SEDCO Capital REIT reports SAR 17.7 mln FFO, net profit of SAR 1.8 mln in H1 2020

SEDCO Capital REIT reports SAR 17.7 mln FFO, net profit of SAR 1.8 mln in H1 2020

17/08/2020 Argaam Exclusive

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SEDCO Capital REIT Fund reported a net profit of SAR 1.8 million (SAR 0.03/unit) during the first half of 2020, compared to SAR 9.9 million in the year-earlier period, according to a bourse filing by SEDCO Capital, fund manager, on Monday.

 

Funds from operations (FFO) stood at SAR 17.7 million in H1 2020, compared to SAR 17.2 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 37.75 37.50 (0.7 %)
Funds from Operations(FFO) 17.15 17.68 3.1 %
Net Income 9.92 1.78 (82.1 %)
No of shares 60.00 60.00 -
Operating EPS (Riyals) 0.29 0.29 3.1 %
EPS (Riyals) 0.17 0.03 (82.1 %)


Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 1,168.23 1,050.45 (10.1 %)
Total Debt 499.08 487.86 (2.2 %)
Net assets attributable to the Unitholders Item 569.10 554.15 (2.6 %)
Market value of net assets 592.24 577.78 (2.4 %)

Net asset value (NAV) stood at SAR 554.15 million, while the NAV per unit reached SAR 9.24 during the six-month period.

 

The market value of assets reached SAR 577.78 million in H1 2020, while the per unit market value stood at SAR 9.63.

 

The number of issued units totalled 60 million, with a yield of 3.22%.

 

Total expenses and fees for the period stood at SAR 35.72 million.



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 %)

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 %)

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

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


Financial Ratios
Current
Number of Units (Million) 186.94
Net Income/Unit ( Riyal) 0.18
Funds from operations/Unit ( Riyal) 0.37
P/E (X) (TTM) 41.16
Current Price/FFO (X) 19.99
Par Value ( Riyal) 10.00
Price/book 0.90
Asset Growth (%) 29.3
Revenue Growth (%) 17.7
Net Income Growth (%) (18.36 )
Adjusted P/E (Last12) (X) 41.16
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Share Price

SEDCO CAPITAL REIT Fund
7.39
(0.06) (0.81 %)

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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