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

18/08/2022 Argaam Exclusive

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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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