Income Statement SICO Capital - SICO Saudi REIT Fund

Stocks

4337

SA14DG523OL4

Specialized REITs

Market Closed - Saudi Arabian S.E. Other stock markets 05:50:00 06/08/2026 pm IST			5-day change	1st Jan Change
4.700 ^SAR	-1.26%		-1.26%	+16.34%

02/03	Al Aziziah REIT Fund to Amend Dividend Distribution Policy	MT
01/03	SICO Capital - SICO Saudi REIT Fund Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: SICO CAPITAL - SICO SAUDI REIT FUND

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	1.5Cr	3.68Cr	2Cr	1.77Cr	2.08Cr
Interest and Investment Income, Total (Revenue Block)	-	-	-	-	27.31T
Gain (Loss) on Sale of Investments, Total (Rev)	1L	-7L	3L	7L	2L
Other Revenues, Total	-	-	8L	-	2.24T
Total Revenues	1.52Cr	3.6Cr	2.1Cr	1.84Cr	2.1Cr
Property Expenses	-	-	-	-	-
Selling General & Admin Expenses, Total	-	-	-	-	24.86L
Depreciation & Amortization - (IS) - (Collected)	90.72L	97.06L	97.06L	97.33L	97.06L
Provision for Bad Debts	-	-	1.8Cr	-	3L
Other Operating Expenses	20.46L	1.91Cr	43.37L	29.07L	9L
Total Operating Expenses	1.11Cr	2.88Cr	3.2Cr	1.26Cr	1.34Cr
Operating Income (REIT / Utility Template)	40.6L	72.29L	-1.1Cr	57.46L	76.49L
Interest Expense, Total	-36.62L	-69.78L	-1.19Cr	-1.23Cr	-1.11Cr
Net Interest Expenses	-36.62L	-69.78L	-1.19Cr	-1.23Cr	-1.11Cr
Other Non Operating Income (Expenses)	-	1.75T	-	-	-65.89L
EBT, Excl. Unusual Items	4L	3L	-2.29Cr	-65.64L	-1Cr
Asset Writedown	6L	-8.36Cr	-2.93Cr	-11Cr	90.86L
EBT, Incl. Unusual Items	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Earnings From Continuing Operations	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Net Income to Company	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Net Income - (IS)	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Net Income to Common Incl Extra Items	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Net Income to Common Excl. Extra Items	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Per Share Items
Net EPS - Basic	0.02	-1.46	-0.91	-2.01	-0.02
Basic EPS - Continuing Operations	0.02	-1.46	-0.91	-2.01	-0.02
Basic Weighted Average Shares Outstanding	5.72Cr	5.72Cr	5.72Cr	5.72Cr	5.72Cr
Net EPS - Diluted	0.02	-1.46	-0.91	-2.01	-0.02
Diluted EPS - Continuing Operations	0.02	-1.46	-0.91	-2.01	-0.02
Diluted Weighted Average Shares Outstanding	5.72Cr	5.72Cr	5.72Cr	5.72Cr	5.72Cr
Normalized Basic EPS	0	0	-0.25	-0.07	-0.11
Normalized Diluted EPS	0	0	-0.25	-0.07	-0.11
Dividend Per Share	0.15	-	-	-	-
Payout Ratio	-	-10.3	-	-	-
Supplemental Items
EBITDA	1.31Cr	1.69Cr	-13.08L	1.55Cr	1.74Cr
EBITA	40.6L	72.29L	-1.1Cr	57.46L	76.49L
EBIT	40.6L	72.29L	-1.1Cr	57.46L	76.49L
EBITDAR	-	-	-	-	1.76Cr
Total Revenues (As Reported)	1.52Cr	3.6Cr	2.1Cr	1.84Cr	2.1Cr
Normalized Net Income	2L	2L	-1.43Cr	-41.02L	-62.6L
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	22.03L
Net Rental Expense, Total	-	-	-	-	3L
Imputed Operating Lease Interest Expense	-	-	-	-	2L
Imputed Operating Lease Depreciation	-	-	-	-	1L
Maintenance & Repair Expenses, Total	-	-	-	-	30.39T

