Alinma Retail REIT posts FFO of SAR 18.3M in 2023, incurs loss of SAR 10.2M
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Alinma Retail REIT Fund widened its 2023 net loss to SAR 10.2 million (- SAR 0.09 per unit), compared with SAR 3.6 million (- SAR 0.03 per unit) a year earlier.
Funds from operations (FFO) amounted to SAR 18.3 million in 2023, compared to SAR 8.5 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 48.74 | 51.63 | 5.9 % |
| Funds from Operations(FFO) | 8.46 | 18.28 | 116.2 % |
| Net Income | (3.60) | (10.22) | (183.6 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.07 | 0.15 | 116.2 % |
| EPS (Riyals) | (0.03) | (0.09) | (183.6 %) |
The loss increase was ascribed to a real estate impairment provision of SAR 11.47 million, compared with a reversal of impairment provision of SAR 19.41 million in the same period a year ago.
The real estate investments depreciation increased to SAR 38.2 million, compared with SAR 31.8 million a year earlier. This is in addition to recording settlement discounts of SAR 2.13 million, as well as higher financing charges and lower other income.
This was despite recording rental income growth to SAR 51.6 million, compared with SAR 48.7 million, as well as a reversal of expected credit loss (ECL) provision of SAR 22.51 million, compared with an ECL provision of SAR 10.65 million in the same period of 2022. Management fees also fell.
Interim Comparasion (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 25.56 | 27.57 | 7.9 % |
| Funds from Operations(FFO) | 1.42 | 8.08 | 471.0 % |
| Net Income | (11.49) | (3.33) | 71.0 % |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.01 | 0.07 | 471.0 % |
| EPS (Riyals) | (0.10) | (0.03) | 71.0 % |
Balance Sheet (Million)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 922.94 | 944.38 | 2.3 % |
| Total Debt | 7.33 | 62.07 | 746.8 % |
| Net assets attributable to the Unitholders Item | 905.66 | 865.35 | (4.5 %) |
| Market value of net assets | 905.66 | 944.76 | 4.3 % |
Net asset value (NAV) stood at SAR 865.35 million at the end of 2023, while net book value per unit reached SAR 7.33.
Market value of net assets amounted to SAR 944.76 million, and net market value of assets per unit reached SAR 8.01.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 24.06 | 3.8 % | 10.20 | 44.9 % | (6.89) | (187.3 %) |
| H2 2023 | 27.57 | 7.9 % | 8.08 | 471.0 % | (3.33) | 71.0 % |
| 2023 | 51.63 | 5.9 % | 18.28 | 116.2 % | (10.22) | (183.6 %) |
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 | 961.51 | 2.1 % | 61.93 | 763.2 % | 884.02 | (4.8 %) | 900.91 | (3.0 %) |
| H2 2023 | 944.38 | 2.3 % | 62.07 | 747.2 % | 865.35 | (4.5 %) | 944.76 | 4.3 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | NEG | More than 100 |
| Q4 2023 | NEG | 30.27 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.09 | (0.06) | 7.49 | 7.63 |
| H2 2023 | 0.07 | (0.03) | 7.33 | 8.01 |
| Current | |
| Number of Units (Million) | 118.00 |
| Net Income/Unit ( Riyal) | (0.09 ) |
| Funds from operations/Unit ( Riyal) | 0.15 |
| P/E (X) (TTM) | NEG |
| Current Price/FFO (X) | 32.28 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.68 |
| Asset Growth (%) | 2.3 |
| Revenue Growth (%) | 5.9 |
| Net Income Growth (%) | (183.65 ) |
| Adjusted P/E (Last12) (X) | Neg |
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