Taleem REIT Fund posts FFO of SAR 43.2 mln, net profit of SAR 39.5 mln in 2021

Taleem REIT Fund posts FFO of SAR 43.2 mln, net profit of SAR 39.5 mln in 2021

31/03/2022 Argaam Exclusive

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Taleem REIT Fund posted a net profit of SAR 39.5 million (SAR 0.77 per unit) for 2021, an increase of 11%, compared to SAR 35.5 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 43.2 million in 2021, a rise of 2%, compared with SAR 42.5 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 48.71 50.63 4.0 %
Funds from Operations(FFO) 42.54 43.24 1.6 %
Net Income 35.50 39.46 11.1 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.83 0.85 1.6 %
EPS (Riyals) 0.70 0.77 11.1 %

The profit was attributed to a 4% rise in lease revenues, as well as achieving gains from reversing impairment provision for real estate investments, at a value of SAR 2.2 million, compared to registering SAR 2.2 million impairment provisions for real estate investments in the year-ago period.

 

This came despite the increase in financing costs by about SAR 1 million.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 25.97 25.75 (0.8 %)
Funds from Operations(FFO) 22.22 22.01 (1.0 %)
Net Income 20.27 22.75 12.2 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.44 0.43 (1.0 %)
EPS (Riyals) 0.40 0.45 12.2 %

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 634.04 646.97 2.0 %
Total Debt 94.32 94.30 0.0 %
Net assets attributable to the Unitholders Item 533.71 546.65 2.4 %
Market value of net assets 544.18 561.02 3.1 %

Net asset value (NAV) in 2021 stood at SAR 546.7 million, while net book value per unit reached SAR 10.72.

 

The full-year market value of assets stood at SAR 561 million, with market value per unit at SAR 11.

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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 %
2021 50.63 4.0 % 43.24 1.6 % 39.46 11.1 %

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 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2021 21.35 18.17
Q4 2021 15.90 14.51

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


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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