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	67Cr	58Cr	56Cr	45Cr	46Cr
Accumulated Depreciation	-2.98Cr	-3.95Cr	-4.92Cr	-5.9Cr	-6.87Cr
Net Property Plant And Equipment	64Cr	55Cr	51Cr	39Cr	39Cr
Total Real Estate Assets	64Cr	55Cr	51Cr	39Cr	39Cr
Cash And Equivalents	1.1Cr	54.08L	34.21L	14.28L	67.64L
Accounts Receivable, Total	-	1.8Cr	-	4L	43.5T
Other Receivables	-	-	-	84.5L	16.37L
Other Current Assets, Total	4L	70.1L	61.61L	23.66L	2L
Trading Asset Securities, Total	41.39L	15.02L	1.18Cr	1.16Cr	-
Total Assets	65Cr	58Cr	53Cr	41Cr	40Cr
Liabilities
Short-Term Borrowings	15Cr	15Cr	15Cr	15Cr	15Cr
Accrued Expenses, Total	4L	1.7Cr	15.3L	10L	8L
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	3.26T	5.41T	1.6Cr	1.6Cr	7L
Unearned Revenue Non Current	14.12L	-	21.54L	24.63L	25.81L
Total Liabilities	15Cr	17Cr	17Cr	17Cr	15Cr
Common Stock, Total	50Cr	41Cr	36Cr	24Cr	24Cr
Retained Earnings	-	-	-	-	-
Total Common Equity	50Cr	41Cr	36Cr	24Cr	24Cr
Total Equity	50Cr	41Cr	36Cr	24Cr	24Cr
Total Liabilities And Equity	65Cr	58Cr	53Cr	41Cr	40Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	5.72Cr	5.72Cr	5.72Cr	5.72Cr	5.72Cr
ECS Total Common Shares Outstanding	5.72Cr	5.72Cr	5.72Cr	5.72Cr	5.72Cr
Book Value / Share	8.77	7.17	6.25	4.25	4.23
Tangible Book Value	50Cr	41Cr	36Cr	24Cr	24Cr
Tangible Book Value Per Share	8.77	7.17	6.25	4.25	4.23
Total Debt	15Cr	15Cr	15Cr	15Cr	15Cr
Net Debt	14Cr	14Cr	13Cr	14Cr	14Cr
Debt Equivalent Oper. Leases	-	-	-	-	22.63L
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	38Cr	38Cr	38Cr	38Cr	38Cr
Buildings, Total	29Cr	20Cr	17Cr	6.55Cr	7.46Cr
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	3L

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	10L	-8.34Cr	-5.22Cr	-11Cr	-9L
Depreciation, Depletion & Amortization	90.72L	97.06L	97.06L	97.33L	97.06L
Total Depreciation, Depletion & Amortization	90.72L	97.06L	97.06L	97.33L	97.06L
(Gain) Loss on Sale of Investments - (CF)	-1L	7L	-3L	-7L	-2L
Total Asset Writedown	-6L	8.36Cr	2.93Cr	11Cr	-90.86L
Provision and Write-off of Bad Debts	-	-	-	-	3L
Change in Accounts Receivable	6L	-1.94Cr	-	-4L	1L
Change in Unearned Revenues	14.12L	-	21.54L	3L	1L
Change in Other Net Operating Assets (Collected)	-15Cr	97.64L	13.29L	-51.86L	-2.39Cr
Other Operating Activities	36.62L	69.78L	2.98Cr	1.23Cr	1.74Cr
Cash from Operations	-13Cr	80.58L	1.99Cr	94.78L	-65.22L
Acquisition of Real Estate Assets, Total	-	-	-	-	-
Net Sale / Acquisition of Real Estate Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-35L	26.9L	-1Cr	8L	1.18Cr
Other Investing Activities, Total	-	-	-	-	27.31T
Cash from Investing	-35L	26.9L	-1Cr	8L	1.19Cr
Short Term Debt Issued, Total	15Cr	-	-	-	-
Total Debt Issued	15Cr	-	-	-	-
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-85.86L	-	-	-
Common & Preferred Stock Dividends Paid	-	-85.86L	-	-	-
Other Financing Activities, Total	-33.42L	-77.68L	-1.19Cr	-1.23Cr	-
Cash from Financing	15Cr	-1.64Cr	-1.19Cr	-1.23Cr	-
Miscellaneous Cash Flow Adjustments	-	-1	-	-	-
Net Change in Cash	96.83L	-56.06L	-19.87L	-19.93L	53.36L
Supplemental Items
Cash Interest Paid	33.42L	77.68L	1.19Cr	1.23Cr	-
Net Debt Issued / Repaid	15Cr	-	-	-	-
Levered Free Cash Flow	1.04Cr	16.59L	1.47Cr	20.97T	14.74L
Unlevered Free Cash Flow	1.27Cr	60.21L	2.21Cr	77.14L	83.97L
Change In Net Working Capital	-10.92L	82.04L	-1.93Cr	56.1L	60.9L

