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

31/03/2024 Argaam Exclusive

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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 %

Item	H1 2023	H2 2023	Change‬
Rental Income	31.95	34.45	7.8 %
Funds from Operations(FFO)	18.71	20.20	8.0 %
Net Income	16.17	20.13	24.5 %
No of shares	51.00	51.00	-
Operating EPS (Riyals)	0.37	0.40	8.0 %
EPS (Riyals)	0.32	0.39	24.5 %

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 %

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.

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