Taleem REIT posts SAR 21.2 mln FFO, SAR 16.7 mln net profit in H1 2021

19/08/2021 Argaam Exclusive

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Taleem REIT Fund reported a net profit of SAR 16.7 million (SAR 0.33/unit) for the first six months of 2021, from a profit of SAR 15.2 million in the similar period last year, fund manager Saudi Fransi Capital Capital said in a bourse statement.

Funds from operations (FFO) reached SAR 21.2 million during the six-month period, an increase of nearly 4%, compared to SAR 20.3 million in H1 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Rental Income	22.74	24.89	9.4 %
Funds from Operations(FFO)	20.32	21.24	4.5 %
Net Income	15.23	16.71	9.7 %
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.40	0.42	4.5 %
EPS (Riyals)	0.30	0.33	9.7 %

The profit increase was driven by higher rental income and decline in the values of real estate investments.

This was despite high financing costs and depreciation of real estate investments.

Balance Sheet (Million)

Item	6m 2020	6m 2021	Change‬
Total Assets	646.74	640.97	(0.9 %)
Total Debt	98.90	94.30	(4.7 %)
Net assets attributable to the Unitholders Item	529.76	542.26	2.4 %
Market value of net assets	539.32	546.57	1.3 %

Net asset value (NAV) stood at SAR 542.26 million, while the NAV per unit reached SAR 10.63 during the six-month period.

The market value of assets reached SAR 546.57 million, with per unit market value stood at SAR 10.72.

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