Alinma Retail REIT logs SAR 10.2 mln FFO in H1 2023 with SAR 6.9 mln loss

Alinma Retail REIT logs SAR 10.2 mln FFO in H1 2023 with SAR 6.9 mln loss

14/08/2023 Argaam Exclusive

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Alinma Retail REIT Fund recorded a net loss of SAR 6.9 million in H1 2023, against SAR 7.9 million net profit in the year-ago period.

 

Funds from operations (FFO) surged by roughly 45% to SAR 10.2 million in the first half of 2023, from SAR 7 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 23.18 13.49 (41.8 %)
Funds from Operations(FFO) 7.04 2.04 (71.1 %)
Net Income 7.89 (6.89) (187.3 %)
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.06 0.02 (71.1 %)
EPS (Riyals) 0.07 (0.06) (187.3 %)

The fund attributed the H1 2023 losses to higher financing costs, besides reporting a provision for impairment losses in real estate investments.

 

During the same period, Alinma Retail REIT also logged SAR 780,000 in depreciation of real estate investments. This came despite the fund recording a reversal of provision for expected credit losses of SAR 1.7 million, against provision of SAR 3 million a year ago.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 941.98 961.51 2.1 %
Total Debt 7.17 61.93 763.7 %
Net assets attributable to the Unitholders Item 928.95 884.02 (4.8 %)
Market value of net assets 928.95 900.91 (3.0 %)

Net asset value (NAV) stood at SAR 884.02 million, while the NAV per unit reached SAR 7.49.

 

The market value of assets reached SAR 900.90 million in H1 2023, while the per unit market value stood at SAR 7.63.

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 55.32 - 36.21 - 26.35 -
H2 2019 48.37 - 15.37 - 32.95 -
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 %)
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 %
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 %)
H1 2023 13.49 (41.8 %) 2.04 (71.1 %) (6.89) (187.3 %)

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 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 %)
H2 2022 922.94 (2.5 %) 7.33 (4.4 %) 905.66 (2.9 %) 905.66 (2.9 %)
H1 2023 961.51 2.1 % 61.93 763.2 % 884.02 (4.8 %) 900.91 (3.0 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2022 NEG More than 100
Q2 2023 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
H2 2022 0.01 (0.10) 7.68 7.68
H1 2023 0.02 (0.06) 7.49 7.63


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) 587.53
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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Share Price

Alinma Retail REIT Fund
4.76
(0.02) (0.42 %)

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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