Alinma Hospitality REIT makes SAR 33.2M FFO, SAR 24.3M net profit in H1 2024

11/08/2024 Argaam Exclusive
Alinma Hospitality REIT Fund posted a net profit fall of 32% to SAR 24.3 million (SAR 0.24 per unit) in H1 2024, from SAR 35.9 million in the corresponding period of 2023.

 

Funds from operations (FFO) dropped 30% to nearly SAR 33.2 million in the six-month period, from SAR 47.5 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 51.94 37.10 (28.6 %)
Funds from Operations(FFO) 47.45 33.24 (29.9 %)
Net Income 35.91 24.30 (32.3 %)
No of shares 102.00 102.00 -
Operating EPS (Riyals) 0.47 0.33 (29.9 %)
EPS (Riyals) 0.35 0.24 (32.3 %)


This was due to a 29% decline in revenues from investment properties to SAR 37.1 million in H1 2024, compared with SAR 51.9 million a year earlier. In addition, management fees dropped 11% year-on-year (YoY).

 

However, the company posted higher income from financial assets at fair value through profit or loss, in addition to higher income from special commissions In addition, general and administrative expenses dropped by 29% YoY The corresponding period also included the cost of establishing a fund worth SAR 2.2 million, compared to none in the current period.

Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 1,073.85 1,052.83 (2.0 %)
Total Debt - - -
Net assets attributable to the Unitholders Item 1,023.29 1,039.49 1.6 %
Market value of net assets 1,047.78 1,097.83 4.8 %

Net asset value (NAV) stood at SAR . billion as of June 30, 2024, while the net book value (NBV) per unit reached SAR 10.19.

 

The market value of assets stood at SAR 1.09 billion by the end of H1 2024, with a market value per unit of SAR 10.76.

 

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Share Price

Alinma Hospitality REIT Fund
8.15
(0.12) (1.45 %)

Alinma Hospitality REIT Fund (ALINMA HOSPITALITY REIT)

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Financial Ratios
Current
Number of Units (Million) 102.00
Net Income/Unit ( Riyal) 0.48
Funds from operations/Unit ( Riyal) 0.65
P/E (X) (TTM) 17.02
Current Price/FFO (X) 12.44
Par Value ( Riyal) 10.00
Price/book 0.80
Asset Growth (%) (1.96 )
Revenue Growth (%) -
Net Income Growth (%) -
Adjusted P/E (Last12) (X) 17.02
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2023 51.94 - 47.45 - 35.91 -
H2 2023 37.51 - 33.57 - 24.54 -
H1 2024 37.10 (28.6 %) 33.24 (29.9 %) 24.30 (32.3 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2023 1,073.85 - - - 1,023.29 - 1,047.78 -
H2 2023 1,057.12 - - - 1,047.83 - 1,091.89 -
H1 2024 1,052.83 (2.0 %) - - 1,039.49 1.6 % 1,097.83 4.8 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 - -
Q2 2019 - -
Q4 2019 - -
Q2 2020 - -
Q4 2020 - -
Q2 2021 - -
Q4 2021 - -
Q2 2022 - -
Q4 2022 - -
Q2 2023 - -
Q4 2023 16.35 12.20
Q2 2024 17.58 12.86

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2023 0.47 0.35 10.03 10.27
H2 2023 0.33 0.24 10.27 10.70
H1 2024 0.33 0.24 10.19 10.76

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