Taleem REIT posts SAR 18.9M FFO, SAR 15.5M profit in H1 2024

Taleem REIT posts SAR 18.9M FFO, SAR 15.5M profit in H1 2024

11/08/2024 Argaam Exclusive

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Taleem REIT Fund reported a net profit of SAR 15.5 million (SAR 0.30 per unit) for H1 2024, a decline of 4% from SAR 16.2 million a year earlier.

 

Funds from operations (FFO) rose nearly 1% to SAR 18.8 million in the six-month period, from SAR 18.7 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 31.95 33.19 3.9 %
Funds from Operations(FFO) 18.71 18.85 0.8 %
Net Income 16.17 15.49 (4.2 %)
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.37 0.37 0.8 %
EPS (Riyals) 0.32 0.30 (4.2 %)

The lower earnings were attributed to an increase in fund management fees and finance costs, along with a higher depreciation of investment properties. On the other hand, revenue increased on better income from finance lease contracts.



Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 864.97 857.25 (0.9 %)
Total Debt 298.19 297.63 (0.2 %)
Net assets attributable to the Unitholders Item 546.00 548.98 0.5 %
Market value of net assets 560.01 791.05 41.3 %

Net asset value (NAV) stood at SAR 549 million as of June 30, 2024, while net book value per unit reached SAR 10.76.

 

The market value of assets stood at SAR 791.1 million by the end of the six-month period, with a market value per unit at SAR 15.51.

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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 %
H1 2024 33.19 3.9 % 18.85 0.8 % 15.49 (4.2 %)

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 %
H1 2024 857.25 (0.9 %) 297.63 (0.2 %) 548.98 0.5 % 791.05 41.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
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
Q2 2024 15.43 14.08

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
H1 2024 0.37 0.30 10.76 15.51


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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