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.
| 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.
| Item | 2021 | 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 %) |
| 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 %) |
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.
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