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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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 %)
H2 2023 87.97 24.5 % 37.94 15.7 % 55.74 62.3 %
H1 2024 88.31 19.6 % 39.61 27.2 % 17.79 180.2 %
H2 2024 85.23 (3.1 %) 29.81 (21.4 %) (3.38) (106.1 %)
2024 173.53 7.3 % 69.42 0.5 % 14.41 (57.1 %)

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 %
H2 2023 2,384.38 29.3 % 792.95 (0.2 %) 1,533.22 53.7 % 1,619.97 56.9 %
H1 2024 2,369.29 (1.1 %) 794.87 (0.2 %) 1,527.64 (1.9 %) 1,631.99 1.1 %
H2 2024 2,478.03 3.9 % 965.59 21.8 % 1,454.16 (5.2 %) 1,535.04 (5.2 %)

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
H2 2023 0.20 0.30 8.20 8.67
H1 2024 0.21 0.10 8.17 8.73
H2 2024 0.16 (0.02) 7.78 8.21


Financial Ratios
Current
Number of Units (Million) 186.94
Net Income/Unit ( Riyal) (0.04 )
Funds from operations/Unit ( Riyal) 0.32
Par Value ( Riyal) 10.00
Price/book 0.85
Asset Growth (%) 41.1
Revenue Growth (%) (0.96 )
Net Income Growth (%) (110.54 )
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Share Price

SEDCO CAPITAL REIT Fund
6.45
(0.12) (1.83 %)

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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