Taleem REIT Fund reported a net profit of SAR 15.5 million (SAR 0.30 per unit) for H1 2024, a decline of 4% from SAR 16.2 million a year earlier.
Funds from operations (FFO) rose nearly 1% to SAR 18.8 million in the six-month period, from SAR 18.7 million in H1 2023.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Rental Income | 31.95 | 33.19 | 3.9 % |
| Funds from Operations(FFO) | 18.71 | 18.85 | 0.8 % |
| Net Income | 16.17 | 15.49 | (4.2 %) |
| No of shares | 51.00 | 51.00 | - |
| Operating EPS (Riyals) | 0.37 | 0.37 | 0.8 % |
| EPS (Riyals) | 0.32 | 0.30 | (4.2 %) |
The lower earnings were attributed to an increase in fund management fees and finance costs, along with a higher depreciation of investment properties. On the other hand, revenue increased on better income from finance lease contracts.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Total Assets | 864.97 | 857.25 | (0.9 %) |
| Total Debt | 298.19 | 297.63 | (0.2 %) |
| Net assets attributable to the Unitholders Item | 546.00 | 548.98 | 0.5 % |
| Market value of net assets | 560.01 | 791.05 | 41.3 % |
Net asset value (NAV) stood at SAR 549 million as of June 30, 2024, while net book value per unit reached SAR 10.76.
The market value of assets stood at SAR 791.1 million by the end of the six-month period, with a market value per unit at SAR 15.51.
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