SICO Saudi REIT logs FFO of SAR 10.7 mln, turns to loss of SAR 83.4 mln in 2022

30/03/2023 Argaam Exclusive

SICO Saudi REIT Fund swung to a net loss of SAR 83.4 million in 2022, versus a net profit of SAR 982,000 a year earlier.



Financials (M)

Item 2021 2022 Change‬
Rental Income 15.05 36.79 144.5 %
Funds from Operations(FFO) 9.34 10.69 14.5 %
Net Income 0.98 (83.39) (8591.6 %)
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.16 0.19 14.5 %
EPS (Riyals) 0.02 (1.46) (8591.6 %)

Funds from operations (FFO) rose 15% to SAR 10.7 million in the 12-month period, from SAR 9.3 million in 2021. 

 

The fund recorded a rise in other expenses to SAR 19.11 million, from SAR 2.04 million in 2021.

 

It reported an impairment loss of investment properties at SAR 83.6 million in 2022, compared to a reversal of SAR 584,000 a year earlier.

 

SICO Saudi REIT incurred realized and unrealized losses from investments at fair value, despite a 144% surge year-on-year in rental income.

 

Net asset value (NAV) stood at SAR 410.19 million by the end of 2022. Net book value per unit reached SAR 7.17.



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 8.28 18.54 124.0 %
Funds from Operations(FFO) 4.62 (3.58) (177.4 %)
Net Income 6.96 (105.57) (1616.9 %)
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.08 (0.06) (177.4 %)
EPS (Riyals) 0.12 (1.84) (1616.9 %)

The market value of assets stood at SAR 410.19 million as of Dec. 31, 2022, with market value per unit at SAR 7.17.

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 654.17 577.13 (11.8 %)
Total Debt 149.89 149.89 -
Net assets attributable to the Unitholders Item 502.16 410.19 (18.3 %)
Market value of net assets 502.16 410.19 (18.3 %)

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Share Price

SICO Saudi REIT Fund
4.04
(0.03) (0.74 %)

SICO Saudi REIT Fund (SICO SAUDI REIT)

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Financial Ratios
Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (1.85 )
Funds from operations/Unit ( Riyal) 0.06
P/E (X) (TTM) NEG
Current Price/FFO (X) 73.41
Par Value ( Riyal) 10.00
Price/book 0.90
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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