Taleem REIT posts FFO of SAR 45.5 mln, net profit of SAR 33.2 mln in 2022

30/03/2023 Argaam Exclusive

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.



Financials (M)

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.



Interim Comparasion (M)

Compared With The
Item H2 2021 H2 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 %)

Balance Sheet (Million)

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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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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