Taleem REIT records SAR 38.6M FFO in 2024; net profit down 10% to SAR 32.5M

26/03/2025 Argaam Exclusive
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Taleem REIT Fund reported funds from operations (FFO) of SAR 38.6 million (SAR 0.76 per unit) for 2024, marginally down from SAR 38.9 million (SAR 0.76 per unit) a year earlier.



Financials (M)

Item 2023 2024 Change‬
Rental Income 66.40 67.56 1.8 %
Funds from Operations(FFO) 38.91 38.64 (0.7 %)
Net Income 36.30 32.52 (10.4 %)
No of shares 51.00 51.00 -
Earnings Per Share before unusual items 0.71 0.64 (10.4 %)
Operating EPS (Riyals) 0.76 0.76 (0.7 %)
EPS (Riyals) 0.71 0.64 (10.4 %)

Net profits declined by nearly 10% to SAR 32.5 million (SAR 0.64 per unit) in 2024, from SAR 36.3 million (SAR 0.71 per unit) in 2023.

 

This pullback was due to the lower reversal of impairment provisions for impairment in investment properties, amounting to SAR 51,600 in 2024, compared to a SAR 3.7 million provision reversal in 2023.



Interim Comparasion (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Rental Income 34.45 34.37 (0.2 %)
Funds from Operations(FFO) 20.20 19.80 (2.0 %)
Net Income 20.13 17.03 (15.4 %)
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.40 0.39 (2.0 %)
EPS (Riyals) 0.39 0.33 (15.4 %)

Additionally, financing costs (FCs) increased to SAR 23.3 million by the end of 2024, from SAR 22.6 million in the year before. Further, operating expenses (OpEx) appreciated to SAR 5.6 million in 2024, from SAR 4.9 million a year ago.

 

Offsetting these declines, rental income grew by 2% to SAR 67.6 million in 2024, and depreciation expenses for investment properties saw a slight annual decrease to SAR 6.2 million. Further, no Zakat expenses were recorded in the current period, compared to SAR 20,600 a year earlier.

 

Net asset value (NAV) stood at SAR 549.69 million by the end of 2024, while the net book value per unit reached SAR 10.78.

 

The market value of assets stood at SAR 803.77 million by the end of 2024, with a market value per unit at SAR 15.76.

Balance Sheet (Million)

Item 2023 2024 Change‬
Total Assets 858.63 857.76 (0.1 %)
Total Debt 297.31 298.26 0.3 %
Net assets attributable to the Unitholders Item 549.81 549.69 0.0 %
Market value of net assets 657.40 803.77 22.3 %

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Share Price

Taleem REIT Fund
10.20
0.12 1.19 %

Taleem REIT Fund (TALEEM REIT)

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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) 16.00
Current Price/FFO (X) 13.46
Par Value ( Riyal) 10.00
Price/book 0.95
Asset Growth (%) (0.10 )
Revenue Growth (%) 1.8
Net Income Growth (%) (10.42 )
Adjusted P/E (Last12) (X) 16.00
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