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 -
Earnings Per Share before unusual items (Riyals) (0.06) (0.57) (870.5 %)
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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Share Price

Alinma Retail REIT Fund
4.50
(0.03) (0.66 %)

Alinma Retail REIT Fund (ALINMA RETAIL REIT)

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Financial Ratios
Current
Number of Units (Million) 118.00
Net Income/Unit ( Riyal) 0.07
Funds from operations/Unit ( Riyal) 0.17
P/E (X) (TTM) 65.32
Current Price/FFO (X) 25.78
Par Value ( Riyal) 10.00
Price/book 0.64
Asset Growth (%) 22.3
Revenue Growth (%) 54.6
Net Income Growth (%) 179.5
Adjusted P/E (Last12) (X) Neg
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