Taleem REIT posts SAR 18.9M FFO, SAR 15.5M profit in H1 2024

11/08/2024 Argaam Exclusive

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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.

Financials (M)

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.

Balance Sheet (Million)

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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