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.
| 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.
| Item | 2021 | 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 | 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 %) |
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