Alinma Retail REIT posts FFO of SAR 8.5 mln, cuts net loss to SAR 3.6 mln in 2022

30/03/2023 Argaam Exclusive

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Alinma Retail REIT Fund narrowed net losses to SAR 3.6 million for 2022, compared to SAR 14.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Rental Income	59.05	48.74	(17.5 %)
Funds from Operations(FFO)	6.18	8.46	36.8 %
Net Income	(14.86)	(3.60)	75.7 %
No of shares	118.00	118.00	-
Operating EPS (Riyals)	0.05	0.07	36.8 %
EPS (Riyals)	(0.13)	(0.03)	75.7 %

Funds from operations (FFO) jumped 37% to SAR 8.5 million in the 12-month period, from SAR 6.2 million in 2021.

The fund recorded higher reversal of impairment in real estate investments to SAR 19.4 million in the 12-month period, compared to SAR 10.1 million a year earlier.

It reported a decline in general and administrative expenses, as well as management fees.

Alinma Retail REIT also recorded a decline in expected credit loss provisions to SAR 10.7 million, from SAR 18.2 million a year earlier.

On the other hand, the fund’s rental income went lower.

Net asset value (NAV) stood at SAR 905.66 million by the end of 2022. Net book value per unit reached SAR 7.68.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	30.83	25.56	(17.1 %)
Funds from Operations(FFO)	(9.69)	1.42	114.6 %
Net Income	(6.75)	(11.49)	(70.3 %)
No of shares	118.00	118.00	-
Operating EPS (Riyals)	(0.08)	0.01	114.6 %
EPS (Riyals)	(0.06)	(0.10)	(70.3 %)

Item	H1 2022	H2 2022	Change‬
Rental Income	23.18	25.56	10.2 %
Funds from Operations(FFO)	7.04	1.42	(79.9 %)
Net Income	7.89	(11.49)	(245.7 %)
No of shares	118.00	118.00	-
Operating EPS (Riyals)	0.06	0.01	(79.9 %)
EPS (Riyals)	0.07	(0.10)	(245.7 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	946.68	922.94	(2.5 %)
Total Debt	7.67	7.33	(4.4 %)
Net assets attributable to the Unitholders Item	932.86	905.66	(2.9 %)
Market value of net assets	932.86	905.66	(2.9 %)

The market value of assets stood at SAR 905.66 million as of Dec. 31, 2022, with market value per unit at SAR 7.68.

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