SEDCO Capital REIT records SAR 39.6M FFO, SAR 17.8M net profit in H1 2024

11/08/2024 Argaam Exclusive

SEDCO Capital REIT Fund posted a net profit of SAR 17.8 million, or SAR 0.10 per unit, for H1 2024, compared to a loss of SAR 22.2 million a year earlier.

 

Funds from operations (FFO) amounted to nearly SAR 39.6 million in H1 2024, up 27% from SAR 31.2 million in H1 2024.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 73.82 88.31 19.6 %
Funds from Operations(FFO) 31.15 39.61 27.2 %
Net Income (22.17) 17.79 180.2 %
No of shares 186.94 186.94 -
Operating EPS (Riyals) 0.17 0.21 27.2 %
EPS (Riyals) (0.12) 0.10 180.2 %

The profit was driven by higher rental income, which reached SAR 88.3 million in H1 2024, up from SAR 73.8 million a year earlier.

 

Meanwhile, the corresponding period included a net loss on derivative instruments at fair value through the income statement of SAR 3.3 million, compared to none for the current period of the current year.

 

The fund also reported lower impairment of investment properties to reach SAR 5.7 million for H1 2024, compared to SAR 36.8 million in H1 2023.

 

The above-mentioned effects were offset by an increase in depreciation and financing costs.



Net asset value (NAV) in H1 2024 stood at SAR 1.52 billion, while net book value per unit reached SAR 8.17.

 

The market value of assets stood at SAR 1.63 billion in H1 2024, with a market value per unit of SAR 8.73.

Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 2,396.15 2,369.29 (1.1 %)
Total Debt 796.49 794.87 (0.2 %)
Net assets attributable to the Unitholders Item 1,556.86 1,527.64 (1.9 %)
Market value of net assets 1,615.02 1,631.99 1.1 %

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Share Price

SEDCO CAPITAL REIT Fund
8.30
(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) 21.10
Current Price/FFO (X) 20.01
Par Value ( Riyal) 10.00
Price/book 1.02
Asset Growth (%) (1.12 )
Revenue Growth (%) 22.0
Net Income Growth (%) 504.6
Adjusted P/E (Last12) (X) 21.10
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