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.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Rental Income | 23.18 | 24.06 | 3.8 % |
| Funds from Operations(FFO) | 7.04 | 10.20 | 44.9 % |
| Net Income | 7.89 | (6.89) | (187.3 %) |
| No of shares | 118.00 | 118.00 | - |
| Operating EPS (Riyals) | 0.06 | 0.09 | 44.9 % |
| 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.
| 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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