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

13/08/2023 Argaam Exclusive

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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.

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