SICO Saudi REIT logs FFO of SAR 14.2M, loss narrows to SAR 52.2M in 2023

31/03/2024 Argaam Exclusive

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SICO Saudi REIT Fund shrank its losses to SAR 52.2 million by the end of 2023, compared to a SAR 83.4 million loss in 2022.

Funds from operations (FFO) swung to a loss of SAR 14.2 million in the 12-month period, versus a net profit of SAR 10.7 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Rental Income	36.79	19.95	(45.8 %)
Funds from Operations(FFO)	10.69	3.74	(65.0 %)
Net Income	(83.39)	(52.23)	37.4 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.19	0.07	(65.0 %)
EPS (Riyals)	(1.46)	(0.91)	37.4 %

The cut in losses was attributed to a decline in real estate investment values to SAR 29.3 million in 2023, compared to SAR 83.6 million in 2022.

Moreover, the fund earned SAR 1 million profit from investment revenue in 2023, compared to losses of SAR 740,000 in 2022, despite a decrease in rental income and an increase in financing costs, other expenses, and fund management fees.

Interim Comparasion (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Rental Income	18.54	11.31	(39.0 %)
Funds from Operations(FFO)	(3.58)	1.16	132.6 %
Net Income	(105.57)	(4.00)	96.2 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	(0.06)	0.02	132.6 %
EPS (Riyals)	(1.84)	(0.07)	96.2 %

Item	H1 2023	H2 2023	Change‬
Rental Income	8.65	11.31	30.7 %
Funds from Operations(FFO)	2.58	1.16	(54.8 %)
Net Income	(48.23)	(4.00)	91.7 %
No of shares	57.24	57.24	-
Operating EPS (Riyals)	0.05	0.02	(54.8 %)
EPS (Riyals)	(0.84)	(0.07)	91.7 %

Balance Sheet (Million)

Item	2022	2023	Change‬
Total Assets	577.13	527.74	(8.6 %)
Total Debt	149.89	149.89	-
Net assets attributable to the Unitholders Item	410.19	357.96	(12.7 %)
Market value of net assets	410.19	357.96	(12.7 %)

The market value of assets stood at SAR 357.96 million as of Dec. 31, 2023, with the market value per unit at SAR 6.25

View More Financial Results

Financial results (Million)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
H1 2018	19.74	-	15.75	-	11.61	-
H2 2018	19.43	-	15.36	-	13.03	-
2018	39.17	-	31.11	-	24.64	-
H1 2019	19.16	(2.9 %)	15.43	(2.0 %)	12.08	4.0 %
H2 2019	19.48	0.3 %	15.62	1.7 %	12.36	(5.1 %)
2019	38.64	(1.4 %)	31.05	(0.2 %)	24.44	(0.8 %)
H1 2020	19.21	0.3 %	5.95	(61.5 %)	(12.88)	(206.6 %)
H2 2020	-	-	(0.64)	(104.1 %)	(42.16)	(441.1 %)
2020	7.81	(79.8 %)	5.31	(82.9 %)	(55.04)	(325.2 %)
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 %
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 %)
H1 2023	8.65	(52.6 %)	2.58	(81.9 %)	(48.23)	(317.4 %)
H2 2023	11.31	(39.0 %)	1.16	132.6 %	(4.00)	96.2 %
2023	19.95	(45.8 %)	3.74	(65.0 %)	(52.23)	37.4 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	39.17	-	31.11	-	24.64	-
2019	38.64	(1.4 %)	31.05	(0.2 %)	24.44	(0.8 %)
2020	7.81	(79.8 %)	5.31	(82.9 %)	(55.04)	(325.2 %)
2021	15.05	92.6 %	9.34	76.0 %	0.98	101.8 %
2022	36.79	144.5 %	10.69	14.5 %	(83.39)	(8591.6 %)
2023	19.95	(45.8 %)	3.74	(65.0 %)	(52.23)	37.4 %

