Taleem REIT Fund posts FFO of SAR 43.2 mln, net profit of SAR 39.5 mln in 2021

31/03/2022 Argaam Exclusive

Taleem REIT Fund posted a net profit of SAR 39.5 million (SAR 0.77 per unit) for 2021, an increase of 11%, compared to SAR 35.5 million a year earlier.

 

Funds from operations (FFO) amounted to SAR 43.2 million in 2021, a rise of 2%, compared with SAR 42.5 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Rental Income 48.71 50.63 4.0 %
Funds from Operations(FFO) 42.54 43.24 1.6 %
Net Income 35.50 39.46 11.1 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.83 0.85 1.6 %
EPS (Riyals) 0.70 0.77 11.1 %

The profit was attributed to a 4% rise in lease revenues, as well as achieving gains from reversing impairment provision for real estate investments, at a value of SAR 2.2 million, compared to registering SAR 2.2 million impairment provisions for real estate investments in the year-ago period.

 

This came despite the increase in financing costs by about SAR 1 million.



Interim Comparasion (M)

Compared With The
Item H2 2020 H2 2021 Change‬
Rental Income 25.97 25.75 (0.8 %)
Funds from Operations(FFO) 22.22 22.01 (1.0 %)
Net Income 20.27 22.75 12.2 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.44 0.43 (1.0 %)
EPS (Riyals) 0.40 0.45 12.2 %

Net asset value (NAV) in 2021 stood at SAR 546.7 million, while net book value per unit reached SAR 10.72.

 

The full-year market value of assets stood at SAR 561 million, with market value per unit at SAR 11.

Balance Sheet (Million)

Item 2020 2021 Change‬
Total Assets 634.04 646.97 2.0 %
Total Debt 94.32 94.30 0.0 %
Net assets attributable to the Unitholders Item 533.71 546.65 2.4 %
Market value of net assets 544.18 561.02 3.1 %

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Share Price

Taleem REIT Fund
10.94
(0.04) (0.36 %)

Taleem REIT Fund (TALEEM REIT)

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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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