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.
| 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.
| 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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