Financial Results : SEDCO Capital REIT posts SAR 75.5 mln FFO, SAR 41.1 mln profit in 2022

SEDCO Capital REIT posts SAR 75.5 mln FFO, SAR 41.1 mln profit in 2022

30/03/2023 Argaam Exclusive

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SEDCO Capital REIT Fund turned to a net profit of SAR 41.1 million in 2022, against a net loss of SAR 35.4 million a year earlier. 

 

Funds from operations (FFO) rose 79% to SAR 75.5 million during the same period, compared to SAR 42.1 million in 2021. 



Financials (M)

Item 2021 2022 Change‬
Rental Income 72.90 137.51 88.6 %
Funds from Operations(FFO) 42.13 75.46 79.1 %
Net Income (35.44) 41.11 216.0 %
No of shares 117.50 117.50 -
Earnings Per Share before unusual items (Riyals) (0.30) 0.35 216.0 %
Operating EPS (Riyals) 0.36 0.64 79.1 %
EPS (Riyals) (0.30) 0.35 216.0 %

The earnings were mainly driven by higher rental income and Murabaha revenues, as well as lower provisions for investment properties impairment.  

 

The fund reported a net gain of SAR 21.2 million from derivative instruments at fair value, versus losses of SAR 1.2 million in 2021. 

 

On the other hand, SEDCO Capital REIT recorded higher management fees, finance charges and bank fees. 



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Rental Income 36.74 70.64 92.3 %
Funds from Operations(FFO) 19.76 32.80 66.0 %
Net Income (28.51) 34.33 220.4 %
No of shares 117.50 117.50 -
Operating EPS (Riyals) 0.17 0.28 66.0 %
EPS (Riyals) (0.24) 0.29 220.4 %

Balance Sheet (Million)

Item 2021 2022 Change‬
Total Assets 1,729.54 1,844.43 6.6 %
Total Debt 619.65 794.22 28.2 %
Net assets attributable to the Unitholders Item 1,039.71 997.40 (4.1 %)
Market value of net assets 1,062.31 1,032.20 (2.8 %)

Net asset value (NAV) in 2022 stood at SAR 997.4 million, while net book value per unit reached SAR 8.49.

 

Market value of net assets amounted to SAR 1.03 billion, and net market value of assets per unit reached SAR 8.78.

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 11.36 - 7.31 - (17.29) -
H2 2018 26.20 - 15.91 - 23.72 -
H1 2019 37.75 232.3 % 17.15 134.6 % 9.92 157.4 %
H2 2019 39.06 49.1 % 16.79 5.5 % 12.22 (48.5 %)
H1 2020 37.50 (0.7 %) 17.68 3.1 % 1.78 (82.1 %)
H2 2020 30.60 (21.6 %) 13.76 (18.1 %) 7.95 (35.0 %)
H1 2021 36.16 (3.6 %) 22.37 26.5 % (6.93) (489.7 %)
H2 2021 36.74 20.0 % 19.76 43.6 % (28.51) (458.9 %)
H1 2022 66.86 84.9 % 42.66 90.7 % 6.78 197.8 %
H2 2022 70.64 92.3 % 32.80 66.0 % 34.33 220.4 %
2022 137.51 88.6 % 75.46 79.1 % 41.11 216.0 %

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 588.72 - - - 582.71 - 589.69 -
H2 2018 1,178.48 - 498.34 - 578.98 - 602.08 -
H1 2019 1,168.23 98.4 % 499.08 - 569.10 (2.3 %) 592.24 0.4 %
H2 2019 1,068.37 (9.3 %) 484.56 (2.8 %) 561.52 (3.0 %) 589.04 (2.2 %)
H1 2020 1,050.45 (10.1 %) 487.86 (2.2 %) 554.15 (2.6 %) 577.78 (2.4 %)
H2 2020 1,048.14 (1.9 %) 488.20 0.8 % 537.95 (4.2 %) 565.01 (4.1 %)
H1 2021 1,021.34 (2.8 %) 488.58 0.1 % 512.72 (7.5 %) 539.85 (6.6 %)
H2 2021 1,729.54 65.0 % 619.65 26.9 % 1,039.71 93.3 % 1,062.31 88.0 %
H1 2022 1,840.99 80.3 % 798.20 63.4 % 1,026.22 100.2 % 1,039.75 92.6 %
H2 2022 1,844.43 6.6 % 794.22 28.2 % 997.40 (4.1 %) 1,032.20 (2.8 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 More than 100 20.70
Q2 2019 44.29 14.47
Q4 2019 More than 100 17.61
Q2 2020 More than 100 14.31
Q4 2020 More than 100 17.84
Q2 2021 More than 100 20.60
Q4 2021 NEG 33.47
Q2 2022 NEG 19.13
Q4 2022 46.93 16.07

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.12 (0.29) 9.71 9.83
H2 2018 0.27 0.40 9.65 10.03
H1 2019 0.29 0.17 9.49 9.87
H2 2019 0.28 0.20 9.36 9.82
H1 2020 0.29 0.03 9.24 9.63
H2 2020 0.23 0.13 8.97 9.42
H1 2021 0.37 (0.12) 8.55 9.00
H2 2021 0.17 (0.24) 8.85 9.04
H1 2022 0.36 0.06 8.73 8.85
H2 2022 0.28 0.29 8.49 8.78


Financial Ratios
Current
Number of Units (Million) 186.94
Net Income/Unit ( Riyal) 0.39
Funds from operations/Unit ( Riyal) 0.41
P/E (X) (TTM) 20.60
Current Price/FFO (X) 19.52
Par Value ( Riyal) 10.00
Price/book 0.99
Asset Growth (%) (1.12 )
Revenue Growth (%) 22.0
Net Income Growth (%) 504.6
Adjusted P/E (Last12) (X) 20.60
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Share Price

SEDCO CAPITAL REIT Fund
8.10
(0.02) (0.25 %)

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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