Financial Results : Taleem REIT posts SAR 18.7 mln FFO, SAR 16.2 mln profit in H1 2023

Taleem REIT posts SAR 18.7 mln FFO, SAR 16.2 mln profit in H1 2023

13/08/2023 Argaam Exclusive

View other reports

Taleem REIT Fund reported a net profit of SAR 16.2 million (SAR 0.32 per unit) in H1 2023, an 8% rise from SAR 15 million a year earlier.

 

Funds from operations (FFO) stood at around SAR 18.7 million in H1 2023, down nearly 21% from SAR 23.8 million in the year before.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Rental Income 30.48 31.95 4.8 %
Funds from Operations(FFO) 23.81 18.71 (21.4 %)
Net Income 15.03 16.17 7.6 %
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.47 0.37 (21.4 %)
EPS (Riyals) 0.29 0.32 7.6 %

This was driven by a 5% rise year-on-year (YoY) in rental income to SAR 32 million, lower management fees, and written-back impairment provisions of SAR 1.9 million, compared to provisions of SAR 4.9 million in H1 2022. 

 

On the other hand, Taleem REIT reported an increase in finance costs to SAR 10.5 million in H1 2023 from SAR 3.7 million a year earlier. It also recorded in increase in the depreciation expenses on investment properties and Zakat charges. 

 


Balance Sheet (Million)

Item 6m 2022 6m 2023 Change‬
Total Assets 848.18 864.97 2.0 %
Total Debt 295.84 298.19 0.8 %
Net assets attributable to the Unitholders Item 546.38 546.00 (0.1 %)
Market value of net assets 571.29 560.01 (2.0 %)

Net asset value (NAV) stood at SAR 545.99 million in H1 2023, while the NAV per unit reached SAR 10.71.

 

The market value of assets reached SAR 560.00 million in H1 2023, while the per unit market value stood at SAR 10.98.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.