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	604.71	-	-	-	584.01	-	588.50	-
H2 2018	583.88	-	-	-	582.16	-	589.07	-
H1 2019	581.19	(3.9 %)	-	-	579.35	(0.8 %)	589.73	0.2 %
H2 2019	578.80	(0.9 %)	-	-	576.83	(0.9 %)	590.66	0.3 %
H1 2020	549.72	(5.4 %)	-	-	549.07	(5.2 %)	549.07	(6.9 %)
H2 2020	501.65	(13.3 %)	-	-	501.18	(13.1 %)	501.18	(15.1 %)
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 %
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 %)
H1 2023	536.20	(20.3 %)	149.89	(0.3 %)	361.97	(29.8 %)	361.96	(29.8 %)
H2 2023	527.74	(8.6 %)	149.89	0.0 %	357.96	(12.7 %)	357.96	(12.7 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	583.88	-	-	-	582.16	-	589.07	-
2019	578.80	(0.9 %)	-	-	576.83	(0.9 %)	590.66	0.3 %
2020	501.65	(13.3 %)	-	-	501.18	(13.1 %)	501.18	(15.1 %)
2021	654.17	30.4 %	149.89	-	502.16	0.2 %	502.16	0.2 %
2022	577.13	(11.8 %)	149.89	0.0 %	410.19	(18.3 %)	410.19	(18.3 %)
2023	527.74	(8.6 %)	149.89	0.0 %	357.96	(12.7 %)	357.96	(12.7 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
Q2 2014	-	-
Q4 2014	-	-
Q2 2015	-	-
Q4 2015	-	-
Q2 2016	-	-
Q4 2016	-	-
Q2 2017	-	-
Q4 2017	-	-
Q2 2018	-	-
Q4 2018	16.59	13.14
Q2 2019	17.31	14.11
Q4 2019	19.00	14.95
Q2 2020	NEG	18.98
Q4 2020	NEG	More than 100
Q2 2021	NEG	More than 100
Q4 2021	More than 100	More than 100
Q2 2022	14.16	21.85
Q4 2022	NEG	29.92
Q2 2023	NEG	NEG
Q4 2023	NEG	More than 100

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	16.59	13.14
2019	19.00	14.95
2020	NEG	More than 100
2021	More than 100	More than 100
2022	NEG	29.92
2023	NEG	More than 100

Unit Data (Riyal)

Compared With The

Period	Operating EPS	EPS	Book Value	Market Value
H1 2018	0.28	0.20	10.20	10.28
H2 2018	0.27	0.23	10.17	10.29
H1 2019	0.27	0.21	10.12	10.30
H2 2019	0.27	0.22	10.08	10.32
H1 2020	0.10	(0.22)	9.59	9.59
H2 2020	(0.01)	(0.74)	8.76	8.76
H1 2021	0.08	(0.10)	8.65	8.65
H2 2021	0.08	0.12	8.77	8.77
H1 2022	0.25	0.39	9.01	9.01
H2 2022	(0.06)	(1.84)	7.17	7.17
H1 2023	0.05	(0.84)	6.32	6.32
H2 2023	0.02	(0.07)	6.25	6.25

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.54	0.43	10.17	10.29
2019	0.54	0.43	10.08	10.32
2020	0.09	(0.96)	8.76	8.76
2021	0.16	0.02	8.77	8.77
2022	0.19	(1.46)	7.17	7.17
2023	0.07	(0.91)	6.25	6.25

Financial Ratios

	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)	72.69
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

SICO Saudi REIT Fund (SICO SAUDI REIT)

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SICO Saudi REIT logs FFO of SAR 14.2M, loss narrows to SAR 52.2M in 2023

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

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

Financial Ratios

Share Price

SICO Saudi REIT Fund (SICO SAUDI REIT)

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SICO Saudi REIT logs FFO of SAR 14.2M, loss narrows to SAR 52.2M in 2023

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

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

Financial Ratios

Share Price

SICO Saudi REIT Fund (SICO SAUDI REIT)

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