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.44	0.73	-1.25	0.76	1.18
Return on Total Capital	0.44	0.75	-1.29	0.8	1.22
Return On Equity %	0.2	-18.28	-13.6	-38.24	-0.38
Return on Common Equity	0.2	-18.28	-13.6	-38.24	-0.38
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	-	-	-	-	11.84
EBITDA Margin %	86.52	46.98	-6.23	84.19	82.64
EBITA Margin %	26.75	20.05	-52.46	31.25	36.42
EBIT Margin %	26.75	20.05	-52.46	31.25	36.42
Income From Continuing Operations Margin %	6.47	-231.32	-248.76	-625.08	-4.43
Net Income Margin %	6.47	-231.32	-248.76	-625.08	-4.43
Net Avail. For Common Margin %	6.47	-231.32	-248.76	-625.08	-4.43
Normalized Net Income Margin	1.64	0.44	-68.14	-22.31	-29.81
Levered Free Cash Flow Margin	68.61	4.6	69.99	0.11	7.02
Unlevered Free Cash Flow Margin	83.68	16.7	105.34	41.96	39.98
Asset Turnover
Asset Turnover	0.03	0.06	0.04	0.04	0.05
Fixed Assets Turnover	0.03	0.06	0.04	0.04	0.05
Receivables Turnover (Average Receivables)	-	-	-	-	88.77
Short Term Liquidity
Current Ratio	0.1	0.19	0.13	0.15	0.06
Quick Ratio	0.1	0.15	0.09	0.13	0.06
Operating Cash Flow to Current Liabilities	-0.89	0.05	0.12	0.06	-0.04
Days Sales Outstanding (Average Receivables)	-	-	-	-	4.11
Long Term Solvency
Total Debt/Equity	29.91	36.54	41.87	61.67	61.91
Total Debt / Total Capital	23.03	26.76	29.51	38.15	38.24
Total Liabilities / Total Assets	23.24	28.93	32.14	41.07	38.88
EBIT / Interest Expense	1.11	1.04	-0.93	0.47	0.69
EBITDA / Interest Expense	3.59	2.43	-0.11	1.26	1.57
(EBITDA - Capex) / Interest Expense	3.59	2.43	-0.11	1.26	1.57
Total Debt / EBITDA	11.44	8.85	-114.58	9.68	8.64
Net Debt / EBITDA	10.28	8.44	-102.98	8.84	8.25
Total Debt / (EBITDA - Capex)	11.44	8.85	-114.58	9.68	8.64
Net Debt / (EBITDA - Capex)	10.28	8.44	-102.98	8.84	8.25
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	93.87	137.5	-41.76	-12.44	14.24
Gross Profit, 1 Yr. Growth %	127.8	137.5	-41.76	-12.44	14.24
EBITDA, 1 Yr. Growth %	146.7	28.96	-107.72	-1.28T	9.89
EBITA, 1 Yr. Growth %	-354.46	78.06	-252.33	-152.16	26.22
EBIT, 1 Yr. Growth %	-354.46	78.06	-252.33	-152.16	26.22
Earnings From Cont. Operations, 1 Yr. Growth %	-101.78	-8.59T	-37.36	120.02	-99.19
Net Income, 1 Yr. Growth %	-101.78	-8.59T	-37.36	120.02	-99.19
Diluted EPS Before Extra, 1 Yr. Growth %	-101.78	-8.59T	-37.36	120.02	-99.19
Normalized Net Income, 1 Yr. Growth %	-124.95	-36.58	-9.17T	-71.33	52.6
Net Property, Plant and Equip., 1 Yr. Growth %	28.18	-14.62	-7.16	-23.33	-0.16
Accounts Receivable, 1 Yr. Growth %	-	-	-	-	-89.75
Total Assets, 1 Yr. Growth %	30.4	-11.78	-8.59	-21.83	-3.94
Common Equity, 1 Yr. Growth %	0.2	-18.32	-12.73	-32.1	-0.38
Tangible Book Value, 1 Yr. Growth %	0.2	-18.32	-12.73	-32.1	-0.38
Cash From Operations, 1 Yr. Growth %	-4.72T	-106.04	123.45	-52.34	130.39
Levered Free Cash Flow, 1 Yr. Growth %	197.06	-84.54	785.22	-99.86	577.61
Unlevered Free Cash Flow, 1 Yr. Growth %	262.35	-53.77	267.32	-65.12	6.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-37.57	114.58	17.61	-28.59	0.01
Gross Profit, 2 Yr. CAGR %	-32.32	132.6	17.61	-28.59	0.01
