SICO Saudi REIT posts FFO of SAR 14.3 mln, net profit of SAR 22.2 mln in H1 2022

25/08/2022 Argaam Exclusive

SICO Saudi REIT Fund swung to a net profit of SAR 22.2 million in the first half of 2022 (SAR 0.39 per unit), against a net loss of SAR 6 million a year earlier.

 

Funds from operations (FFO) reached SAR 14.3 million in the six-month period, from SAR 4.7 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 6.77 18.25 169.4 %
Funds from Operations(FFO) 4.72 14.27 202.2 %
Net Income (5.98) 22.19 471.1 %
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.08 0.25 202.2 %
EPS (Riyals) (0.10) 0.39 471.1 %

The positive results were attributed to a 169% year-on-year (YoY) surge in rental income. The fund recorded a reversal of SAR 12.7 million in impairment of intangible assets, against a provision of -SAR 6.5 million in H1 2021.

 

The profit rise came despite an 84% increase in finance costs.



Net asset value (NAV) stood at SAR 515.76 million by the end of H1 2022, while net book value per unit reached SAR 9.01.

 

The market value of assets also reached SAR 515.76 million.

Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 658.89 672.80 2.1 %
Total Debt 149.89 150.41 0.3 %
Net assets attributable to the Unitholders Item 495.20 515.76 4.2 %
Market value of net assets 495.23 515.76 4.1 %

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Share Price

SICO Saudi REIT Fund
3.96
(0.02) (0.50 %)

SICO Saudi REIT Fund (SICO SAUDI REIT)

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Financial Ratios
Current
Number of Units (Million) 57.24
Net Income/Unit ( Riyal) (1.85 )
Funds from operations/Unit ( Riyal) 0.06
P/E (X) (TTM) NEG
Current Price/FFO (X) 71.96
Par Value ( Riyal) 10.00
Price/book 0.89
Asset Growth (%) (19.57 )
Revenue Growth (%) (21.45 )
Net Income Growth (%) 31.0
Adjusted P/E (Last12) (X) Neg
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 19.74 - 15.75 - 11.61 -
H2 2018 19.43 - 15.36 - 13.03 -
H1 2019 19.16 (2.9 %) 15.43 (2.0 %) 12.08 4.0 %
H2 2019 19.48 0.3 % 15.62 1.7 % 12.36 (5.1 %)
H1 2020 19.21 0.3 % 5.95 (61.5 %) (12.88) (206.6 %)
H2 2020 - - (0.64) (104.1 %) (42.16) (441.1 %)
H1 2021 6.77 (64.7 %) 4.72 (20.6 %) (5.98) 53.6 %
H2 2021 8.28 - 4.62 821.6 % 6.96 116.5 %
H1 2022 18.25 169.4 % 14.27 202.2 % 22.19 471.1 %

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 604.71 - - - 584.01 - 588.50 -
H2 2018 583.88 - - - 582.16 - 589.07 -
H1 2019 581.19 (3.9 %) - - 579.35 (0.8 %) 589.73 0.2 %
H2 2019 578.80 (0.9 %) - - 576.83 (0.9 %) 590.66 0.3 %
H1 2020 549.72 (5.4 %) - - 549.07 (5.2 %) 549.07 (6.9 %)
H2 2020 501.65 (13.3 %) - - 501.18 (13.1 %) 501.18 (15.1 %)
H1 2021 658.89 19.9 % 149.89 - 495.20 (9.8 %) 495.23 (9.8 %)
H2 2021 654.17 30.4 % 149.89 - 502.16 0.2 % 502.16 0.2 %
H1 2022 672.80 2.1 % 150.41 0.3 % 515.76 4.2 % 515.76 4.1 %

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 16.59 13.14
Q2 2019 17.31 14.11
Q4 2019 19.00 14.95
Q2 2020 NEG 18.98
Q4 2020 NEG More than 100
Q2 2021 NEG More than 100
Q4 2021 More than 100 More than 100
Q2 2022 14.16 21.85

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 0.28 0.20 10.20 10.28
H2 2018 0.27 0.23 10.17 10.29
H1 2019 0.27 0.21 10.12 10.30
H2 2019 0.27 0.22 10.08 10.32
H1 2020 0.10 (0.22) 9.59 9.59
H2 2020 (0.01) (0.74) 8.76 8.76
H1 2021 0.08 (0.10) 8.65 8.65
H2 2021 0.08 0.12 8.77 8.77
H1 2022 0.25 0.39 9.01 9.01

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