Taleem REIT’s H1 2022 FFO up 12% to SAR 23.8 mln, net profit down 10% to SAR 15 mln

25/08/2022 Argaam Exclusive
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Taleem REIT Fund posted a 10% drop in H1 2022 net profit to SAR 15 million (SAR 0.29 per unit), compared to SAR 16.7 million a year earlier.

 

Funds from operations (FFO) jumped 12% to SAR 23.8 million in the six-month period, from SAR 21.2 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 24.89 30.48 22.4 %
Funds from Operations(FFO) 21.24 23.81 12.1 %
Net Income 16.71 15.03 (10.1 %)
No of shares 51.00 51.00 -
Earnings Per Share before unusual items 0.33 0.29 (10.1 %)
Operating EPS (Riyals) 0.42 0.47 12.1 %
EPS (Riyals) 0.33 0.29 (10.1 %)

Despite higher revenue, the profit drop was attributed to an increase in the fund management fees and finance costs, and higher depreciation of real estate investments. Taleem REIT also cited higher provisions for impairment of real estate investments and increased Zakat.



Net asset value (NAV) stood at SAR 546.38 million by the end of H1 2022, while net book value per unit reached SAR 10.71.

 

The market value of assets stood at SAR 571.29 million as of June 30, 2022, with market value per unit at SAR 11.20.

Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 640.97 848.18 32.3 %
Total Debt 94.30 295.84 213.7 %
Net assets attributable to the Unitholders Item 542.26 546.38 0.8 %
Market value of net assets 546.57 571.29 4.5 %

Net asset value (NAV) stood at SAR 546.38 million by the end of H1 2022, while net book value per unit reached SAR 10.71.

 

The market value of assets stood at SAR 571.29 million as of June 30, 2022, with market value per unit at SAR 11.20.

 

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Share Price

Taleem REIT Fund
10.06
(0.14) (1.37 %)

Taleem REIT Fund (TALEEM REIT)

1 Day (1.37 %) 5 Days (1.37 %) 3 Months (1.76 %) 6 Months (13.87 %) Year (8.71 %) 2 Years (8.21 %) 5 Years (5.63 %) All (8.55 %)
Created with Highstock 6.0.710:1010:2010:3010:4010:5011:0011:1011:2011:3011:5012:1012:2012:3012:4013:0013:1013:3013:5014:1014:3014:4015:1092.592.759393.2593.593.759494.2594.594.75
Close : 93.60 | Apr 3, 15:11
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Financial Ratios
Current
Number of Units (Million) 51.00
Net Income/Unit ( Riyal) 0.64
Funds from operations/Unit ( Riyal) 0.76
P/E (X) (TTM) 15.78
Current Price/FFO (X) 13.28
Par Value ( Riyal) 10.00
Price/book 0.93
Asset Growth (%) (0.10 )
Revenue Growth (%) 1.8
Net Income Growth (%) (10.42 )
Adjusted P/E (Last12) (X) 15.78
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