SICO Saudi REIT logs FFO of SAR 10.7 mln, turns to loss of SAR 83.4 mln in 2022

30/03/2023 Argaam Exclusive

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SICO Saudi REIT Fund swung to a net loss of SAR 83.4 million in 2022, versus a net profit of SAR 982,000 a year earlier.

Financials (M)

Item	2021	2022	Change‬
Rental Income	15.05	36.79	144.5 %
Funds from Operations(FFO)	9.34	10.69	14.5 %
Net Income	0.98	(83.39)	(8591.6 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.16	0.19	14.5 %
EPS (Riyals)	0.02	(1.46)	(8591.6 %)

Funds from operations (FFO) rose 15% to SAR 10.7 million in the 12-month period, from SAR 9.3 million in 2021.

The fund recorded a rise in other expenses to SAR 19.11 million, from SAR 2.04 million in 2021.

It reported an impairment loss of investment properties at SAR 83.6 million in 2022, compared to a reversal of SAR 584,000 a year earlier.

SICO Saudi REIT incurred realized and unrealized losses from investments at fair value, despite a 144% surge year-on-year in rental income.

Net asset value (NAV) stood at SAR 410.19 million by the end of 2022. Net book value per unit reached SAR 7.17.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	8.28	18.54	124.0 %
Funds from Operations(FFO)	4.62	(3.58)	(177.4 %)
Net Income	6.96	(105.57)	(1616.9 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.08	(0.06)	(177.4 %)
EPS (Riyals)	0.12	(1.84)	(1616.9 %)

Item	H1 2022	H2 2022	Change‬
Rental Income	18.25	18.54	1.6 %
Funds from Operations(FFO)	14.27	(3.58)	(125.1 %)
Net Income	22.19	(105.57)	(575.9 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.25	(0.06)	(125.1 %)
EPS (Riyals)	0.39	(1.84)	(575.9 %)

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	654.17	577.13	(11.8 %)
Total Debt	149.89	149.89	-
Net assets attributable to the Unitholders Item	502.16	410.19	(18.3 %)
Market value of net assets	502.16	410.19	(18.3 %)

The market value of assets stood at SAR 410.19 million as of Dec. 31, 2022, with market value per unit at SAR 7.17.

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