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

26/03/2025 Argaam Exclusive

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
10.06
(0.06) (0.59 %)

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) 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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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 2.04 - 1.77 - 1.77 -
H2 2017 12.24 - 10.83 - 10.84 -
H1 2018 12.22 499.8 % 10.85 512.2 % 10.86 512.5 %
H2 2018 17.60 43.7 % 15.58 43.9 % 15.01 38.5 %
H1 2019 22.74 86.0 % 20.41 88.0 % 19.27 77.5 %
H2 2019 22.76 29.3 % 20.27 30.1 % 17.60 17.2 %
H1 2020 22.74 0.0 % 20.32 (0.4 %) 15.23 (20.9 %)
H2 2020 25.97 14.1 % 22.22 9.6 % 20.27 15.1 %
H1 2021 24.89 9.4 % 21.24 4.5 % 16.71 9.7 %
H2 2021 25.75 (0.8 %) 22.01 (1.0 %) 22.75 12.2 %
H1 2022 30.48 22.4 % 23.81 12.1 % 15.03 (10.1 %)
H2 2022 31.97 24.2 % 21.72 (1.3 %) 18.13 (20.3 %)
H1 2023 31.95 4.8 % 18.71 (21.4 %) 16.17 7.6 %
H2 2023 34.45 7.8 % 20.20 (7.0 %) 20.13 11.1 %
H1 2024 33.19 3.9 % 18.85 0.8 % 15.49 (4.2 %)
H2 2024 34.37 (0.2 %) 19.80 (2.0 %) 17.03 (15.4 %)
2024 67.56 1.8 % 38.64 (0.7 %) 32.52 (10.4 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2017 286.52 - - - 286.77 - 287.21 -
H2 2017 299.95 - - - 293.34 - 290.13 -
H1 2018 296.50 3.5 % - - 295.08 2.9 % 295.08 2.7 %
H2 2018 533.08 77.7 % - - 526.61 79.5 % 532.26 83.5 %
H1 2019 537.26 81.2 % - - 528.75 79.2 % 537.83 82.3 %
H2 2019 535.50 0.5 % - - 530.85 0.8 % 538.83 1.2 %
H1 2020 646.74 20.4 % 98.90 - 529.76 0.2 % 539.32 0.3 %
H2 2020 634.04 18.4 % 94.32 - 533.71 0.5 % 544.18 1.0 %
H1 2021 640.97 (0.9 %) 94.30 (4.7 %) 542.26 2.4 % 546.57 1.3 %
H2 2021 646.97 2.0 % 94.30 0.0 % 546.65 2.4 % 561.02 3.1 %
H1 2022 848.18 32.3 % 295.84 213.7 % 546.38 0.8 % 571.29 4.5 %
H2 2022 854.04 32.0 % 297.61 215.6 % 546.15 (0.1 %) 550.35 (1.9 %)
H1 2023 864.97 2.0 % 298.19 0.8 % 546.00 (0.1 %) 560.01 (2.0 %)
H2 2023 858.63 0.5 % 297.31 (0.1 %) 549.81 0.7 % 657.40 19.5 %
H1 2024 857.25 (0.9 %) 297.63 (0.2 %) 548.98 0.5 % 791.05 41.3 %
H2 2024 857.76 (0.1 %) 298.26 0.3 % 549.69 0.0 % 803.77 22.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 48.89 27.34
Q2 2018 25.38 14.20
Q4 2018 20.18 19.76
Q2 2019 15.20 14.48
Q4 2019 17.26 15.65
Q2 2020 17.95 14.52
Q4 2020 18.50 15.44
Q2 2021 21.35 18.17
Q4 2021 15.90 14.51
Q2 2022 15.96 13.16
Q4 2022 18.15 13.22
Q2 2023 16.80 14.26
Q4 2023 15.90 14.84
Q2 2024 15.43 14.08
Q4 2024 16.06 13.51

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 0.06 0.06 10.06 10.08
H2 2017 0.38 0.38 10.29 10.31
H1 2018 0.38 0.38 10.35 10.35
H2 2018 0.31 0.29 10.33 10.44
H1 2019 0.40 0.38 10.37 10.55
H2 2019 0.40 0.35 10.41 10.57
H1 2020 0.40 0.30 10.39 10.57
H2 2020 0.44 0.40 10.46 10.67
H1 2021 0.42 0.33 10.63 10.72
H2 2021 0.43 0.45 10.72 11.00
H1 2022 0.47 0.29 10.71 11.20
H2 2022 0.43 0.36 10.71 10.79
H1 2023 0.37 0.32 10.71 10.98
H2 2023 0.40 0.39 10.78 12.89
H1 2024 0.37 0.30 10.76 15.51
H2 2024 0.39 0.33 10.78 15.76

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