Financial Results : Alinma Retail REIT posts SAR 20.6M FFO in 2024, SAR 8.1M net profit

Alinma Retail REIT posts SAR 20.6M FFO in 2024, SAR 8.1M net profit

27/03/2025 Argaam Exclusive

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Alinma Retail REIT Fund reported net earnings of SAR 8.1 million (SAR 0.07 per unit), against net losses of SAR 10.2 million (SAR 0.09 per unit) a year before.

 

Funds from operations (FFO) amounted to SAR 20.6 million (SAR 0.17 per unit) in 2024, compared to SAR 18.3 million (SAR 0.15 per unit) in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 51.63 79.84 54.6 %
Funds from Operations(FFO) 18.28 20.59 12.7 %
Net Income (10.22) 8.13 179.5 %
No of shares 118.00 118.00 -
Earnings Per Share before unusual items (Riyals) (0.26) (0.85) (221.0 %)
Operating EPS (Riyal) 0.15 0.17 12.7 %
EPS (Riyal) (0.09) 0.07 179.5 %

The REIT earned SAR 107.8 million from the net sale of Al Khair Mall and the acquisition of the Jazal Office Building.

 

Rental income increased by 55% year-on-year (YoY) to SAR 79.8 million from SAR 51.6 million.

 

Investment gains at fair value increased to SAR 2.5 million in 2024, compared with SAR 114,000 in 2023.

 

On the other hand, the fund recorded a credit loss provision of SAR 14.3 million, compared to a reversal of provision worth SAR 22.5 million a year earlier.

 

Financing costs rose from SAR 4.4 million to SAR 17.6 million.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 38.15 63.56 66.6 %
Funds from Operations(FFO) 16.25 27.72 70.6 %
Net Income (3.33) 75.01 2353.1 %
No of shares 118.00 118.00 -
Operating EPS (Riyal) 0.14 0.23 70.6 %
EPS (Riyal) (0.03) 0.64 2353.1 %

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 944.38 1,154.73 22.3 %
Total Debt 62.07 263.95 325.2 %
Net assets attributable to the Unitholders Item 865.35 835.72 (3.4 %)
Market value of net assets 938.56 869.70 (7.3 %)

Net book value per unit amounted to SAR 7.08, while market value of net assets per unit reached SAR 7.37.

 

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