Taleem REIT Fund posted a 10% drop in H1 2022 net profit to SAR 15 million (SAR 0.29 per unit), compared to SAR 16.7 million a year earlier.
Funds from operations (FFO) jumped 12% to SAR 23.8 million in the six-month period, from SAR 21.2 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Rental Income | 24.89 | 30.48 | 22.4 % |
| Funds from Operations(FFO) | 21.24 | 23.81 | 12.1 % |
| Net Income | 16.71 | 15.03 | (10.1 %) |
| No of shares | 51.00 | 51.00 | - |
| Operating EPS (Riyals) | 0.42 | 0.47 | 12.1 % |
| EPS (Riyals) | 0.33 | 0.29 | (10.1 %) |
Despite higher revenue, the profit drop was attributed to an increase in the fund management fees and finance costs, and higher depreciation of real estate investments. Taleem REIT also cited higher provisions for impairment of real estate investments and increased Zakat.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Total Assets | 640.97 | 848.18 | 32.3 % |
| Total Debt | 94.30 | 295.84 | 213.7 % |
| Net assets attributable to the Unitholders Item | 542.26 | 546.38 | 0.8 % |
| Market value of net assets | 546.57 | 571.29 | 4.5 % |
Net asset value (NAV) stood at SAR 546.38 million by the end of H1 2022, while net book value per unit reached SAR 10.71.
The market value of assets stood at SAR 571.29 million as of June 30, 2022, with market value per unit at SAR 11.20.
Net asset value (NAV) stood at SAR 546.38 million by the end of H1 2022, while net book value per unit reached SAR 10.71.
The market value of assets stood at SAR 571.29 million as of June 30, 2022, with market value per unit at SAR 11.20.
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