SEDCO Capital REIT records SAR 39.6M FFO, SAR 17.8M net profit in H1 2024

11/08/2024 Argaam Exclusive

SEDCO Capital REIT Fund posted a net profit of SAR 17.8 million, or SAR 0.10 per unit, for H1 2024, compared to a loss of SAR 22.2 million a year earlier.

 

Funds from operations (FFO) amounted to nearly SAR 39.6 million in H1 2024, up 27% from SAR 31.2 million in H1 2024.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 73.82 88.31 19.6 %
Funds from Operations(FFO) 31.15 39.61 27.2 %
Net Income (22.17) 17.79 180.2 %
No of shares 186.94 186.94 -
Operating EPS (Riyals) 0.17 0.21 27.2 %
EPS (Riyals) (0.12) 0.10 180.2 %

The profit was driven by higher rental income, which reached SAR 88.3 million in H1 2024, up from SAR 73.8 million a year earlier.

 

Meanwhile, the corresponding period included a net loss on derivative instruments at fair value through the income statement of SAR 3.3 million, compared to none for the current period of the current year.

 

The fund also reported lower impairment of investment properties to reach SAR 5.7 million for H1 2024, compared to SAR 36.8 million in H1 2023.

 

The above-mentioned effects were offset by an increase in depreciation and financing costs.



Net asset value (NAV) in H1 2024 stood at SAR 1.52 billion, while net book value per unit reached SAR 8.17.

 

The market value of assets stood at SAR 1.63 billion in H1 2024, with a market value per unit of SAR 8.73.

Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 2,396.15 2,369.29 (1.1 %)
Total Debt 796.49 794.87 (0.2 %)
Net assets attributable to the Unitholders Item 1,556.86 1,527.64 (1.9 %)
Market value of net assets 1,615.02 1,631.99 1.1 %

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Share Price

SEDCO CAPITAL REIT Fund
8.18
(0.12) (1.45 %)

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) 20.77
Current Price/FFO (X) 19.69
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) 20.77
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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 %
H1 2023 73.82 10.4 % 31.15 (27.0 %) (22.17) (427.2 %)
H2 2023 87.97 24.5 % 37.94 15.7 % 55.74 62.3 %
H1 2024 88.31 19.6 % 39.61 27.2 % 17.79 180.2 %

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 %)
H1 2023 2,396.15 30.2 % 796.49 (0.2 %) 1,556.86 51.7 % 1,615.02 55.3 %
H2 2023 2,384.38 29.3 % 792.95 (0.2 %) 1,533.22 53.7 % 1,619.97 56.9 %
H1 2024 2,369.29 (1.1 %) 794.87 (0.2 %) 1,527.64 (1.9 %) 1,631.99 1.1 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2023 More than 100 27.42
Q4 2023 More than 100 24.67
Q2 2024 19.55 18.54

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
H1 2023 0.17 (0.12) 8.33 8.64
H2 2023 0.20 0.30 8.20 8.67
H1 2024 0.21 0.10 8.17 8.73

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