Taleem REIT’s H1 2022 FFO up 12% to SAR 23.8 mln, net profit down 10% to SAR 15 mln

25/08/2022 Argaam Exclusive

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Taleem REIT Fund posted a 10% drop in H1 2022 net profit to SAR 15 million (SAR 0.29 per unit), compared to SAR 16.7 million a year earlier.

Funds from operations (FFO) jumped 12% to SAR 23.8 million in the six-month period, from SAR 21.2 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Rental Income	24.89	30.48	22.4 %
Funds from Operations(FFO)	21.24	23.81	12.1 %
Net Income	16.71	15.03	(10.1 %)
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.42	0.47	12.1 %
EPS (Riyals)	0.33	0.29	(10.1 %)

Despite higher revenue, the profit drop was attributed to an increase in the fund management fees and finance costs, and higher depreciation of real estate investments. Taleem REIT also cited higher provisions for impairment of real estate investments and increased Zakat.

Balance Sheet (Million)

Item	6m 2021	6m 2022	Change‬
Total Assets	640.97	848.18	32.3 %
Total Debt	94.30	295.84	213.7 %
Net assets attributable to the Unitholders Item	542.26	546.38	0.8 %
Market value of net assets	546.57	571.29	4.5 %

Net asset value (NAV) stood at SAR 546.38 million by the end of H1 2022, while net book value per unit reached SAR 10.71.

The market value of assets stood at SAR 571.29 million as of June 30, 2022, with market value per unit at SAR 11.20.

Net asset value (NAV) stood at SAR 546.38 million by the end of H1 2022, while net book value per unit reached SAR 10.71.

The market value of assets stood at SAR 571.29 million as of June 30, 2022, with market value per unit at SAR 11.20.

View More Financial Results

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 %)

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 %

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 %

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 %

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

Period	Price/ Earnings (P/E)(x)	Price/FFO(x)
2012	-	-
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

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

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

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’s H1 2022 FFO up 12% to SAR 23.8 mln, net profit down 10% to SAR 15 mln

View other reports

Financials (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’s H1 2022 FFO up 12% to SAR 23.8 mln, net profit down 10% to SAR 15 mln

View other reports

Financials (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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