating Expenses RE	5.85M	5.80M	—	—	—