SICO Saudi REIT posts FFO of SAR 14.3 mln, net profit of SAR 22.2 mln in H1 2022

25/08/2022 Argaam Exclusive

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SICO Saudi REIT Fund swung to a net profit of SAR 22.2 million in the first half of 2022 (SAR 0.39 per unit), against a net loss of SAR 6 million a year earlier.

Funds from operations (FFO) reached SAR 14.3 million in the six-month period, from SAR 4.7 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	6.77	18.25	169.4 %
Funds from Operations(FFO)	4.72	14.27	202.2 %
Net Income	(5.98)	22.19	471.1 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.08	0.25	202.2 %
EPS (Riyals)	(0.10)	0.39	471.1 %

The positive results were attributed to a 169% year-on-year (YoY) surge in rental income. The fund recorded a reversal of SAR 12.7 million in impairment of intangible assets, against a provision of -SAR 6.5 million in H1 2021.

The profit rise came despite an 84% increase in finance costs.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	658.89	672.80	2.1 %
Total Debt	149.89	150.41	0.3 %
Net assets attributable to the Unitholders Item	495.20	515.76	4.2 %
Market value of net assets	495.23	515.76	4.1 %

Net asset value (NAV) stood at SAR 515.76 million by the end of H1 2022, while net book value per unit reached SAR 9.01.

The market value of assets also reached SAR 515.76 million.

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