Alinma Retail REIT posts FFO of SAR 8.5 mln, cuts net loss to SAR 3.6 mln in 2022
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Alinma Retail REIT Fund narrowed net losses to SAR 3.6 million for 2022, compared to SAR 14.9 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 59.05 | 48.74 | (17.5 %) |
| Funds from Operations(FFO) | 6.18 | 8.46 | 36.8 % |
| Net Income | (14.86) | (3.60) | 75.7 % |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.05 | 0.07 | 36.8 % |
| EPS (Riyals) | (0.13) | (0.03) | 75.7 % |
Funds from operations (FFO) jumped 37% to SAR 8.5 million in the 12-month period, from SAR 6.2 million in 2021.
The fund recorded higher reversal of impairment in real estate investments to SAR 19.4 million in the 12-month period, compared to SAR 10.1 million a year earlier.
It reported a decline in general and administrative expenses, as well as management fees.
Alinma Retail REIT also recorded a decline in expected credit loss provisions to SAR 10.7 million, from SAR 18.2 million a year earlier.
On the other hand, the fund’s rental income went lower.
Net asset value (NAV) stood at SAR 905.66 million by the end of 2022. Net book value per unit reached SAR 7.68.
Interim Comparasion (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Rental Income | 30.83 | 25.56 | (17.1 %) |
| Funds from Operations(FFO) | (9.69) | 1.42 | 114.6 % |
| Net Income | (6.75) | (11.49) | (70.3 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | (0.08) | 0.01 | 114.6 % |
| EPS (Riyals) | (0.06) | (0.10) | (70.3 %) |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 946.68 | 922.94 | (2.5 %) |
| Total Debt | 7.67 | 7.33 | (4.4 %) |
| Net assets attributable to the Unitholders Item | 932.86 | 905.66 | (2.9 %) |
| Market value of net assets | 932.86 | 905.66 | (2.9 %) |
The market value of assets stood at SAR 905.66 million as of Dec. 31, 2022, with market value per unit at SAR 7.68.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 23.18 | (17.9 %) | 7.04 | (55.6 %) | 7.89 | 197.3 % |
| H2 2022 | 25.56 | (17.1 %) | 1.42 | 114.6 % | (11.49) | (70.3 %) |
| 2022 | 48.74 | (17.5 %) | 8.46 | 36.8 % | (3.60) | 75.7 % |
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 2022 | 941.98 | (2.9 %) | 7.17 | (4.4 %) | 928.95 | (1.1 %) | 928.95 | (1.1 %) |
| H2 2022 | 922.94 | (2.5 %) | 7.33 | (4.4 %) | 905.66 | (2.9 %) | 905.66 | (2.9 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | More than 100 | NEG |
| Q4 2022 | NEG | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.06 | 0.07 | 7.87 | 7.87 |
| H2 2022 | 0.01 | (0.10) | 7.68 | 7.68 |
| 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) | 591.24 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.72 |
| Asset Growth (%) | 11.5 |
| Revenue Growth (%) | 12.3 |
| Net Income Growth (%) | (281.89 ) |
| Adjusted P/E (Last12) (X) | Neg |
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