SEDCO REIT posts SAR 69.1M in FFO, SAR 33.6M net profit in 2023
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SEDCO Capital REIT Fund reported a net profit of SAR 33.6 million (SAR 0.18 per unit) for 2023, a decline of 18% from SAR 41.1 million (SAR .35 per unit) a year earlier.
Funds from operations (FFO) decreased by 8% to SAR 69.1 million in 2023, from SAR 75.5 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 137.51 | 161.79 | 17.7 % |
| Funds from Operations(FFO) | 75.46 | 69.10 | (8.4 %) |
| Net Income | 41.11 | 33.56 | (18.4 %) |
| No of shares | 117.50 | 186.94 | 59.1 % |
| Operating EPS (Riyals) | 0.64 | 0.37 | (42.4 %) |
| EPS (Riyals) | 0.35 | 0.18 | (48.7 %) |
SEDCO Capital REIT recorded a loss on derivative instruments at fair value through the income statement amounting to SAR 3.1 million compared to SAR 21.2 million a year earlier.
The fund reported an increase of 66% year-on-year (YoY) in finance costs to SAR 57.2 million. It also recorded higher management fees, depreciation costs and expected credit losses.
This was partially offset by an 18% increase in rental income to SAR 161.8 million, a decrease in the provision for impairment of investment properties to SAR 4.3 million from SAR 26.8 million a year earlier and an increase in Murabaha income.
Interim Comparasion (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Rental Income | 70.64 | 87.97 | 24.5 % |
| Funds from Operations(FFO) | 32.80 | 37.94 | 15.7 % |
| Net Income | 34.33 | 55.74 | 62.3 % |
| No of shares | 117.50 | 186.94 | 59.1 % |
| Operating EPS (Riyals) | 0.28 | 0.20 | (27.3 %) |
| EPS (Riyals) | 0.29 | 0.30 | 2.0 % |
Balance Sheet (Million)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 1,844.43 | 2,384.38 | 29.3 % |
| Total Debt | 794.22 | 792.95 | (0.2 %) |
| Net assets attributable to the Unitholders Item | 997.40 | 1,533.22 | 53.7 % |
| Market value of net assets | 1,032.20 | 1,619.97 | 56.9 % |
Net asset value (NAV) reached SAR 1.53 billion as of Dec. 31, 2023, while the net book value per unit reached SAR 8.20.
The market value of assets stood at SAR 1.61 billion by the end of 2023, with a market value per unit of SAR 8.67.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 73.82 | 10.4 % | 31.15 | (27.0 %) | (22.17) | (427.2 %) |
| H2 2023 | 87.97 | 24.5 % | 37.94 | 15.7 % | 55.74 | 62.3 % |
| 2023 | 161.79 | 17.7 % | 69.10 | (8.4 %) | 33.56 | (18.4 %) |
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 2023 | 2,396.15 | 30.2 % | 796.49 | (0.2 %) | 1,556.86 | 51.7 % | 1,615.02 | 55.3 % |
| H2 2023 | 2,384.38 | 29.3 % | 792.95 | (0.2 %) | 1,533.22 | 53.7 % | 1,619.97 | 56.9 % |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | More than 100 | 27.42 |
| Q4 2023 | More than 100 | 24.67 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.17 | (0.12) | 8.33 | 8.64 |
| H2 2023 | 0.20 | 0.30 | 8.20 | 8.67 |
| Current | |
| Number of Units (Million) | 186.94 |
| Net Income/Unit ( Riyal) | 0.39 |
| Funds from operations/Unit ( Riyal) | 0.41 |
| P/E (X) (TTM) | 21.10 |
| Current Price/FFO (X) | 20.01 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 1.02 |
| Asset Growth (%) | (1.12 ) |
| Revenue Growth (%) | 22.0 |
| Net Income Growth (%) | 504.6 |
| Adjusted P/E (Last12) (X) | 21.10 |
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