Alinma Retail REIT posts FFO of SAR 7 mln in H1 2022, Q2 profit of SAR 7.9 mln

18/08/2022 Argaam Exclusive

 Alinma Retail REIT Fund posted a net profit of SAR 7.9 million (SAR 0.07 per unit) in the first half of 2022, against a net loss of SAR 8.1 million a year earlier. 

 

Funds from operations (FFO) amounted to SAR 7 million during the six-month period, compared to SAR 15.9 million a year earlier. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 28.22 23.18 (17.9 %)
Funds from Operations(FFO) 15.87 7.04 (55.6 %)
Net Income (8.11) 7.89 197.3 %
No of shares 118.00 118.00 -
Operating EPS (Riyals) 0.13 0.06 (55.6 %)
EPS (Riyals) (0.07) 0.07 197.3 %

The profit growth was spurred by a reversal of a SAR 16 million provision for impairment of property investments, compared to a provision of SAR 8 million in H1 2021.

 

The fund reported lower general and administrative expenses (G&A), and, management fees, along with a decline in the property manager’s fees and other expenses.

 

The strong performance came despite an 18% drop year-on-year (YoY) in rental income.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 969.88 941.98 (2.9 %)
Total Debt 7.51 7.17 (4.5 %)
Net assets attributable to the Unitholders Item 939.61 928.95 (1.1 %)
Market value of net assets 939.61 928.95 (1.1 %)

Net asset value (NAV) stood at SAR 928.95 million as of June 30, 2022, while net book value per unit reached SAR 7.87.

 

Market value of net assets amounted to SAR 928.95 million, and net market value of assets per unit reached SAR 7.87 by the end of the six-month period.

 

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Share Price

Alinma Retail REIT Fund
4.88
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) 603.61
Par Value ( Riyal) 10.00
Price/book 0.74
Asset Growth (%) 11.5
Revenue Growth (%) 12.3
Net Income Growth (%) (281.89 )
Adjusted P/E (Last12) (X) Neg
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