Alinma Retail REIT posts FFO of SAR 18.3M in 2023, incurs loss of SAR 10.2M

31/03/2024 Argaam Exclusive

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)

Compared With The
Item H2 2022 H2 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.

 

View more financial results

 

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Share Price

Alinma Retail REIT Fund
4.76
(0.05) (1.04 %)

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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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) 588.76
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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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 %
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 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 %

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
Q4 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
H2 2023 0.07 (0.03) 7.33 8.01

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