SICO Saudi REIT Fund posted a net profit of SAR 980,000 (SAR 0.02 per unit) for 2021, against losses of SAR 55 million a year earlier.
Funds from operations (FFO) amounted to SAR 9.3 million in 2021, an increase of 76% compared with SAR 5.3 million in 2020.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 7.81 | 15.05 | 92.6 % |
| Funds from Operations(FFO) | 5.31 | 9.34 | 76.0 % |
| Net Income | (55.04) | 0.98 | 101.8 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.09 | 0.16 | 76.0 % |
| EPS (Riyals) | (0.96) | 0.02 | 101.8 % |
The profit was attributed to higher property revenue and reversing impairment for real estate investments at a value of SAR 584,000 in 2021, compared to recording SAR 53.4 million impairment in the same period a year ago.
The profit was offset by higher other expenses and depreciation expenses.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Funds from Operations(FFO) | (0.64) | 4.62 | 821.6 % |
| Net Income | (42.16) | 6.96 | 116.5 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | (0.01) | 0.08 | 821.6 % |
| EPS (Riyals) | (0.74) | 0.12 | 116.5 % |
| Item | 2021 | 2021 | Change |
|---|---|---|---|
| Rental Income | 6.77 | 8.28 | 22.2 % |
| Funds from Operations(FFO) | 4.72 | 4.62 | (2.2 %) |
| Net Income | (5.98) | 6.96 | 216.4 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.08 | 0.08 | (2.2 %) |
| EPS (Riyals) | (0.10) | 0.12 | 216.4 % |
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 501.65 | 654.17 | 30.4 % |
| Total Debt | - | 149.89 | - |
| Net assets attributable to the Unitholders Item | 501.18 | 502.16 | 0.2 % |
| Market value of net assets | 501.18 | 502.16 | 0.2 % |
Net asset value (NAV) in 2021 stood at SAR 502.2 million, while net book value per unit reached SAR 8.77.
The full-year market value of assets stood at SAR 502.2 million, with market value per unit at SAR 8.77.
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