SICO Saudi REIT Fund posts FFO of SAR 9.3 mln, net profit of SAR 980,000 in 2021
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SICO Saudi REIT Fund posted a net profit of SAR 980,000 (SAR 0.02 per unit) for 2021, against losses of SAR 55 million a year earlier.
Funds from operations (FFO) amounted to SAR 9.3 million in 2021, an increase of 76% compared with SAR 5.3 million in 2020.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 7.81 | 15.05 | 92.6 % |
| Funds from Operations(FFO) | 5.31 | 9.34 | 76.0 % |
| Net Income | (55.04) | 0.98 | 101.8 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.09 | 0.16 | 76.0 % |
| EPS (Riyals) | (0.96) | 0.02 | 101.8 % |
The profit was attributed to higher property revenue and reversing impairment for real estate investments at a value of SAR 584,000 in 2021, compared to recording SAR 53.4 million impairment in the same period a year ago.
The profit was offset by higher other expenses and depreciation expenses.
Interim Comparasion (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Funds from Operations(FFO) | (0.64) | 4.62 | 821.6 % |
| Net Income | (42.16) | 6.96 | 116.5 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | (0.01) | 0.08 | 821.6 % |
| EPS (Riyals) | (0.74) | 0.12 | 116.5 % |
Balance Sheet (Million)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 501.65 | 654.17 | 30.4 % |
| Total Debt | - | 149.89 | - |
| Net assets attributable to the Unitholders Item | 501.18 | 502.16 | 0.2 % |
| Market value of net assets | 501.18 | 502.16 | 0.2 % |
Net asset value (NAV) in 2021 stood at SAR 502.2 million, while net book value per unit reached SAR 8.77.
The full-year market value of assets stood at SAR 502.2 million, with market value per unit at SAR 8.77.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| 2021 | 15.05 | 92.6 % | 9.34 | 76.0 % | 0.98 | 101.8 % |
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 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 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | NEG | More than 100 |
| Q4 2021 | More than 100 | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.08 | (0.10) | 8.65 | 8.65 |
| H2 2021 | 0.08 | 0.12 | 8.77 | 8.77 |
| 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) | 72.50 |
| 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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