SEDCO Capital REIT posts FFO of SAR 42.7 mln in H1 2022, Q2 profit of SAR 6.8 mln

17/08/2022 Argaam Exclusive

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SEDCO Capital REIT Fund posted a net profit of SAR 6.8 million (SAR 0.06 per unit) in the first half of 2022, against a net loss of SAR 6.9 million a year earlier.

Funds from operations (FFO) amounted to SAR 42.7 million during the six-month period, compared to SAR 22.4 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	36.16	66.86	84.9 %
Funds from Operations(FFO)	22.37	42.66	90.7 %
Net Income	(6.93)	6.78	197.8 %
No of shares	60.00	117.50	95.8 %
Operating EPS (Riyals)	0.37	0.36	(2.6 %)
EPS (Riyals)	(0.12)	0.06	150.0 %

The profit growth was spurred by a 5% rise year-on-year (YoY) in rental income. The fund generated a net profit of SAR 11.5 million from derivates, against a net loss of SAR 1.3 million in H1 2021.

However, the fund management fees, financing costs and depreciation provisions increased. Moreover, an impairment provision for real estate properties also rose to SAR 33 million in H1 2022, from SAR 20 million in the prior-year period.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	1,021.34	1,840.99	80.3 %
Total Debt	488.58	798.20	63.4 %
Net assets attributable to the Unitholders Item	512.72	1,026.22	100.2 %
Market value of net assets	539.85	1,039.75	92.6 %

Net asset value (NAV) stood at SAR 1.026 billion as of June 30, 2022, while net book value per unit reached SAR 8.73.

Market value of net assets amounted to SAR 1.039 billion, and net market value of assets per unit reached SAR 8.85 by the end of the six-month period.

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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	-
2018	37.56	-	23.22	-	6.43	-
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 %)
2019	76.80	104.5 %	33.94	46.2 %	22.14	244.1 %
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 %)
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 %)
H1 2022	66.86	84.9 %	42.66	90.7 %	6.78	197.8 %

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2018	37.56	-	23.22	-	6.43	-
2019	76.80	104.5 %	33.94	46.2 %	22.14	244.1 %
2020	68.11	(11.3 %)	31.44	(7.4 %)	9.72	(56.1 %)
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 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 %)
H2 2021	1,729.54	65.0 %	619.65	26.9 %	1,039.71	93.3 %	1,062.31	88.0 %
H1 2022	1,840.99	80.3 %	798.20	63.4 %	1,026.22	100.2 %	1,039.75	92.6 %

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2018	1,178.48	-	498.34	-	578.98	-	602.08	-
2019	1,068.37	(9.3 %)	484.56	(2.8 %)	561.52	(3.0 %)	589.04	(2.2 %)
2020	1,048.14	(1.9 %)	488.20	0.8 %	537.95	(4.2 %)	565.01	(4.1 %)
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)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q4 2021	NEG	33.47
Q2 2022	NEG	19.13

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2012	-	-
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	More than 100	20.70
2019	More than 100	17.61
2020	More than 100	17.84
2021	NEG	33.47

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
H2 2021	0.17	(0.24)	8.85	9.04
H1 2022	0.36	0.06	8.73	8.85

Period	Operating EPS	EPS	Book Value	Market Value
2018	0.39	0.11	9.65	10.03
2019	0.57	0.37	9.36	9.82
2020	0.52	0.16	8.97	9.42
2021	0.36	(0.30)	8.85	9.04

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)	41.33
Current Price/FFO (X)	20.08
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)	41.33

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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SEDCO Capital REIT posts FFO of SAR 42.7 mln in H1 2022, Q2 profit of SAR 6.8 mln

View other reports

Financials (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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