SEDCO Capital REIT Fund posted a net profit of SAR 6.8 million (SAR 0.06 per unit) in the first half of 2022, against a net loss of SAR 6.9 million a year earlier.
Funds from operations (FFO) amounted to SAR 42.7 million during the six-month period, compared to SAR 22.4 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 36.16 | 66.86 | 84.9 % |
| Funds from Operations(FFO) | 22.37 | 42.66 | 90.7 % |
| Net Income | (6.93) | 6.78 | 197.8 % |
| No of shares | 60.00 | 117.50 | 95.8 % |
| Operating EPS (Riyals) | 0.37 | 0.36 | (2.6 %) |
| EPS (Riyals) | (0.12) | 0.06 | 150.0 % |
The profit growth was spurred by a 5% rise year-on-year (YoY) in rental income. The fund generated a net profit of SAR 11.5 million from derivates, against a net loss of SAR 1.3 million in H1 2021.
However, the fund management fees, financing costs and depreciation provisions increased. Moreover, an impairment provision for real estate properties also rose to SAR 33 million in H1 2022, from SAR 20 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 1,021.34 | 1,840.99 | 80.3 % |
| Total Debt | 488.58 | 798.20 | 63.4 % |
| Net assets attributable to the Unitholders Item | 512.72 | 1,026.22 | 100.2 % |
| Market value of net assets | 539.85 | 1,039.75 | 92.6 % |
Net asset value (NAV) stood at SAR 1.026 billion as of June 30, 2022, while net book value per unit reached SAR 8.73.
Market value of net assets amounted to SAR 1.039 billion, and net market value of assets per unit reached SAR 8.85 by the end of the six-month period.
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