Financial Results : Alinma Retail REIT posts SAR 39M FFO, SAR 21M net loss in 2025

Alinma Retail REIT posts SAR 39M FFO, SAR 21M net loss in 2025

31/03/2026 Argaam Exclusive

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Alinma Retail REIT Fund reported funds from operations (FFO) of SAR 39 million (SAR 0.33 per unit) for 2025, compared with SAR 20.6 million (SAR 0.17 per unit) last year.

 

Meanwhile, the fund recorded net losses of SAR 21 million, or SAR (0.18) per unit, by the end of 2025, compared with net earnings of SAR 8.1 million (SAR 0.07 per unit) in 2024.



Financials (M)

Item 2024 2025 Change‬
Rental Income 79.84 101.71 27.4 %
Funds from Operations(FFO) 20.59 39.01 89.4 %
Net Income 8.13 (21.01) (358.4 %)
No of shares 118.00 118.00 -
Earnings Per Share before unusual items (Riyals) (0.85) (0.18) 78.9 %
Operating EPS (Riyal) 0.17 0.33 89.4 %
EPS (Riyal) 0.07 (0.18) (358.4 %)

The loss-making was mainly due to gains that had been recognized in the previous year from the disposal of investment properties, totaling SAR 108 million, while no similar gains were recorded in 2025.

 

In addition, financing costs on long-term loans rose by 145% during the same year, as the fund incurred costs of SAR 42.4 million in 2025, compared to SAR 17.3 million a year ago.



Interim Comparasion (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 63.56 50.06 (21.2 %)
Funds from Operations(FFO) 27.72 10.89 (60.7 %)
Net Income 75.01 (24.19) (132.2 %)
No of shares 118.00 118.00 -
Operating EPS (Riyal) 0.23 0.09 (60.7 %)
EPS (Riyal) 0.64 (0.20) (132.2 %)

Balance Sheet (Million)

Item 2024 2025 Change‬
Total Assets 1,154.73 1,460.79 26.5 %
Total Debt 263.95 660.89 150.4 %
Net assets attributable to the Unitholders Item 835.72 773.41 (7.5 %)
Market value of net assets 869.70 898.61 3.3 %

As of Dec. 31, 2025, the net book value per unit stood at SAR 6.6, while the market value of net assets per unit reached SAR 7.6.

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