SICO Saudi REIT logs FFO of SAR 14.2M, loss narrows to SAR 52.2M in 2023

31/03/2024 Argaam Exclusive

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SICO Saudi REIT Fund shrank its losses to SAR 52.2 million by the end of 2023, compared to a SAR 83.4 million loss in 2022.

Funds from operations (FFO) swung to a loss of SAR 14.2 million in the 12-month period, versus a net profit of SAR 10.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	36.79	19.95	(45.8 %)
Funds from Operations(FFO)	10.69	3.74	(65.0 %)
Net Income	(83.39)	(52.23)	37.4 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.19	0.07	(65.0 %)
EPS (Riyals)	(1.46)	(0.91)	37.4 %

The cut in losses was attributed to a decline in real estate investment values to SAR 29.3 million in 2023, compared to SAR 83.6 million in 2022.

Moreover, the fund earned SAR 1 million profit from investment revenue in 2023, compared to losses of SAR 740,000 in 2022, despite a decrease in rental income and an increase in financing costs, other expenses, and fund management fees.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	18.54	11.31	(39.0 %)
Funds from Operations(FFO)	(3.58)	1.16	132.6 %
Net Income	(105.57)	(4.00)	96.2 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	(0.06)	0.02	132.6 %
EPS (Riyals)	(1.84)	(0.07)	96.2 %

Item	H1 2023	H2 2023	Change‬
Rental Income	8.65	11.31	30.7 %
Funds from Operations(FFO)	2.58	1.16	(54.8 %)
Net Income	(48.23)	(4.00)	91.7 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.05	0.02	(54.8 %)
EPS (Riyals)	(0.84)	(0.07)	91.7 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	577.13	527.74	(8.6 %)
Total Debt	149.89	149.89	-
Net assets attributable to the Unitholders Item	410.19	357.96	(12.7 %)
Market value of net assets	410.19	357.96	(12.7 %)

The market value of assets stood at SAR 357.96 million as of Dec. 31, 2023, with the market value per unit at SAR 6.25

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