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

31/03/2022 Argaam Exclusive

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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 %

Item	H1 2021	H2 2021	Change‬
Rental Income	24.89	25.75	3.4 %
Funds from Operations(FFO)	21.24	22.01	3.6 %
Net Income	16.71	22.75	36.1 %
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.42	0.43	3.6 %
EPS (Riyals)	0.33	0.45	36.1 %

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 %

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.

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