SEDCO Capital REIT Fund posts FFO of SAR 22.4 mln, loss of SAR 6.9 mln in H1 2021

SEDCO Capital REIT Fund posts FFO of SAR 22.4 mln, loss of SAR 6.9 mln in H1 2021

17/08/2021 Argaam Exclusive

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SEDCO Capital REIT Fund posted a net loss of SAR 6.9 million (SAR 0.12 per unit) for the first half of 2021, against a profit of SAR 1.8 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 22.4 million during the same period, compared with SAR 17.7 million in H1 2020.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Rental Income 37.50 36.16 (3.6 %)
Funds from Operations(FFO) 17.68 22.37 26.5 %
Net Income 1.78 (6.93) (489.7 %)
No of shares 60.00 60.00 -
Operating EPS (Riyals) 0.29 0.37 26.5 %
EPS (Riyals) 0.03 (0.12) (489.7 %)

The loss is attributed to lower lease revenue by 4% and real estate impairment provision of SAR 20 million.

 

However, operating income increased by 27% year-on-year (YoY).



Balance Sheet (Million)

Item 6m 2020 6m 2021 Change‬
Total Assets 1,050.45 1,021.34 (2.8 %)
Total Debt 487.86 488.58 0.1 %
Net assets attributable to the Unitholders Item 554.15 512.72 (7.5 %)
Market value of net assets 577.78 539.85 (6.6 %)

Net asset value (NAV) in H1 2021 stood at SAR 512.6 million, while net book value per unit reached SAR 8.5.

 

Market value of net assets amounted to SAR 539.9 million, and net market value of assets per unit reached SAR 9.

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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 %)
H1 2021 36.16 (3.6 %) 22.37 26.5 % (6.93) (489.7 %)

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 %)
H1 2021 1,021.34 (2.8 %) 488.58 0.1 % 512.72 (7.5 %) 539.85 (6.6 %)

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 More than 100 20.60

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
H1 2021 0.37 (0.12) 8.55 9.00


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) 20.88
Current Price/FFO (X) 19.79
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) 20.88
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Share Price

SEDCO CAPITAL REIT Fund
8.22
(0.08) (0.96 %)

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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