Financial Results : SEDCO Capital REIT records SAR 29.8M FFO, SAR 4.4M loss in H1 2025

SEDCO Capital REIT records SAR 29.8M FFO, SAR 4.4M loss in H1 2025

11/08/2025 Argaam Exclusive

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SEDCO Capital REIT Fund turned to losses of SAR 4.4 million (SAR -0.02 per unit) in H1 2025, against net earnings of SAR 17.8 million (SAR 0.10 per unit) in the first half last year.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Rental Income 88.31 89.36 1.2 %
Funds from Operations(FFO) 39.61 29.80 (24.8 %)
Net Income 17.79 (4.37) (124.6 %)
No of shares 186.94 186.94 -
Earnings Per Share before unusual items (Riyals) 0.10 (0.02) (124.6 %)
Operating EPS (Riyal) 0.21 0.16 (24.8 %)
EPS (Riyal) 0.10 (0.02) (124.6 %)

Its funds from operations (FFO) shrank 17% to SAR 29.8 million (SAR 0.16 per unit) for the same period, compared to SAR 39.6 million (SAR 0.21 per unit) in H1 2024.

 

The swing to losses was attributed to a higher provision for impairment on investment properties of SAR 22 million in H1 2025, compared to none a year earlier. This is alongside the increase in financing costs to SAR 39.6 million for the same period.

 

The fund also recorded a SAR 3 million impairment provision for accrued rent during the first six months of this year, versus none in H1 2024.

 

This came despite elevated rental income for H1 2025. Additionally, the six-month Murabaha income surged to SAR 5.2 million, from SAR 998,000 a year earlier.



Balance Sheet (Million)

Item 6m 2024 6m 2025 Change‬
Total Assets 2,369.29 3,342.03 41.1 %
Total Debt 794.87 1,680.37 111.4 %
Net assets attributable to the Unitholders Item 1,527.64 1,426.42 (6.6 %)
Market value of net assets 1,631.99 1,546.41 (5.2 %)

SEDCO Capital REIT’s net book value per unit stood at SAR 7.63 as of June 30, 2025, while the market value of assets per unit reached SAR 8.27.

 

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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 %)
H1 2025 89.36 1.2 % 29.80 (24.8 %) (4.37) (124.6 %)

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 %)
H1 2025 3,342.03 41.1 % 1,680.37 111.4 % 1,426.42 (6.6 %) 1,546.41 (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
H1 2025 0.16 (0.02) 7.63 8.27


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 0.86
Asset Growth (%) 41.1
Revenue Growth (%) (0.96 )
Net Income Growth (%) (110.54 )
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Share Price

SEDCO CAPITAL REIT Fund
6.59
0.16 2.49 %

SEDCO CAPITAL REIT Fund (SEDCO CAPITAL REIT)

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