SEDCO Capital REIT Fund posts FFO of SAR 42.1 mln, loss of SAR 35.4 mln in 2021
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SEDCO Capital REIT Fund posted a net loss of SAR 35.4 million in 2021, against a net income of SAR 9.7 million a year earlier.
Funds from operations (FFO) amounted to SAR 42.1 million during the same period, compared to SAR 31.4 million in 2020, a rise of 34%.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 68.11 | 72.90 | 7.0 % |
| Funds from Operations(FFO) | 31.44 | 42.13 | 34.0 % |
| Net Income | 9.72 | (35.44) | (464.6 %) |
| No of shares | 60.00 | 117.50 | 95.8 % |
| Operating EPS (Riyals) | 0.52 | 0.36 | (31.6 %) |
| EPS (Riyals) | 0.16 | (0.30) | (286.2 %) |
The loss is attributed to property tax capitalization in addition to other acquisition costs, which led to recording a real estate impairment provision of SAR 60.1 million in 2021, compared to SAR 3.5 million in the year-ago period.
However, rental income increased 7% year-on-year (YoY), while financing costs decreased 33%.
Interim Comparasion (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Rental Income | 30.60 | 36.74 | 20.0 % |
| Funds from Operations(FFO) | 13.76 | 19.76 | 43.6 % |
| Net Income | 7.95 | (28.51) | (458.9 %) |
| No of shares | 60.00 | 117.50 | 95.8 % |
| Operating EPS (Riyals) | 0.23 | 0.17 | (26.6 %) |
| EPS (Riyals) | 0.13 | (0.24) | (283.3 %) |
Balance Sheet (Million)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 1,048.14 | 1,729.54 | 65.0 % |
| Total Debt | 488.20 | 619.65 | 26.9 % |
| Net assets attributable to the Unitholders Item | 537.95 | 1,039.71 | 93.3 % |
| Market value of net assets | 565.01 | 1,062.31 | 88.0 % |
Net asset value (NAV) in 2021 stood at SAR 1.040 billion, while net book value per unit reached SAR 8.85.
Market value of net assets amounted to SAR 1.062 billion, and net market value of assets per unit reached SAR 9.04.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 36.16 | (3.6 %) | 22.37 | 26.5 % | (6.93) | (489.7 %) |
| H2 2021 | 36.74 | 20.0 % | 19.76 | 43.6 % | (28.51) | (458.9 %) |
| 2021 | 72.90 | 7.0 % | 42.13 | 34.0 % | (35.44) | (464.6 %) |
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 2021 | 1,021.34 | (2.8 %) | 488.58 | 0.1 % | 512.72 | (7.5 %) | 539.85 | (6.6 %) |
| H2 2021 | 1,729.54 | 65.0 % | 619.65 | 26.9 % | 1,039.71 | 93.3 % | 1,062.31 | 88.0 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | More than 100 | 20.60 |
| Q4 2021 | NEG | 33.47 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.37 | (0.12) | 8.55 | 9.00 |
| H2 2021 | 0.17 | (0.24) | 8.85 | 9.04 |
| Current | |
| Number of Units (Million) | 186.94 |
| Net Income/Unit ( Riyal) | 0.39 |
| Funds from operations/Unit ( Riyal) | 0.41 |
| P/E (X) (TTM) | 20.77 |
| Current Price/FFO (X) | 19.69 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.00 |
| Asset Growth (%) | (1.12 ) |
| Revenue Growth (%) | 22.0 |
| Net Income Growth (%) | 504.6 |
| Adjusted P/E (Last12) (X) | 20.77 |
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