SICO Saudi REIT Fund shrank its losses to SAR 52.2 million by the end of 2023, compared to a SAR 83.4 million loss in 2022.
Funds from operations (FFO) swung to a loss of SAR 14.2 million in the 12-month period, versus a net profit of SAR 10.7 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 36.79 | 19.95 | (45.8 %) |
| Funds from Operations(FFO) | 10.69 | (14.23) | (233.0 %) |
| Net Income | (83.39) | (52.23) | 37.4 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.19 | (0.25) | (233.0 %) |
| EPS (Riyals) | (1.46) | (0.91) | 37.4 % |
The cut in losses was attributed to a decline in real estate investment values to SAR 29.3 million in 2023, compared to SAR 83.6 million in 2022.
Moreover, the fund earned SAR 1 million profit from investment revenue in 2023, compared to losses of SAR 740,000 in 2022, despite a decrease in rental income and an increase in financing costs, other expenses, and fund management fees.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 18.54 | 11.31 | (39.0 %) |
| Funds from Operations(FFO) | (3.58) | (16.80) | (370.0 %) |
| Net Income | (105.57) | (4.00) | 96.2 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | (0.06) | (0.29) | (370.0 %) |
| EPS (Riyals) | (1.84) | (0.07) | 96.2 % |
| Item | 2023 | 2023 | Change |
|---|---|---|---|
| Rental Income | 8.65 | 11.31 | 30.7 % |
| Funds from Operations(FFO) | 2.58 | (16.80) | (752.1 %) |
| Net Income | (48.23) | (4.00) | 91.7 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.05 | (0.29) | (752.1 %) |
| EPS (Riyals) | (0.84) | (0.07) | 91.7 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 577.13 | 527.53 | (8.6 %) |
| Total Debt | 149.89 | 149.89 | - |
| Net assets attributable to the Unitholders Item | 410.19 | 357.96 | (12.7 %) |
| Market value of net assets | 410.19 | 357.96 | (12.7 %) |
The market value of assets stood at SAR 357.96 million as of Dec. 31, 2023, with the market value per unit at SAR 6.25
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