Alinma Retail REIT posts FFO loss of SAR 7.1M in H1 2024, net loss of SAR 66.9M

Alinma Retail REIT posts FFO loss of SAR 7.1M in H1 2024, net loss of SAR 66.9M

11/08/2024 Argaam Exclusive

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Alinma Retail REIT Fund widened its H1 2024 net loss to SAR 66.9 million (- SAR 0.57 per unit), compared with SAR 6.9 million (SAR -0.06 per unit) a year earlier.

 

Funds from operations (FFO) loss amounted to SAR 7.1 million in H1 2024, compared to SAR 2 million FFO profit in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 13.49 16.28 20.7 %
Funds from Operations(FFO) 2.04 (7.13) (450.2 %)
Net Income (6.89) (66.88) (870.5 %)
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.02 (0.06) (450.2 %)
EPS (Riyals) (0.06) (0.57) (870.5 %)

The widening of H1 net loss was ascribed to a rise in impairment provisions for investment properties to SAR 49.1 million, in addition to an increase in real estate investments depreciation to SAR 14.8 million, and logging expected credit loss provision of SAR 3.2 million, compared to a reversal of provision worth SAR 1.7 million in prior-year period.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 961.51 1,071.70 11.5 %
Total Debt 61.93 263.82 326.0 %
Net assets attributable to the Unitholders Item 884.02 778.41 (11.9 %)
Market value of net assets 900.91 828.42 (8.0 %)

Net asset value (NAV) stood at SAR 778.41 million at the end of H1 2024, while net book value per unit reached SAR 6.60.

 

Market value of net assets amounted to SAR 828.41 million, and net market value of assets per unit reached SAR 7.02.

 

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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 %)
H2 2023 27.57 7.9 % 8.08 471.0 % (3.33) 71.0 %
H1 2024 16.28 20.7 % (7.13) (450.2 %) (66.88) (870.5 %)

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 %)
H2 2023 944.38 2.3 % 62.07 747.2 % 865.35 (4.5 %) 944.76 4.3 %
H1 2024 1,071.70 11.5 % 263.82 326.0 % 778.41 (11.9 %) 828.42 (8.0 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2023 NEG More than 100
Q2 2024 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
H2 2023 0.07 (0.03) 7.33 8.01
H1 2024 (0.06) (0.57) 6.60 7.02


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) 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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Share Price

Alinma Retail REIT Fund
4.78
(0.03) (0.62 %)

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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