Taleem REIT posts SAR 38.9M FFO, SAR 36.3M profit in 2023

Taleem REIT posts SAR 38.9M FFO, SAR 36.3M profit in 2023

31/03/2024 Argaam Exclusive

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Taleem REIT Fund reported a net profit of SAR 36.3 million (SAR 0.71 per unit) for 2023, a rise of 10% from SAR 33.2 million (SAR 0.65 per unit) a year ago.

 

Funds from operations (FFO) reached nearly SAR 38.9 million in 2023, down 15% from SAR 45.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Rental Income 62.45 66.40 6.3 %
Funds from Operations(FFO) 45.53 38.91 (14.5 %)
Net Income 33.16 36.30 9.5 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.89 0.76 (14.5 %)
EPS (Riyals) 0.65 0.71 9.5 %

The rise in earnings was driven by an increase in rental income by 6% to SAR 66.4 million, a reversal of impairment provision worth SAR 3.7 million, and a decline in other expenses to SAR 796,000.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Rental Income 31.97 34.45 7.8 %
Funds from Operations(FFO) 21.72 20.20 (7.0 %)
Net Income 18.13 20.13 11.1 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.43 0.40 (7.0 %)
EPS (Riyals) 0.36 0.39 11.1 %

Balance Sheet (Million)

Item 2022 2023 Change‬
Total Assets 854.04 858.63 0.5 %
Total Debt 297.61 297.31 (0.1 %)
Net assets attributable to the Unitholders Item 546.15 549.81 0.7 %
Market value of net assets 550.35 630.99 14.7 %

Net asset value (NAV) stood at SAR 549.80 million as of Dec. 31, 2023, while net book value per unit reached SAR 10.78.

 

The market value of assets stood at SAR 630.99 million as of Dec. 31, 2023, with a market value per unit at SAR 12.37.

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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 %
2023 66.40 6.3 % 38.91 (14.5 %) 36.30 9.5 %

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 % 630.99 14.7 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2023 16.80 14.26
Q4 2023 15.90 14.84

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 12.37


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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