Alinma Retail REIT posts FFO of SAR 7 mln in H1 2022, Q2 profit of SAR 7.9 mln

18/08/2022 Argaam Exclusive

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Alinma Retail REIT Fund posted a net profit of SAR 7.9 million (SAR 0.07 per unit) in the first half of 2022, against a net loss of SAR 8.1 million a year earlier.

Funds from operations (FFO) amounted to SAR 7 million during the six-month period, compared to SAR 15.9 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	28.22	23.18	(17.9 %)
Funds from Operations(FFO)	15.87	7.04	(55.6 %)
Net Income	(8.11)	7.89	197.3 %
No of shares	118.00	118.00	-
Operating EPS (Riyals)	0.13	0.06	(55.6 %)
EPS (Riyals)	(0.07)	0.07	197.3 %

The profit growth was spurred by a reversal of a SAR 16 million provision for impairment of property investments, compared to a provision of SAR 8 million in H1 2021.

The fund reported lower general and administrative expenses (G&A), and, management fees, along with a decline in the property manager’s fees and other expenses.

The strong performance came despite an 18% drop year-on-year (YoY) in rental income.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	969.88	941.98	(2.9 %)
Total Debt	7.51	7.17	(4.5 %)
Net assets attributable to the Unitholders Item	939.61	928.95	(1.1 %)
Market value of net assets	939.61	928.95	(1.1 %)

Net asset value (NAV) stood at SAR 928.95 million as of June 30, 2022, while net book value per unit reached SAR 7.87.

Market value of net assets amounted to SAR 928.95 million, and net market value of assets per unit reached SAR 7.87 by the end of the six-month period.

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Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	70.05	-	45.59	-	(57.92)	-
H1 2019	55.32	-	36.21	-	26.35	-
H2 2019	48.37	-	15.37	-	32.95	-
2019	103.69	48.0 %	51.58	13.1 %	59.29	202.4 %
H1 2020	33.10	(40.2 %)	21.66	(40.2 %)	(141.01)	(635.2 %)
H2 2020	21.07	(56.4 %)	(0.10)	(100.6 %)	(10.04)	(130.5 %)
2020	54.17	(47.8 %)	21.57	(58.2 %)	(151.05)	(354.7 %)
H1 2021	28.22	(14.7 %)	15.87	(26.8 %)	(8.11)	94.2 %
H2 2021	30.83	46.3 %	(9.69)	(9,782.7 %)	(6.75)	32.8 %
2021	59.05	9.0 %	6.18	(71.3 %)	(14.86)	90.2 %
H1 2022	23.18	(17.9 %)	7.04	(55.6 %)	7.89	197.3 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	70.05	-	45.59	-	(57.92)	-
2019	103.69	48.0 %	51.58	13.1 %	59.29	202.4 %
2020	54.17	(47.8 %)	21.57	(58.2 %)	(151.05)	(354.7 %)
2021	59.05	9.0 %	6.18	(71.3 %)	(14.86)	90.2 %

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 2018	-	-	-	-	-	-	-	-
H2 2018	1,148.80	-	-	-	1,122.08	-	1,122.08	-
H1 2019	1,157.46	-	8.77	-	1,116.56	-	1,120.75	-
H2 2019	1,186.67	3.3 %	8.30	-	1,149.51	2.4 %	1,164.18	3.8 %
H1 2020	1,011.00	(12.7 %)	8.47	(3.4 %)	957.76	(14.2 %)	957.76	(14.5 %)
H2 2020	982.36	(17.2 %)	7.99	(3.7 %)	947.72	(17.6 %)	947.72	(18.6 %)
H1 2021	969.88	(4.1 %)	7.51	(11.4 %)	939.61	(1.9 %)	939.61	(1.9 %)
H2 2021	946.68	(3.6 %)	7.67	(4.1 %)	932.86	(1.6 %)	932.86	(1.6 %)
H1 2022	941.98	(2.9 %)	7.17	(4.4 %)	928.95	(1.1 %)	928.95	(1.1 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,148.80	-	-	-	1,122.08	-	1,122.08	-
2019	1,186.67	3.3 %	8.30	-	1,149.51	2.4 %	1,164.18	3.8 %
2020	982.36	(17.2 %)	7.99	(3.7 %)	947.72	(17.6 %)	947.72	(18.6 %)
2021	946.68	(3.6 %)	7.67	(4.1 %)	932.86	(1.6 %)	932.86	(1.6 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
Q2 2013	-	-
Q4 2013	-	-
Q2 2014	-	-
Q4 2014	-	-
Q2 2015	-	-
Q4 2015	-	-
Q2 2016	-	-
Q4 2016	-	-
Q2 2017	-	-
Q4 2017	-	-
Q2 2018	-	-
Q4 2018	-	-
Q2 2019	-	-
Q4 2019	16.36	18.81
Q2 2020	NEG	19.69
Q4 2020	NEG	40.54
Q2 2021	NEG	More than 100
Q4 2021	NEG	More than 100
Q2 2022	More than 100	NEG

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	NEG	22.15
2019	16.36	18.81
2020	NEG	40.54
2021	NEG	More than 100

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2018	-	-	-	-
H2 2018	-	-	9.51	9.51
H1 2019	0.31	0.22	9.46	9.50
H2 2019	0.13	0.28	9.74	9.87
H1 2020	0.18	(1.19)	8.12	8.12
H2 2020	0.00	(0.09)	8.03	8.03
H1 2021	0.13	(0.07)	7.96	7.96
H2 2021	(0.08)	(0.06)	7.91	7.91
H1 2022	0.06	0.07	7.87	7.87

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.39	(0.49)	9.51	9.51
2019	0.44	0.50	9.74	9.87
2020	0.18	(1.28)	8.03	8.03
2021	0.05	(0.13)	7.91	7.91

Financial Ratios

	Current
Number of Units (Million)	118.00
Net Income/Unit ( Riyal)	(0.59 )
Funds from operations/Unit ( Riyal)	0.01
P/E (X) (TTM)	NEG
Current Price/FFO (X)	593.71
Par Value ( Riyal)	10.00
Price/book	0.73
Asset Growth (%)	11.5
Revenue Growth (%)	12.3
Net Income Growth (%)	(281.89 )
Adjusted P/E (Last12) (X)	Neg

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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Alinma Retail REIT posts FFO of SAR 7 mln in H1 2022, Q2 profit of SAR 7.9 mln

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Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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Alinma Retail REIT posts FFO of SAR 7 mln in H1 2022, Q2 profit of SAR 7.9 mln

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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