SICO Saudi REIT Fund posts FFO of SAR 9.3 mln, net profit of SAR 980,000 in 2021

31/03/2022 Argaam Exclusive

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SICO Saudi REIT Fund posted a net profit of SAR 980,000 (SAR 0.02 per unit) for 2021, against losses of SAR 55 million a year earlier.

Funds from operations (FFO) amounted to SAR 9.3 million in 2021, an increase of 76% compared with SAR 5.3 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Rental Income	7.81	15.05	92.6 %
Funds from Operations(FFO)	5.31	9.34	76.0 %
Net Income	(55.04)	0.98	101.8 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.09	0.16	76.0 %
EPS (Riyals)	(0.96)	0.02	101.8 %

The profit was attributed to higher property revenue and reversing impairment for real estate investments at a value of SAR 584,000 in 2021, compared to recording SAR 53.4 million impairment in the same period a year ago.

The profit was offset by higher other expenses and depreciation expenses.

Interim Comparasion (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Funds from Operations(FFO)	(0.64)	4.62	821.6 %
Net Income	(42.16)	6.96	116.5 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	(0.01)	0.08	821.6 %
EPS (Riyals)	(0.74)	0.12	116.5 %

Item	H1 2021	H2 2021	Change‬
Rental Income	6.77	8.28	22.2 %
Funds from Operations(FFO)	4.72	4.62	(2.2 %)
Net Income	(5.98)	6.96	216.4 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.08	0.08	(2.2 %)
EPS (Riyals)	(0.10)	0.12	216.4 %

Balance Sheet (Million)

Item	2020	2021	Change‬
Total Assets	501.65	654.17	30.4 %
Total Debt	-	149.89	-
Net assets attributable to the Unitholders Item	501.18	502.16	0.2 %
Market value of net assets	501.18	502.16	0.2 %

Net asset value (NAV) in 2021 stood at SAR 502.2 million, while net book value per unit reached SAR 8.77.

The full-year market value of assets stood at SAR 502.2 million, with market value per unit at SAR 8.77.

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