SEDCO Capital REIT records SAR 31.2 mln FFO, SAR 22.2 mln net loss in H1 2023

SEDCO Capital REIT records SAR 31.2 mln FFO, SAR 22.2 mln net loss in H1 2023

14/08/2023 Argaam Exclusive

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SEDCO Capital REIT Fund posted a net loss of SAR 22.2 million, or SAR -0.12 per unit, for H1 2023, against a net profit of SAR 6.8 million a year earlier.

 

Funds from operations (FFO) amounted to nearly SAR 31.2 million in H1 2023, a fall of 27% from SAR 42.7 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 66.86 73.82 10.4 %
Funds from Operations(FFO) 42.66 31.15 (27.0 %)
Net Income 6.78 (22.17) (427.2 %)
No of shares 117.50 186.94 59.1 %
Operating EPS (Riyals) 0.36 0.17 (54.1 %)
EPS (Riyals) 0.06 (0.12) (305.7 %)

The losses logged in H1 2023 came due to higher operating expenses and financing costs, as well as an increase in real estate impairment provisions, despite a 10% year-on-year increase in rental income.



Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 1,840.99 2,396.15 30.2 %
Total Debt 798.20 796.49 (0.2 %)
Net assets attributable to the Unitholders Item 1,026.22 1,556.86 51.7 %
Market value of net assets 1,039.75 1,615.02 55.3 %

Net asset value (NAV) in H1 2023 stood at SAR 1.55 billion, while net book value per unit reached SAR 8.33.

 

The market value of assets stood at SAR 1.61 billion in H1 2023, with a market value per unit of SAR 8.64.

 

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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 %)
H2 2021 36.74 20.0 % 19.76 43.6 % (28.51) (458.9 %)
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 %
H1 2023 73.82 10.4 % 31.15 (27.0 %) (22.17) (427.2 %)

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 %
H2 2022 1,844.43 6.6 % 794.22 28.2 % 997.40 (4.1 %) 1,032.20 (2.8 %)
H1 2023 2,396.15 30.2 % 796.49 (0.2 %) 1,556.86 51.7 % 1,615.02 55.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q4 2022 46.93 16.07
Q2 2023 More than 100 27.42

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
H2 2022 0.28 0.29 8.49 8.78
H1 2023 0.17 (0.12) 8.33 8.64


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) 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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Share Price

SEDCO CAPITAL REIT Fund
8.30
(0.07) (0.84 %)

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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