Taleem REIT Fund reported a net profit of SAR 16.7 million (SAR 0.33/unit) for the first six months of 2021, from a profit of SAR 15.2 million in the similar period last year, fund manager Saudi Fransi Capital Capital said in a bourse statement.
Funds from operations (FFO) reached SAR 21.2 million during the six-month period, an increase of nearly 4%, compared to SAR 20.3 million in H1 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Rental Income | 22.74 | 24.89 | 9.4 % |
| Funds from Operations(FFO) | 20.32 | 21.24 | 4.5 % |
| Net Income | 15.23 | 16.71 | 9.7 % |
| No of shares | 51.00 | 51.00 | - |
| Operating EPS (Riyals) | 0.40 | 0.42 | 4.5 % |
| EPS (Riyals) | 0.30 | 0.33 | 9.7 % |
The profit increase was driven by higher rental income and decline in the values of real estate investments.
This was despite high financing costs and depreciation of real estate investments.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Total Assets | 646.74 | 640.97 | (0.9 %) |
| Total Debt | 98.90 | 94.30 | (4.7 %) |
| Net assets attributable to the Unitholders Item | 529.76 | 542.26 | 2.4 % |
| Market value of net assets | 539.32 | 546.57 | 1.3 % |
Net asset value (NAV) stood at SAR 542.26 million, while the NAV per unit reached SAR 10.63 during the six-month period.
The market value of assets reached SAR 546.57 million, with per unit market value stood at SAR 10.72.
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