SEDCO Capital REIT posts SAR 75.5 mln FFO, SAR 41.1 mln profit in 2022

30/03/2023 Argaam Exclusive

SEDCO Capital REIT Fund turned to a net profit of SAR 41.1 million in 2022, against a net loss of SAR 35.4 million a year earlier. 

 

Funds from operations (FFO) rose 79% to SAR 75.5 million during the same period, compared to SAR 42.1 million in 2021. 



Financials (M)

Item 2021 2022 Change‬
Rental Income 72.90 137.51 88.6 %
Funds from Operations(FFO) 42.13 75.46 79.1 %
Net Income (35.44) 41.11 216.0 %
No of shares 117.50 117.50 -
Operating EPS (Riyals) 0.36 0.64 79.1 %
EPS (Riyals) (0.30) 0.35 216.0 %

The earnings were mainly driven by higher rental income and Murabaha revenues, as well as lower provisions for investment properties impairment.  

 

The fund reported a net gain of SAR 21.2 million from derivative instruments at fair value, versus losses of SAR 1.2 million in 2021. 

 

On the other hand, SEDCO Capital REIT recorded higher management fees, finance charges and bank fees. 



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 36.74 70.64 92.3 %
Funds from Operations(FFO) 19.76 32.80 66.0 %
Net Income (28.51) 34.33 220.4 %
No of shares 117.50 117.50 -
Operating EPS (Riyals) 0.17 0.28 66.0 %
EPS (Riyals) (0.24) 0.29 220.4 %

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 1,729.54 1,844.43 6.6 %
Total Debt 619.65 794.22 28.2 %
Net assets attributable to the Unitholders Item 1,039.71 997.40 (4.1 %)
Market value of net assets 1,062.31 1,032.20 (2.8 %)

Net asset value (NAV) in 2022 stood at SAR 997.4 million, while net book value per unit reached SAR 8.49.

 

Market value of net assets amounted to SAR 1.03 billion, and net market value of assets per unit reached SAR 8.78.

 

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Share Price

SEDCO CAPITAL REIT Fund
8.40
0.07 0.84 %

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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Financial Ratios
Current
Number of Units (Million) 186.94
Net Income/Unit ( Riyal) 0.39
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 21.36
Current Price/FFO (X) 20.25
Par Value ( Riyal) 10.00
Price/book 1.03
Asset Growth (%) (1.12 )
Revenue Growth (%) 22.0
Net Income Growth (%) 504.6
Adjusted P/E (Last12) (X) 21.36
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