SEDCO Capital REIT posts SAR 31.4 mln FFO, net profit of SAR 9.7 mln in 2020

SEDCO Capital REIT Fund reported a net profit of SAR 9.7 million (SAR 0.16/unit) in 2020, declining 56% from SAR 22.1 million in 2019, according to a bourse filing by fund manager SEDCO Capital.

Funds from operations (FFO) stood at SAR 31.4 million in 2020, down 7% from SAR 33.94 million a year ago.

Financials (M)

Item	2019	2020	Change‬
Rental Income	76.80	68.11	(11.3 %)
Funds from Operations(FFO)	33.94	31.44	(7.4 %)
Net Income	22.14	9.72	(56.1 %)
No of shares	60.00	60.00	-
Operating EPS (Riyals)	0.57	0.52	(7.4 %)
EPS (Riyals)	0.37	0.16	(56.1 %)

Interim Comparasion (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Rental Income	39.06	30.60	(21.6 %)
Funds from Operations(FFO)	16.79	13.76	(18.1 %)
Net Income	12.22	7.95	(35.0 %)
No of shares	60.00	60.00	-
Operating EPS (Riyals)	0.28	0.23	(18.1 %)
EPS (Riyals)	0.20	0.13	(35.0 %)

Item	H1 2020	H2 2020	Change‬
Rental Income	37.50	30.60	(18.4 %)
Funds from Operations(FFO)	17.68	13.76	(22.2 %)
Net Income	1.78	7.95	347.1 %
No of shares	60.00	60.00	-
Operating EPS (Riyals)	0.29	0.23	(22.2 %)
EPS (Riyals)	0.03	0.13	347.1 %

Balance Sheet (Million)

Item	2019	2020	Change‬
Total Assets	1,068.37	1,048.14	(1.9 %)
Total Debt	484.56	488.20	0.8 %
Net assets attributable to the Unitholders Item	561.52	537.95	(4.2 %)
Market value of net assets	589.04	565.01	(4.1 %)

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Share Price

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

	Current
Number of Units (Million)	186.94
Net Income/Unit ( Riyal)	0.39
Funds from operations/Unit ( Riyal)	0.41
P/E (X) (TTM)	20.75
Current Price/FFO (X)	19.67
Par Value ( Riyal)	10.00
Price/book	1.00
Asset Growth (%)	(1.12 )
Revenue Growth (%)	22.0
Net Income Growth (%)	504.6
Adjusted P/E (Last12) (X)	20.75

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	-
2018	37.56	-	23.22	-	6.43	-
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 %)
2019	76.80	104.5 %	33.94	46.2 %	22.14	244.1 %
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 %)
2020	68.11	(11.3 %)	31.44	(7.4 %)	9.72	(56.1 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	37.56	-	23.22	-	6.43	-
2019	76.80	104.5 %	33.94	46.2 %	22.14	244.1 %
2020	68.11	(11.3 %)	31.44	(7.4 %)	9.72	(56.1 %)

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	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 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,178.48	-	498.34	-	578.98	-	602.08	-
2019	1,068.37	(9.3 %)	484.56	(2.8 %)	561.52	(3.0 %)	589.04	(2.2 %)
2020	1,048.14	(1.9 %)	488.20	0.8 %	537.95	(4.2 %)	565.01	(4.1 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
Q2 2011	-	-
Q4 2011	-	-
Q2 2012	-	-
Q4 2012	-	-
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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2011	-	-
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	More than 100	20.70
2019	More than 100	17.61
2020	More than 100	17.84

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

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.39	0.11	9.65	10.03
2019	0.57	0.37	9.36	9.82
2020	0.52	0.16	8.97	9.42

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SEDCO Capital REIT posts SAR 31.4 mln FFO, net profit of SAR 9.7 mln in 2020

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

View other reports

Share Price

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

Financial Ratios

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

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