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Financial Highlights

Performance Highlights

ALLY successfully expanded the scope of the investment policy beyond retail assets into commercial assets such as office buildings, markets, and warehouses –with the goal to diversify revenue stream and risk as well as increase the growth opportunities by extending the asset universe.

Balance Sheet

Total asset Value (MB.)
Cash & Equivalents (MB.)
Net asset Value (MB.)
NAV (Baht/ Unit)
Debt /TAV (Times)
  • Comparing to 2Q21, total assets in 3Q21 decreased 0.9%QOQ to 12,543.37MB mainly from a lower cash and equivalents. Total liabilities also declined 0.7%QOQ 4,236.12MB.
  • As a result, net asset value dropped 1%QOQ to 8,307.25MB or 9.5037 Baht/unit. Due to the government’s COVID19 measures during the quarter, ALLY had 58.88MB retained earnings, down 59.1%QOQ. Even so, debt to total asset value remained at 0.25 times in 3Q21.
  • For a YOY comparison, total assets in 3Q21 increased 2.3%YOY from an acquisition of Kad Farang mall which also raised a total liabilities 8.6%YOY. During a year, ALLY reduced capital by distributing return to unitholders resulting in a 2.2%YOY reduction in capital to 8,565.83MB. Moreover, ALLY was able to turn retained loss to retained earnings by the end of 3Q21.

Income Statement

Total revenue (MB.)
Net investment income (MB.)
Distribution income (MB.)
Distribution per unit (Baht)
  • Total revenue in 3Q21 decreased 42.6%QOQ and 47.8%YOY to 171.05MB because of the COVID-19 lockdown during a quarter.
  • 3Q21 total expense also decreased 17.9%QOQ and 22.2%YOY to 152.08MB, mainly due to:
    1. 27.3%QOQ and 32.0%YOY drop in cost of rental and service due to a lockdown.
    2. 40.5%QOQ and 47.0%YOY decrease in property management fee, following the lower revenue and profit.
  • As a result, net investment income declined 83.1%QOQ and 85.6%YOY to 18.98MB with a lower net profit margin of 11%. ALLY had an accounting loss in fair value of investment in leasehold properties of 23.69MB during a quarter, resulting in a negative change in assets from operations of 4.71MB.
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