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

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

30/03/2021 Argaam Exclusive

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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 %)

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 %)


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 %)
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 %)

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

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


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) 20.90
Current Price/FFO (X) 19.81
Par Value ( Riyal) 10.00
Price/book 1.01
Asset Growth (%) (1.12 )
Revenue Growth (%) 22.0
Net Income Growth (%) 504.6
Adjusted P/E (Last12) (X) 20.90
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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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