Taleem REIT posts SAR 42.5 mln FFO, SAR 35.5 mln net profit in 2020

Taleem REIT posts SAR 42.5 mln FFO, SAR 35.5 mln net profit in 2020

30/03/2021 Argaam Exclusive

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Taleem REIT Fund reported a net profit of SAR 35.5 million (SAR 0.7/unit) for 2020, a decline of 4% from SAR 36.9 million a year earlier.

 

Funds from operations (FFO) rose 5% to SAR 42.5 million in 2020 from SAR 40.7 million in 2019.

 

The profit drop was attributed to an increase of 28% year-on-year (YoY) in operating expenses and a rise of SAR 1.2 million in finance costs. The fund reported real estate investment impairment of SAR 2.19 million in 2020, an increase in real estate investments depreciation, along with higher Zakat and taxes.



Financials (M)

Item 2019 2020 Change‬
Rental Income 45.50 48.71 7.1 %
Funds from Operations(FFO) 40.68 42.54 4.6 %
Net Income 36.87 35.50 (3.7 %)
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.80 0.83 4.6 %
EPS (Riyals) 0.72 0.70 (3.7 %)


Interim Comparasion (M)

Compared With The
Item H2 2019 H2 2020 Change‬
Rental Income 22.76 25.97 14.1 %
Funds from Operations(FFO) 20.27 22.22 9.6 %
Net Income 17.60 20.27 15.1 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.40 0.44 9.6 %
EPS (Riyals) 0.35 0.40 15.1 %

Balance Sheet (Million)

Item 2019 2020 Change‬
Total Assets 535.50 634.04 18.4 %
Total Debt - 94.32 -
Net assets attributable to the Unitholders Item 530.85 533.71 0.5 %
Market value of net assets 538.83 544.18 1.0 %

Net asset value (NAV) stood at SAR 533.7 million, while the NAV per unit reached SAR 10.5 during the year.

 

The market value of assets reached SAR 544.2 million, with per unit market value stood at SAR 10.7.



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 %
2020 48.71 7.1 % 42.54 4.6 % 35.50 (3.7 %)

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 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
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

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


Financial Ratios
Current
Number of Units (Million) 51.00
Net Income/Unit ( Riyal) 0.70
Funds from operations/Unit ( Riyal) 0.77
P/E (X) (TTM) 15.66
Current Price/FFO (X) 14.29
Par Value ( Riyal) 10.00
Price/book 1.02
Asset Growth (%) (0.89 )
Revenue Growth (%) 5.8
Net Income Growth (%) 3.9
Adjusted P/E (Last12) (X) 15.66
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Share Price

Taleem REIT Fund
10.94
(0.04) (0.36 %)

Taleem REIT Fund (TALEEM REIT)

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