SICO Saudi REIT logs SAR 2M FFO, SAR 102.1M net loss in H1 2024

11/08/2024 Argaam Exclusive

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SICO Saudi REIT Fund widened its losses to SAR 102.1 million (SAR 1.78 per unit) by the end of H1 2024, compared to SAR 48.2 million loss in H1 2024.

Funds from operations (FFO) amounted to SAR 2 million, down 23% compared to SAR 2.6 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Rental Income	8.65	10.05	16.2 %
Funds from Operations(FFO)	2.58	1.99	(22.9 %)
Net Income	(48.23)	(102.11)	(111.7 %)
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.05	0.03	(22.9 %)
EPS (Riyals)	(0.84)	(1.78)	(111.7 %)

The widening of loss was attributed to a rise in impairment provisions for real estate properties to SAR 99.4 million, from SAR 28.1 million in the same period a year ago, as well as a rise in financing costs and other expenses.

However, revenues from renting investment properties increased by 16% YoY to SAR 10.1 million.

Balance Sheet (Million)

Item	6m 2023	6m 2024	Change‬
Total Assets	536.20	431.26	(19.6 %)
Total Debt	149.89	149.89	-
Net assets attributable to the Unitholders Item	361.97	255.85	(29.3 %)
Market value of net assets	361.96	329.74	(8.9 %)

The market value of assets stood at SAR 255.85 million as of June 30, 2024, with the market value per unit at SAR 4.47.

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