Taleem REIT posts SAR 38.9M FFO, SAR 36.3M profit in 2023

31/03/2024 Argaam Exclusive

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.



Financials (M)

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.



Interim Comparasion (M)

Compared With The
Item H2 2022 H2 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 %

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.

Balance Sheet (Million)

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 %

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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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