Financial Results : SEDCO REIT posts SAR 69.1M in FFO, SAR 33.6M net profit in 2023

SEDCO REIT posts SAR 69.1M in FFO, SAR 33.6M net profit in 2023

31/03/2024 Argaam Exclusive

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SEDCO Capital REIT Fund reported a net profit of SAR 33.6 million (SAR 0.18 per unit) for 2023, a decline of 18% from SAR 41.1 million (SAR .35 per unit) a year earlier.

 

Funds from operations (FFO) decreased by 8% to SAR 69.1 million in 2023, from SAR 75.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 137.51 161.79 17.7 %
Funds from Operations(FFO) 75.46 69.10 (8.4 %)
Net Income 41.11 33.56 (18.4 %)
No of shares 117.50 186.94 59.1 %
Operating EPS (Riyals) 0.64 0.37 (42.4 %)
EPS (Riyals) 0.35 0.18 (48.7 %)

SEDCO Capital REIT recorded a loss on derivative instruments at fair value through the income statement amounting to SAR 3.1 million compared to SAR 21.2 million a year earlier.

 

The fund reported an increase of 66% year-on-year (YoY) in finance costs to SAR 57.2 million. It also recorded higher management fees, depreciation costs and expected credit losses.

 

This was partially offset by an 18% increase in rental income to SAR 161.8 million, a decrease in the provision for impairment of investment properties to SAR 4.3 million from SAR 26.8 million a year earlier and an increase in Murabaha income.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 70.64 87.97 24.5 %
Funds from Operations(FFO) 32.80 37.94 15.7 %
Net Income 34.33 55.74 62.3 %
No of shares 117.50 186.94 59.1 %
Operating EPS (Riyals) 0.28 0.20 (27.3 %)
EPS (Riyals) 0.29 0.30 2.0 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 1,844.43 2,384.38 29.3 %
Total Debt 794.22 792.95 (0.2 %)
Net assets attributable to the Unitholders Item 997.40 1,533.22 53.7 %
Market value of net assets 1,032.20 1,619.97 56.9 %

Net asset value (NAV) reached SAR 1.53 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 8.20.

 

The market value of assets stood at SAR 1.61 billion by the end of 2023, with a market value per unit of SAR 8.67.

 

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