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	-
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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