SICO Saudi REIT logs FFO of SAR 14.2M, loss narrows to SAR 52.2M in 2023

31/03/2024 Argaam Exclusive

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.



Financials (M)

Item 2022 2023 Change‬
Rental Income 36.79 19.95 (45.8 %)
Funds from Operations(FFO) 10.69 3.74 (65.0 %)
Net Income (83.39) (52.23) 37.4 %
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.19 0.07 (65.0 %)
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.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 18.54 11.31 (39.0 %)
Funds from Operations(FFO) (3.58) 1.16 132.6 %
Net Income (105.57) (4.00) 96.2 %
No of shares 57.24 57.24 -
Operating EPS (Riyals) (0.06) 0.02 132.6 %
EPS (Riyals) (1.84) (0.07) 96.2 %

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

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 577.13 527.74 (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 %)

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Share Price

SICO Saudi REIT Fund
3.96
(0.02) (0.50 %)

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) 71.96
Par Value ( Riyal) 10.00
Price/book 0.89
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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