SEDCO Capital REIT Fund posted a net loss of SAR 6.9 million (SAR 0.12 per unit) for the first half of 2021, against a profit of SAR 1.8 million a year earlier.
Funds from operations (FFO) amounted to SAR 22.4 million during the same period, compared with SAR 17.7 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 37.50 | 36.16 | (3.6 %) |
| Funds from Operations(FFO) | 17.68 | 22.37 | 26.5 % |
| Net Income | 1.78 | (6.93) | (489.7 %) |
| No of shares | 60.00 | 60.00 | - |
| Operating EPS (Riyals) | 0.29 | 0.37 | 26.5 % |
| EPS (Riyals) | 0.03 | (0.12) | (489.7 %) |
The loss is attributed to lower lease revenue by 4% and real estate impairment provision of SAR 20 million.
However, operating income increased by 27% year-on-year (YoY).
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 1,050.45 | 1,021.34 | (2.8 %) |
| Total Debt | 487.86 | 488.58 | 0.1 % |
| Net assets attributable to the Unitholders Item | 554.15 | 512.72 | (7.5 %) |
| Market value of net assets | 577.78 | 539.85 | (6.6 %) |
Net asset value (NAV) in H1 2021 stood at SAR 512.6 million, while net book value per unit reached SAR 8.5.
Market value of net assets amounted to SAR 539.9 million, and net market value of assets per unit reached SAR 9.
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