SICO Saudi REIT swings to SAR 2.6 mln FFO, SAR 48.2 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

SICO Saudi REIT Fund posted a net loss of SAR 48.2 million (SAR -0.84 per unit) in H1 2023, a fall of 82% from SAR 22.2 million a year earlier.

 

Funds from operations (FFO) stood at SAR 2.6 million in the six-month period, a slump of 82% from SAR 14.3 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 18.25 8.65 (52.6 %)
Funds from Operations(FFO) 14.27 2.58 (81.9 %)
Net Income 22.19 (48.23) (317.4 %)
No of shares 57.24 57.24 -
Operating EPS (Riyals) 0.25 0.05 (81.9 %)
EPS (Riyals) 0.39 (0.84) (317.4 %)

The losses were due to a 53% YoY drop in rental revenues in H1 2023, as well as losses from writing off a lease contract worth SAR 18 million on filing a lawsuit by another company. This was also attributed to real estate investment impairment worth SAR 28 million in H1 2023, compared with a reversal of real estate investment impairment at SAR 12.7 million in the same period of 2022.

 

Financing costs rose to SAR 5.5 million in the first half of this year, compared with SAR 2.7 million the year before.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 672.80 536.20 (20.3 %)
Total Debt 150.41 149.89 (0.3 %)
Net assets attributable to the Unitholders Item 515.76 361.97 (29.8 %)
Market value of net assets 515.76 361.96 (29.8 %)

Net asset value (NAV) stood at SAR 361.96 million by the end of June 30, 2023, while net book value per unit reached SAR 6.32.

 

The market value of assets amounted to SAR 361.96 million as of H1 2023, with the market value per unit at SAR 6.32.

 

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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 %
H2 2022 18.54 124.0 % (3.58) (177.4 %) (105.57) (1616.9 %)
H1 2023 8.65 (52.6 %) 2.58 (81.9 %) (48.23) (317.4 %)

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 %
H2 2022 577.13 (11.8 %) 149.89 0.0 % 410.19 (18.3 %) 410.19 (18.3 %)
H1 2023 536.20 (20.3 %) 149.89 (0.3 %) 361.97 (29.8 %) 361.96 (29.8 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2022 NEG 29.92
Q2 2023 NEG NEG

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
H2 2022 (0.06) (1.84) 7.17 7.17
H1 2023 0.05 (0.84) 6.32 6.32

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