EBITDA, 2 Yr. CAGR %	-35.28	78.36	-68.44	-4.4	264.24
EBITA, 2 Yr. CAGR %	-59.24	112.86	64.71	-10.86	-16.66
EBIT, 2 Yr. CAGR %	-59.24	112.86	64.71	-10.86	-16.66
Earnings From Cont. Operations, 2 Yr. CAGR %	-79.95	23.09	629.14	17.4	-86.66
Net Income, 2 Yr. CAGR %	-79.95	23.09	629.14	17.4	-86.66
Diluted EPS Before Extra, 2 Yr. CAGR %	-	23.09	629.16	17.39	-86.66
Normalized Net Income, 2 Yr. CAGR %	-87.24	-60.22	658.35	409.91	-33.85
Net Property, Plant and Equip., 2 Yr. CAGR %	6.92	4.61	-10.97	-15.63	-12.51
Accounts Receivable, 2 Yr. CAGR %	-	440.44	-	-84.63	-
Total Assets, 2 Yr. CAGR %	6.31	7.26	-10.2	-15.47	-13.34
Common Equity, 2 Yr. CAGR %	-6.7	-9.53	-15.57	-23.03	-17.76
Tangible Book Value, 2 Yr. CAGR %	-6.7	-9.53	-15.57	-23.03	-17.76
Cash From Operations, 2 Yr. CAGR %	106.41	66.99	-61.38	3.2	-42.74
Levered Free Cash Flow, 2 Yr. CAGR %	-43.35	-31.2	17.01	-88.76	-68.33
Unlevered Free Cash Flow, 2 Yr. CAGR %	-37.43	31.05	30.33	13.18	-38.39
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-27.37	-2.54	38.93	6.6	-16.48
Gross Profit, 3 Yr. CAGR %	-23.39	2.85	46.61	6.6	-16.48
EBITDA, 3 Yr. CAGR %	-25.34	-18.56	-37.36	5.63	0.82
EBITA, 3 Yr. CAGR %	-45.18	-33.37	90.41	12.27	1.89
EBIT, 3 Yr. CAGR %	-45.18	-33.37	90.41	12.27	1.89
Earnings From Cont. Operations, 3 Yr. CAGR %	-65.84	50.55	-1.73	389.06	-77.66
Net Income, 3 Yr. CAGR %	-65.84	50.55	-1.73	389.06	-77.66
Diluted EPS Before Extra, 3 Yr. CAGR %	-65.84	-	-1.73	389.07	-77.66
Normalized Net Income, 3 Yr. CAGR %	-74.72	-78.22	142.99	154.53	241.07
Net Property, Plant and Equip., 3 Yr. CAGR %	4.14	-0.8	0.53	-15.3	-10.76
Accounts Receivable, 3 Yr. CAGR %	-	223.5	-	-	-86.57
Total Assets, 3 Yr. CAGR %	3.86	-0.1	1.69	-14.26	-11.79
Common Equity, 3 Yr. CAGR %	-4.81	-10.74	-10.61	-21.49	-16.12
Tangible Book Value, 3 Yr. CAGR %	-4.81	-10.74	-10.61	-21.49	-16.12
Cash From Operations, 3 Yr. CAGR %	59.98	-36.39	90.22	-58.58	-9.85
Levered Free Cash Flow, 3 Yr. CAGR %	-	-62.88	61.25	-87.5	-3.88
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-42.96	84.79	-16.01	11.72
Dividend Per Share, 3 Yr. CAGR %	-33.93	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-11.93	-13.94	21.82
Gross Profit, 5 Yr. CAGR %	-	-	-9.06	-11.11	25.81
EBITDA, 5 Yr. CAGR %	-	-	-47.09	-13.17	26.66
EBITA, 5 Yr. CAGR %	-	-	-14.87	-25.14	36.82
EBIT, 5 Yr. CAGR %	-	-	-14.87	-25.14	36.82
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	16.22	36.29	-55.79
Net Income, 5 Yr. CAGR %	-	-	16.22	36.29	-55.79
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	16.22	-	-55.79
Normalized Net Income, 5 Yr. CAGR %	-	-	-1.46	-23.12	44.4
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-2.19	-7.02	-4.9
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-4.38	-41.13
Total Assets, 5 Yr. CAGR %	-	-	-2.01	-6.56	-4.61
Common Equity, 5 Yr. CAGR %	-	-	-9.27	-15.88	-13.54
Tangible Book Value, 5 Yr. CAGR %	-	-	-9.27	-15.88	-13.54
Cash From Operations, 5 Yr. CAGR %	-	-	-9.4	-21.25	17.68
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-76.98	-15.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-24.97	19.09