SEDCO Capital REIT Fund (4344.SR) Q2 2024 Earnings Report

Executive Summary

QQ2 2024 marked a solid quarter for SEDCO Capital REIT Fund. Revenue rose to SAR 89.31 million, up 18.4% year-over-year and 100% quarter-over-quarter versus Q1 2024, reflecting continued rental income and portfolio stability. Gross profit reached SAR 63.01 million, yielding a gross margin of 70.56%, with EBITDA of SAR 71.67 million and an EBITDA margin of 80.25%, underscoring strong operating leverage within the diversified Saudi REIT portfolio. Operating income was SAR 54.58 million (operating margin 61.12%), while net income stood at SAR 17.79 million, translating to a net margin of 19.92% and EPS of SAR 0.095. The company generated substantial operating cash flow (SAR 52.86 million) and free cash flow (SAR 52.34 million), supporting a cash-generative profile even after capital expenditure.

Key Performance Indicators

Revenue

89.31M

QoQ: 100.00% | YoY:18.35%

Gross Profit

63.02M

70.56% margin

QoQ: 56.00% | YoY:28.39%

Operating Income

54.58M

QoQ: 52.32% | YoY:30.73%

Net Income

17.79M

QoQ: 100.00% | YoY:180.22%

EPS

0.10

QoQ: 100.00% | YoY:179.33%

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Revenue: SAR 89,307,162 in QQ2 2024, YoY +18.35%, QoQ +100.00% from SAR 44,653,581 in QQ1 2024. Gross Profit: SAR 63,015,778, Gross Margin: 70.56% (YoY +28.39%, QoQ +56.00%). Operating Income: SAR 54,584,845, Operating Margin: 61.12% (YoY +30.73%, QoQ +52.32%). Net Income: SAR 17,788,429, Net Margin: 19.92% (YoY +180.22%, QoQ +100.00%). EPS: SAR 0.0952, Diluted EPS: SAR 0.0952 (YoY +179.33%, QoQ +100.00%). Cash Flow: Net cash from operating activities SAR 52,856,600; Free cash flow SAR 52,341,860. Balance sheet: Total assets SAR 2,369,285,073; Total liabilities SAR 841,646,130; Long-term debt SAR 784,121,949; Net debt SAR 790,194,973; Total equity SAR 1,527,638,943. Key liquidity/ratio metrics: Current ratio 2.33; Cash ratio 0.0813; Debt to equity 0.520; Debt to capitalization 0.342; Dividends paid SAR 27,215,743; Dividend payout ratio 1.53x; Free Cash Flow to OCF ratio 0.99; Dividend paid and capex coverage ratio 1.906x; Dividend yield 1.89%.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	89.31M	18.35%	100.00%
Gross Profit	63.02M	28.39%	56.00%
Operating Income	54.58M	30.73%	52.32%
Net Income	17.79M	180.22%	100.00%
EPS	0.10	179.33%	100.00%

Key Financial Ratios

currentRatio

2.33

grossProfitMargin

70.6%

operatingProfitMargin

61.1%

netProfitMargin

19.9%

returnOnAssets

0.75%

returnOnEquity

1.16%

debtEquityRatio

0.52

operatingCashFlowPerShare

$0.28

freeCashFlowPerShare

$0.28

dividendPayoutRatio

153%

priceToBookRatio

0.94

priceEarningsRatio

20.2

Net Income vs. Revenue

Expense Breakdown

Competitive Position

Company	Gross Margin	Operating Margin	Return on Equity	P/E Ratio
4344.SR Focus	70.56%	61.10%	1.16%	20.20%
4339.SR	91.00%	84.20%	1.35%	14.03%
4330.SR	66.00%	18.80%	0.41%	48.00%
4348.SR	84.90%	84.30%	4.47%	4.61%
4342.SR	89.50%	51.00%	0.65%	45.56%

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2025	94.59	-0.02	+111.8%	View
Q4 2024	87.41	-0.02	+93.5%	View
Q2 2024	89.31	0.10	+18.4%	View
Q1 2024	44.65	0.05	+23.8%	View

SEDCO Capital REIT Fund (4344.SR) Q2 2024 Earnings Report

Earnings Highlights

SEDCO Capital REIT Fund (4344.SR) QQ2 2024 Results – Revenue Growth, Robust Free Cash Flow and Sustainable Dividend Capacity

Executive Summary

Key Performance Indicators

Revenue

Gross Profit

Operating Income

Net Income

EPS

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Income Statement

Key Financial Ratios

Net Income vs. Revenue

Expense Breakdown

Management Commentary

Forward Guidance

Competitive Position

Gross Profit Margin

Operating Profit Margin

Return on Equity

P/E Ratio Comparison

Investment Outlook

Key Investment Factors

Growth Potential

Profitability Risk

Financial Position

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Historical Earnings Comparison

SEDCO Capital REIT Fund (4344.SR) Q2 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue

Gross Profit

Operating Income

Net Income

EPS

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Income Statement

Key Financial Ratios

Net Income vs. Revenue

Expense Breakdown

Management Commentary

Forward Guidance

Competitive Position

Gross Profit Margin

Operating Profit Margin

Return on Equity

P/E Ratio Comparison

Investment Outlook

Key Investment Factors

Growth Potential

Profitability Risk

Financial Position

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Historical Earnings Comparison

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