Taleem REIT posts FFO of SAR 45.5 mln, net profit of SAR 33.2 mln in 2022

30/03/2023 Argaam Exclusive

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Taleem REIT Fund recorded a 16% fall in 2022 net profit to SAR 33.2 million (SAR 0.65 per unit), compared to SAR 39.5 million (SAR 0.77 per unit) a year earlier.

Financials (M)

Item	2021	2022	Change‬
Rental Income	50.63	62.45	23.3 %
Funds from Operations(FFO)	43.24	45.53	5.3 %
Net Income	39.46	33.16	(16.0 %)
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.85	0.89	5.3 %
EPS (Riyals)	0.77	0.65	(16.0 %)

Funds from operations (FFO) grew by 5% to SAR 45.5 million in 2022, from SAR 43.2 million in 2021.

The lower profit was attributed to higher finance cost and depreciation of real estate investments.

The fund allocated a SAR 3.8 million provision for impairment of real estate investments in 2022, compared to a reversal of impairment provision of SAR 2.2 million a year earlier. Higher Zakat and tax also weighed on the annual results despite a rise in rental income.

Net asset value (NAV) stood at SAR 546.15 million by the end of 2022, while net book value per unit reached SAR 10.71.

The market value of assets stood at SAR 574.17 million as of Dec. 31, 2022, with market value per unit at SAR 11.26.

Interim Comparasion (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Rental Income	25.75	31.97	24.2 %
Funds from Operations(FFO)	22.01	21.72	(1.3 %)
Net Income	22.75	18.13	(20.3 %)
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.43	0.43	(1.3 %)
EPS (Riyals)	0.45	0.36	(20.3 %)

Item	H1 2022	H2 2022	Change‬
Rental Income	30.48	31.97	4.9 %
Funds from Operations(FFO)	23.81	21.72	(8.8 %)
Net Income	15.03	18.13	20.6 %
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.47	0.43	(8.8 %)
EPS (Riyals)	0.29	0.36	20.6 %

Balance Sheet (Million)

Item	2021	2022	Change‬
Total Assets	646.97	854.04	32.0 %
Total Debt	94.30	297.61	215.6 %
Net assets attributable to the Unitholders Item	546.65	546.15	(0.1 %)
Market value of net assets	561.02	550.35	(1.9 %)

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