Alinma Hospitality REIT makes SAR 33.2M FFO, SAR 24.3M net profit in H1 2024
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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 %) |
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 % |
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.
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.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 2024 | 1,052.83 | (2.0 %) | - | - | 1,039.49 | 1.6 % | 1,097.83 | 4.8 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2024 | 17.58 | 12.86 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2024 | 0.33 | 0.24 | 10.19 | 10.76 |
| 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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