Taleem REIT posts SAR 18.7 mln FFO, SAR 16.2 mln profit in H1 2023

Taleem REIT posts SAR 18.7 mln FFO, SAR 16.2 mln profit in H1 2023

13/08/2023 Argaam Exclusive

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Taleem REIT Fund reported a net profit of SAR 16.2 million (SAR 0.32 per unit) in H1 2023, an 8% rise from SAR 15 million a year earlier.

 

Funds from operations (FFO) stood at around SAR 18.7 million in H1 2023, down nearly 21% from SAR 23.8 million in the year before.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 30.48 31.95 4.8 %
Funds from Operations(FFO) 23.81 18.71 (21.4 %)
Net Income 15.03 16.17 7.6 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.47 0.37 (21.4 %)
EPS (Riyals) 0.29 0.32 7.6 %

This was driven by a 5% rise year-on-year (YoY) in rental income to SAR 32 million, lower management fees, and written-back impairment provisions of SAR 1.9 million, compared to provisions of SAR 4.9 million in H1 2022. 

 

On the other hand, Taleem REIT reported an increase in finance costs to SAR 10.5 million in H1 2023 from SAR 3.7 million a year earlier. It also recorded in increase in the depreciation expenses on investment properties and Zakat charges. 

 


Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 848.18 864.97 2.0 %
Total Debt 295.84 298.19 0.8 %
Net assets attributable to the Unitholders Item 546.38 546.00 (0.1 %)
Market value of net assets 571.29 560.01 (2.0 %)

Net asset value (NAV) stood at SAR 545.99 million in H1 2023, while the NAV per unit reached SAR 10.71.

 

The market value of assets reached SAR 560.00 million in H1 2023, while the per unit market value stood at SAR 10.98.

 

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 -
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 %

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 %)

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

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

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

Share Price

10.94
(0.04) (0.36 %)

Taleem REIT Fund (TALEEM REIT)


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