Taleem REIT posts FFO of SAR 45.5 mln, net profit of SAR 33.2 mln in 2022

30/03/2023 Argaam Exclusive

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Taleem REIT Fund recorded a 16% fall in 2022 net profit to SAR 33.2 million (SAR 0.65 per unit), compared to SAR 39.5 million (SAR 0.77 per unit) a year earlier.

Financials (M)

Item	2021	2022	Change‬
Rental Income	50.63	62.45	23.3 %
Funds from Operations(FFO)	43.24	45.53	5.3 %
Net Income	39.46	33.16	(16.0 %)
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.85	0.89	5.3 %
EPS (Riyals)	0.77	0.65	(16.0 %)

Funds from operations (FFO) grew by 5% to SAR 45.5 million in 2022, from SAR 43.2 million in 2021.

The lower profit was attributed to higher finance cost and depreciation of real estate investments.

The fund allocated a SAR 3.8 million provision for impairment of real estate investments in 2022, compared to a reversal of impairment provision of SAR 2.2 million a year earlier. Higher Zakat and tax also weighed on the annual results despite a rise in rental income.

Net asset value (NAV) stood at SAR 546.15 million by the end of 2022, while net book value per unit reached SAR 10.71.

The market value of assets stood at SAR 574.17 million as of Dec. 31, 2022, with market value per unit at SAR 11.26.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	25.75	31.97	24.2 %
Funds from Operations(FFO)	22.01	21.72	(1.3 %)
Net Income	22.75	18.13	(20.3 %)
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.43	0.43	(1.3 %)
EPS (Riyals)	0.45	0.36	(20.3 %)

Item	H1 2022	H2 2022	Change‬
Rental Income	30.48	31.97	4.9 %
Funds from Operations(FFO)	23.81	21.72	(8.8 %)
Net Income	15.03	18.13	20.6 %
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.47	0.43	(8.8 %)
EPS (Riyals)	0.29	0.36	20.6 %

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	646.97	854.04	32.0 %
Total Debt	94.30	297.61	215.6 %
Net assets attributable to the Unitholders Item	546.65	546.15	(0.1 %)
Market value of net assets	561.02	550.35	(1.9 %)

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	-
2017	14.28	-	12.60	-	12.61	-
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 %
2018	29.82	108.8 %	26.43	109.8 %	25.87	105.1 %
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 %
2019	45.50	52.6 %	40.68	53.9 %	36.87	42.5 %
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 %)
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 %
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 %)
2022	62.45	23.3 %	45.53	5.3 %	33.16	(16.0 %)

Period	Rental Income	Change	Funds from Operations(FFO)	Change	Net Income	Change
2017	14.28	-	12.60	-	12.61	-
2018	29.82	108.8 %	26.43	109.8 %	25.87	105.1 %
2019	45.50	52.6 %	40.68	53.9 %	36.87	42.5 %
2020	48.71	7.1 %	42.54	4.6 %	35.50	(3.7 %)
2021	50.63	4.0 %	43.24	1.6 %	39.46	11.1 %
2022	62.45	23.3 %	45.53	5.3 %	33.16	(16.0 %)

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 %)

Period	Total Assets	Change	Total Debt	Change	Net assets attributable to the Unitholders Item	Change	Market value of net assets	Change
2017	299.95	-	-	-	293.34	-	290.13	-
2018	533.08	77.7 %	-	-	526.61	79.5 %	532.26	83.5 %
2019	535.50	0.5 %	-	-	530.85	0.8 %	538.83	1.2 %
2020	634.04	18.4 %	94.32	-	533.71	0.5 %	544.18	1.0 %
2021	646.97	2.0 %	94.30	0.0 %	546.65	2.4 %	561.02	3.1 %
2022	854.04	32.0 %	297.61	215.6 %	546.15	(0.1 %)	550.35	(1.9 %)

Multiple Ratios (End of Period Price)

Compared With The

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
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
Q2 2022	15.96	13.16
Q4 2022	18.15	13.22

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	48.89	27.34
2018	20.18	19.76
2019	17.26	15.65
2020	18.50	15.44
2021	15.90	14.51
2022	18.15	13.22

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

Period	Operating EPS	EPS	Book Value	Market Value
2017	0.44	0.44	10.29	10.31
2018	0.52	0.51	10.33	10.44
2019	0.80	0.72	10.41	10.57
2020	0.83	0.70	10.46	10.67
2021	0.85	0.77	10.72	11.00
2022	0.89	0.65	10.71	10.79

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

Taleem REIT Fund (TALEEM REIT)

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Taleem REIT posts FFO of SAR 45.5 mln, net profit of SAR 33.2 mln in 2022

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Taleem REIT Fund (TALEEM REIT)

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Taleem REIT posts FFO of SAR 45.5 mln, net profit of SAR 33.2 mln in 2022

View other reports

Financials (M)

Interim Comparasion (M)

Balance Sheet (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (Million)

Balance Sheet (B)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Unit Data (Riyal)

Evolution of the Funds Portfolio

Financial Ratios

Share Price

Taleem REIT Fund (TALEEM REIT)

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