SICO Saudi REIT Fund swung to a net profit of SAR 22.2 million in the first half of 2022 (SAR 0.39 per unit), against a net loss of SAR 6 million a year earlier.
Funds from operations (FFO) reached SAR 14.3 million in the six-month period, from SAR 4.7 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 6.77 | 18.25 | 169.4 % |
| Funds from Operations(FFO) | 4.72 | 14.27 | 202.2 % |
| Net Income | (5.98) | 22.19 | 471.1 % |
| No of shares | 57.24 | 57.24 | - |
| Operating EPS (Riyals) | 0.08 | 0.25 | 202.2 % |
| EPS (Riyals) | (0.10) | 0.39 | 471.1 % |
The positive results were attributed to a 169% year-on-year (YoY) surge in rental income. The fund recorded a reversal of SAR 12.7 million in impairment of intangible assets, against a provision of -SAR 6.5 million in H1 2021.
The profit rise came despite an 84% increase in finance costs.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 549.72 | 672.80 | 22.4 % |
| Total Debt | - | 150.41 | - |
| Net assets attributable to the Unitholders Item | 549.07 | 515.76 | (6.1 %) |
| Market value of net assets | 549.07 | 515.76 | (6.1 %) |
Net asset value (NAV) stood at SAR 515.76 million by the end of H1 2022, while net book value per unit reached SAR 9.01.
The market value of assets also reached SAR 515.76 million.
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