Financial Results : SEDCO Capital REIT logs SAR 69.4M FFO, SAR 14.4M profit in 2024

SEDCO Capital REIT logs SAR 69.4M FFO, SAR 14.4M profit in 2024

27/03/2025 Argaam Exclusive

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SEDCO Capital REIT Fund reported a net profit of SAR 69.4 million in 2024, compared with SAR 69.1 million a year earlier.

 

Funds from operations (FFO) fell 57% to SAR 14.4 million, compared to SAR 33.6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Rental Income 161.79 173.53 7.3 %
Funds from Operations(FFO) 69.10 69.42 0.5 %
Net Income 33.56 14.41 (57.1 %)
No of shares 186.94 186.94 -
Earnings Per Share before unusual items (Riyals) 0.18 0.08 (57.1 %)
Operating EPS (Riyal) 0.37 0.37 0.5 %
EPS (Riyal) 0.18 0.08 (57.1 %)

The fund recorded an increase in the impairment provision for investment properties to SAR 24 million, compared to SAR 4.3 million in 2023.

 

Operating expenses rose by 12% year-on-year (YoY) to SAR 104.12 million, due to a 22% increase in management fees to SAR 17.1 million.

 

Depreciation expenses of investment properties rose to SAR 34.2 million, compared to SAR 32 million in 2023.

 

Meanwhile, rental income increased by 7% YoY to SAR 173.5 million. In addition, the comparable period included derivative instrument losses of SAR 3.8 million, whereas no such losses were recorded in the current period.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 87.97 85.23 (3.1 %)
Funds from Operations(FFO) 37.94 29.81 (21.4 %)
Net Income 55.74 (3.38) (106.1 %)
No of shares 186.94 186.94 -
Operating EPS (Riyal) 0.20 0.16 (21.4 %)
EPS (Riyal) 0.30 (0.02) (106.1 %)

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 2,384.38 2,478.03 3.9 %
Total Debt 792.95 965.59 21.8 %
Net assets attributable to the Unitholders Item 1,533.22 1,454.16 (5.2 %)
Market value of net assets 1,619.97 1,535.04 (5.2 %)

Net market value of assets per unit reached SAR 7.78.

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