SEDCO Capital REIT records SAR 31.2 mln FFO, SAR 22.2 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

SEDCO Capital REIT Fund posted a net loss of SAR 22.2 million, or SAR -0.12 per unit, for H1 2023, against a net profit of SAR 6.8 million a year earlier.

 

Funds from operations (FFO) amounted to nearly SAR 31.2 million in H1 2023, a fall of 27% from SAR 42.7 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 66.86 73.82 10.4 %
Funds from Operations(FFO) 42.66 31.15 (27.0 %)
Net Income 6.78 (22.17) (427.2 %)
No of shares 117.50 186.94 59.1 %
Operating EPS (Riyals) 0.36 0.17 (54.1 %)
EPS (Riyals) 0.06 (0.12) (305.7 %)

The losses logged in H1 2023 came due to higher operating expenses and financing costs, as well as an increase in real estate impairment provisions, despite a 10% year-on-year increase in rental income.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,840.99 2,396.15 30.2 %
Total Debt 798.20 796.49 (0.2 %)
Net assets attributable to the Unitholders Item 1,026.22 1,556.86 51.7 %
Market value of net assets 1,039.75 1,615.02 55.3 %

Net asset value (NAV) in H1 2023 stood at SAR 1.55 billion, while net book value per unit reached SAR 8.33.

 

The market value of assets stood at SAR 1.61 billion in H1 2023, with a market value per unit of SAR 8.64.

 

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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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