SEDCO Capital REIT posts SAR 75.5 mln FFO, SAR 41.1 mln profit in 2022
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SEDCO Capital REIT Fund turned to a net profit of SAR 41.1 million in 2022, against a net loss of SAR 35.4 million a year earlier.
Funds from operations (FFO) rose 79% to SAR 75.5 million during the same period, compared to SAR 42.1 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 72.90 | 137.51 | 88.6 % |
| Funds from Operations(FFO) | 42.13 | 75.46 | 79.1 % |
| Net Income | (35.44) | 41.11 | 216.0 % |
| No of shares | 117.50 | 117.50 | - |
| Operating EPS (Riyals) | 0.36 | 0.64 | 79.1 % |
| EPS (Riyals) | (0.30) | 0.35 | 216.0 % |
The earnings were mainly driven by higher rental income and Murabaha revenues, as well as lower provisions for investment properties impairment.
The fund reported a net gain of SAR 21.2 million from derivative instruments at fair value, versus losses of SAR 1.2 million in 2021.
On the other hand, SEDCO Capital REIT recorded higher management fees, finance charges and bank fees.
Interim Comparasion (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Rental Income | 36.74 | 70.64 | 92.3 % |
| Funds from Operations(FFO) | 19.76 | 32.80 | 66.0 % |
| Net Income | (28.51) | 34.33 | 220.4 % |
| No of shares | 117.50 | 117.50 | - |
| Operating EPS (Riyals) | 0.17 | 0.28 | 66.0 % |
| EPS (Riyals) | (0.24) | 0.29 | 220.4 % |
Balance Sheet (Million)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Total Assets | 1,729.54 | 1,844.43 | 6.6 % |
| Total Debt | 619.65 | 794.22 | 28.2 % |
| Net assets attributable to the Unitholders Item | 1,039.71 | 997.40 | (4.1 %) |
| Market value of net assets | 1,062.31 | 1,032.20 | (2.8 %) |
Net asset value (NAV) in 2022 stood at SAR 997.4 million, while net book value per unit reached SAR 8.49.
Market value of net assets amounted to SAR 1.03 billion, and net market value of assets per unit reached SAR 8.78.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 66.86 | 84.9 % | 42.66 | 90.7 % | 6.78 | 197.8 % |
| H2 2022 | 70.64 | 92.3 % | 32.80 | 66.0 % | 34.33 | 220.4 % |
| 2022 | 137.51 | 88.6 % | 75.46 | 79.1 % | 41.11 | 216.0 % |
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 2022 | 1,840.99 | 80.3 % | 798.20 | 63.4 % | 1,026.22 | 100.2 % | 1,039.75 | 92.6 % |
| H2 2022 | 1,844.43 | 6.6 % | 794.22 | 28.2 % | 997.40 | (4.1 %) | 1,032.20 | (2.8 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2022 | NEG | 19.13 |
| Q4 2022 | 46.93 | 16.07 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2022 | 0.36 | 0.06 | 8.73 | 8.85 |
| H2 2022 | 0.28 | 0.29 | 8.49 | 8.78 |
| Current | |
| Number of Units (Million) | 186.94 |
| Net Income/Unit ( Riyal) | 0.18 |
| Funds from operations/Unit ( Riyal) | 0.37 |
| P/E (X) (TTM) | 41.22 |
| Current Price/FFO (X) | 20.02 |
| 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) | 41.22 |
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