Taleem REIT posts SAR 18.9M FFO, SAR 15.5M profit in H1 2024

11/08/2024 Argaam Exclusive

Taleem REIT Fund reported a net profit of SAR 15.5 million (SAR 0.30 per unit) for H1 2024, a decline of 4% from SAR 16.2 million a year earlier.

 

Funds from operations (FFO) rose nearly 1% to SAR 18.8 million in the six-month period, from SAR 18.7 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Rental Income 31.95 33.19 3.9 %
Funds from Operations(FFO) 18.71 18.85 0.8 %
Net Income 16.17 15.49 (4.2 %)
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.37 0.37 0.8 %
EPS (Riyals) 0.32 0.30 (4.2 %)

The lower earnings were attributed to an increase in fund management fees and finance costs, along with a higher depreciation of investment properties. On the other hand, revenue increased on better income from finance lease contracts.



Net asset value (NAV) stood at SAR 549 million as of June 30, 2024, while net book value per unit reached SAR 10.76.

 

The market value of assets stood at SAR 791.1 million by the end of the six-month period, with a market value per unit at SAR 15.51.

Balance Sheet (Million)

Item 6m 2023 6m 2024 Change‬
Total Assets 864.97 857.25 (0.9 %)
Total Debt 298.19 297.63 (0.2 %)
Net assets attributable to the Unitholders Item 546.00 548.98 0.5 %
Market value of net assets 560.01 791.05 41.3 %

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Share Price

Taleem REIT Fund
10.98
(0.08) (0.72 %)

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) 15.72
Current Price/FFO (X) 14.34
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) 15.72
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