Taleem REIT Fund reported a net profit of SAR 36.3 million (SAR 0.71 per unit) for 2023, a rise of 10% from SAR 33.2 million (SAR 0.65 per unit) a year ago.
Funds from operations (FFO) reached nearly SAR 38.9 million in 2023, down 15% from SAR 45.5 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 62.45 | 66.40 | 6.3 % |
| Funds from Operations(FFO) | 45.53 | 38.91 | (14.5 %) |
| Net Income | 33.16 | 36.30 | 9.5 % |
| No of shares | 51.00 | 51.00 | - |
| Operating EPS (Riyals) | 0.89 | 0.76 | (14.5 %) |
| EPS (Riyals) | 0.65 | 0.71 | 9.5 % |
The rise in earnings was driven by an increase in rental income by 6% to SAR 66.4 million, a reversal of impairment provision worth SAR 3.7 million, and a decline in other expenses to SAR 796,000.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 31.97 | 34.45 | 7.8 % |
| Funds from Operations(FFO) | 21.72 | 20.20 | (7.0 %) |
| Net Income | 18.13 | 20.13 | 11.1 % |
| No of shares | 51.00 | 51.00 | - |
| Operating EPS (Riyals) | 0.43 | 0.40 | (7.0 %) |
| EPS (Riyals) | 0.36 | 0.39 | 11.1 % |
| Item | 2023 | 2023 | Change |
|---|---|---|---|
| Rental Income | 31.95 | 34.45 | 7.8 % |
| Funds from Operations(FFO) | 18.71 | 20.20 | 8.0 % |
| Net Income | 16.17 | 20.13 | 24.5 % |
| No of shares | 51.00 | 51.00 | - |
| Operating EPS (Riyals) | 0.37 | 0.40 | 8.0 % |
| EPS (Riyals) | 0.32 | 0.39 | 24.5 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 854.04 | 858.63 | 0.5 % |
| Total Debt | 297.61 | 297.31 | (0.1 %) |
| Net assets attributable to the Unitholders Item | 546.15 | 549.81 | 0.7 % |
| Market value of net assets | 550.35 | 630.99 | 14.7 % |
Net asset value (NAV) stood at SAR 549.80 million as of Dec. 31, 2023, while net book value per unit reached SAR 10.78.
The market value of assets stood at SAR 630.99 million as of Dec. 31, 2023, with a market value per unit at SAR 12.37.
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