SICO Saudi REIT closes at all-time low

12/08/2024 Argaam Exclusive

Units of SICO Saudi REIT Fund edged 1% lower today, Aug. 12, recording the highest closed since the debut on the Saudi Exchange (Tadawul) at SAR 4.14 apiece.

It hit an intraday low of SAR 4.03 per unit.

Unit performance

Open 4.03
Low 3.97
High 4.03
Previous Close 4.03
Change (3M) (4.96 %)
Change (6M) (10.47 %)
Market Value 230.10
Avg. Volume (3M) 147,435.22
Avg. Turnover (3M) 608,468.89
Avg. Transaction (3M) 322.43
Change(12M) (8.22 %)
YTD (11.65 %)

Accordingly, the fund’s year-to-date (YTD) losses reached over 10%.

 

SICO Saudi REIT has not made any changes to its capital since listing in 2018.

 

The fund reported a rise in losses to SAR 102.1 million in H1 2024, up from SAR 48.2 million in H1 2023.

Adjustments to the capital (M Riyal) :

Date Type Capital (M Riyal) Change (%)
2022 Private Offering   Cancelled - -
2017 IPO   572.40 -

Financial Performance :

Overview :

SICO Saudi REIT Fund was established in 2017 under the name "Al Masha'ar REIT Fund", as a Shariah-compliant closed-end real estate investment trust (REIT), with a capital of SAR 572.4 million, and was publicly listed on the Saudi Exchange in January 2018, with an initial real estate portfolio comprising 3 properties. SICO Capital serves as the fund manager. The fund aims to invest at least 75% of its total assets in a variety of income-generating real estate properties within th...


Financial Ratios :

Financial Ratio Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (1.85 )
Funds from operations/Unit ( Riyal) 0.06
Adjusted P/E (Last12) (X) Neg
Current Price/FFO (X) 73.05
Dividend Yield (%) (Last Year) 0.00
Price/book 0.90
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.01
Par Value ( Riyal) 10.00


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