SEDCO Capital REIT posts FFO of SAR 42.7 mln in H1 2022, Q2 profit of SAR 6.8 mln

17/08/2022 Argaam Exclusive

SEDCO Capital REIT Fund posted a net profit of SAR 6.8 million (SAR 0.06 per unit) in the first half of 2022, against a net loss of SAR 6.9 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 42.7 million during the six-month period, compared to SAR 22.4 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 36.16 66.86 84.9 %
Funds from Operations(FFO) 22.37 42.66 90.7 %
Net Income (6.93) 6.78 197.8 %
No of shares 60.00 117.50 95.8 %
Operating EPS (Riyals) 0.37 0.36 (2.6 %)
EPS (Riyals) (0.12) 0.06 150.0 %

The profit growth was spurred by a 5% rise year-on-year (YoY) in rental income. The fund generated a net profit of SAR 11.5 million from derivates, against a net loss of SAR 1.3 million in H1 2021.

 

However, the fund management fees, financing costs and depreciation provisions increased. Moreover, an impairment provision for real estate properties also rose to SAR 33 million in H1 2022, from SAR 20 million in the prior-year period.



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 1,021.34 1,840.99 80.3 %
Total Debt 488.58 798.20 63.4 %
Net assets attributable to the Unitholders Item 512.72 1,026.22 100.2 %
Market value of net assets 539.85 1,039.75 92.6 %

Net asset value (NAV) stood at SAR 1.026 billion as of June 30, 2022, while net book value per unit reached SAR 8.73.

 

Market value of net assets amounted to SAR 1.039 billion, and net market value of assets per unit reached SAR 8.85 by the end of the six-month period.

 

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Share Price

SEDCO CAPITAL REIT Fund
8.30
(0.07) (0.84 %)

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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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) 21.10
Current Price/FFO (X) 20.01
Par Value ( Riyal) 10.00
Price/book 1.02
Asset Growth (%) (1.12 )
Revenue Growth (%) 22.0
Net Income Growth (%) 504.6
Adjusted P/E (Last12) (X) 21.10
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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 %

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 %

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

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

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