SICO Saudi REIT logs 34% FFO slip to SAR 2.5M in 2024, incurs SAR 114.9M net loss

27/03/2025 Argaam Exclusive

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SICO Saudi REIT Fund reported a 34% drop in funds from operations (FFO) to nearly SAR 2.5 million (SAR 0.04 per unit) in 2024, from SAR 3.7 million (SAR 0.07 per unit) in 2023.

Financials (M)

Item	2023	2024	Change‬
Rental Income	19.95	17.69	(11.4 %)
Funds from Operations(FFO)	3.74	2.47	(34.0 %)
Net Income	(52.23)	(114.92)	(120.0 %)
No of shares	57.24	57.24	-
Earnings Per Share before unusual items (Riyals)	(0.60)	(2.01)	(235.4 %)
Operating EPS (Riyal)	0.07	0.04	(34.0 %)
EPS (Riyal)	(0.91)	(2.01)	(120.0 %)

The fund widened annual net losses to SAR 114.9 million (-SAR 2.01 per unit), compared to SAR 52.2 million (-SAR 0.91 per unit) in 2023.

Rental income from investment properties declined by 11% year-on-year (YoY) to SAR 17.7 million from SAR 20 million.

Impairment losses on investment properties increased to SAR 108.4 million, compared to SAR 29.3 million a year before.

Interim Comparasion (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Rental Income	11.31	7.64	(32.5 %)
Funds from Operations(FFO)	1.16	0.48	(58.5 %)
Net Income	(4.00)	(12.81)	(220.0 %)
No of shares	57.24	57.24	-
Operating EPS (Riyal)	0.02	0.01	(58.5 %)
EPS (Riyal)	(0.07)	(0.22)	(220.0 %)

Item	H1 2024	H2 2024	Change‬
Rental Income	10.05	7.64	(24.0 %)
Funds from Operations(FFO)	1.99	0.48	(75.7 %)
Net Income	(102.11)	(12.81)	87.5 %
No of shares	57.24	57.24	-
Operating EPS (Riyal)	0.03	0.01	(75.7 %)
EPS (Riyal)	(1.78)	(0.22)	87.5 %

Balance Sheet (Million)

Item	2023	2024	Change‬
Total Assets	527.53	412.38	(21.8 %)
Total Debt	149.89	149.89	-
Net assets attributable to the Unitholders Item	357.75	243.04	(32.1 %)
Market value of net assets	357.96	322.38	(9.9 %)

Financing costs rose to SAR 12.3 million from SAR 11.9 million.

However, other expenses dropped to SAR 2.9 million, compared to SAR 22.3 million in the year before.

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