SEDCO Capital REIT Fund posts FFO of SAR 42.1 mln, loss of SAR 35.4 mln in 2021

31/03/2022 Argaam Exclusive

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SEDCO Capital REIT Fund posted a net loss of SAR 35.4 million in 2021, against a net income of SAR 9.7 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 42.1 million during the same period, compared to SAR 31.4 million in 2020, a rise of 34%.



Financials (M)

Item 2020 2021 Change‬
Rental Income 68.11 72.90 7.0 %
Funds from Operations(FFO) 31.44 42.13 34.0 %
Net Income 9.72 (35.44) (464.6 %)
No of shares 60.00 117.50 95.8 %
Operating EPS (Riyals) 0.52 0.36 (31.6 %)
EPS (Riyals) 0.16 (0.30) (286.2 %)

The loss is attributed to property tax capitalization in addition to other acquisition costs, which led to recording a real estate impairment provision of SAR 60.1 million in 2021, compared to SAR 3.5 million in the year-ago period.

 

However, rental income increased 7% year-on-year (YoY), while financing costs decreased 33%.



Interim Comparasion (M)

Compared With The
Item 2020 2021 Change‬
Rental Income 30.60 36.74 20.0 %
Funds from Operations(FFO) 13.76 19.76 43.6 %
Net Income 7.95 (28.51) (458.9 %)
No of shares 60.00 117.50 95.8 %
Operating EPS (Riyals) 0.23 0.17 (26.6 %)
EPS (Riyals) 0.13 (0.24) (283.3 %)

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 1,048.14 1,729.54 65.0 %
Total Debt 488.20 619.65 26.9 %
Net assets attributable to the Unitholders Item 537.95 1,039.71 93.3 %
Market value of net assets 565.01 1,062.31 88.0 %

Net asset value (NAV) in 2021 stood at SAR 1.040 billion, while net book value per unit reached SAR 8.85. 

 

Market value of net assets amounted to SAR 1.062 billion, and net market value of assets per unit reached SAR 9.04.

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