SICO Saudi REIT logs FFO of SAR 10.7 mln, turns to loss of SAR 83.4 mln in 2022
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SICO Saudi REIT Fund swung to a net loss of SAR 83.4 million in 2022, versus a net profit of SAR 982,000 a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 15.05 | 36.79 | 144.5 % |
| Funds from Operations(FFO) | 9.34 | 10.69 | 14.5 % |
| Net Income | 0.98 | (83.39) | (8591.6 %) |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.16 | 0.19 | 14.5 % |
| EPS (Riyals) | 0.02 | (1.46) | (8591.6 %) |
Funds from operations (FFO) rose 15% to SAR 10.7 million in the 12-month period, from SAR 9.3 million in 2021.
The fund recorded a rise in other expenses to SAR 19.11 million, from SAR 2.04 million in 2021.
It reported an impairment loss of investment properties at SAR 83.6 million in 2022, compared to a reversal of SAR 584,000 a year earlier.
SICO Saudi REIT incurred realized and unrealized losses from investments at fair value, despite a 144% surge year-on-year in rental income.
Net asset value (NAV) stood at SAR 410.19 million by the end of 2022. Net book value per unit reached SAR 7.17.
Interim Comparasion (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Rental Income | 8.28 | 18.54 | 124.0 % |
| Funds from Operations(FFO) | 4.62 | (3.58) | (177.4 %) |
| Net Income | 6.96 | (105.57) | (1616.9 %) |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.08 | (0.06) | (177.4 %) |
| EPS (Riyals) | 0.12 | (1.84) | (1616.9 %) |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 654.17 | 577.13 | (11.8 %) |
| Total Debt | 149.89 | 149.89 | - |
| Net assets attributable to the Unitholders Item | 502.16 | 410.19 | (18.3 %) |
| Market value of net assets | 502.16 | 410.19 | (18.3 %) |
The market value of assets stood at SAR 410.19 million as of Dec. 31, 2022, with market value per unit at SAR 7.17.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| 2022 | 36.79 | 144.5 % | 10.69 | 14.5 % | (83.39) | (8591.6 %) |
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 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 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | 14.16 | 21.85 |
| Q4 2022 | NEG | 29.92 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.25 | 0.39 | 9.01 | 9.01 |
| H2 2022 | (0.06) | (1.84) | 7.17 | 7.17 |
| 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) | 72.14 |
| 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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