Taleem REIT posts SAR 15.2 mln net profit, SAR 20.3 mln FFO in H1 2020

25/08/2020 Argaam Exclusive

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Taleem REIT Fund
10.22
(0.12) (1.16 %)

Taleem REIT Fund (TALEEM REIT)

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Taleem REIT Fund posted a net profit of SAR 15.23 million (SAR 0.3 per unit) for the first half of 2020, a decrease of 21% from SAR 19.3 million a year earlier, on allocating SAR 3.1 million provision for real estate investment impairment. 
 
Funds from operations (FFO) edged down to SAR 20.3 million in H1 2020, compared to SAR 20.4 million in the prior-year period, according to a bourse filing by Saudi Fransi Capital, the fund manager, on Tuesday.
 



Financials (M)

Item 6m 2019 6m 2020 Change‬
Rental Income 22.74 22.74 0.0 %
Funds from Operations(FFO) 20.41 20.32 (0.4 %)
Net Income 19.27 15.23 (20.9 %)
No of shares 51.00 51.00 -
Operating EPS (Riyals) 0.40 0.40 (0.4 %)
EPS (Riyals) 0.38 0.30 (20.9 %)

Net asset value stood at SAR 539.32 million in H1 2020, while NAV per value reached SAR 10.57.
 

Net asset book value came in at SAR 529.76 million in the six-month period, hitting SAR 10.39 per unit.

 

Total expenses and fees for the period stood at SAR 7.56 million.

 



Balance Sheet (Million)

Item 6m 2019 6m 2020 Change‬
Total Assets 537.26 646.74 20.4 %
Total Debt - 98.90 -
Net assets attributable to the Unitholders Item 528.75 529.76 0.2 %
Market value of net assets 537.83 539.32 0.3 %


Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2017 2.04 - 1.77 - 1.77 -
H2 2017 12.24 - 10.83 - 10.84 -
H1 2018 12.22 499.8 % 10.85 512.2 % 10.86 512.5 %
H2 2018 17.60 43.7 % 15.58 43.9 % 15.01 38.5 %
H1 2019 22.74 86.0 % 20.41 88.0 % 19.27 77.5 %
H2 2019 22.76 29.3 % 20.27 30.1 % 17.60 17.2 %
H1 2020 22.74 0.0 % 20.32 (0.4 %) 15.23 (20.9 %)

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2017 286.52 - - - 286.77 - 287.21 -
H2 2017 299.95 - - - 293.34 - 290.13 -
H1 2018 296.50 3.5 % - - 295.08 2.9 % 295.08 2.7 %
H2 2018 533.08 77.7 % - - 526.61 79.5 % 532.26 83.5 %
H1 2019 537.26 81.2 % - - 528.75 79.2 % 537.83 82.3 %
H2 2019 535.50 0.5 % - - 530.85 0.8 % 538.83 1.2 %
H1 2020 646.74 20.4 % 98.90 - 529.76 0.2 % 539.32 0.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 48.89 27.34
Q2 2018 25.38 14.20
Q4 2018 20.18 19.76
Q2 2019 15.20 14.48
Q4 2019 17.26 15.65
Q2 2020 17.95 14.52

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2017 0.06 0.06 10.06 10.08
H2 2017 0.38 0.38 10.29 10.31
H1 2018 0.38 0.38 10.35 10.35
H2 2018 0.31 0.29 10.33 10.44
H1 2019 0.40 0.38 10.37 10.55
H2 2019 0.40 0.35 10.41 10.57
H1 2020 0.40 0.30 10.39 10.57


Financial Ratios
Current
Number of Units (Million) 51.00
Net Income/Unit ( Riyal) 0.71
Funds from operations/Unit ( Riyal) 0.76
P/E (X) (TTM) 14.36
Current Price/FFO (X) 13.40
Par Value ( Riyal) 10.00
Price/book 0.95
Asset Growth (%) 0.5
Revenue Growth (%) 6.3
Net Income Growth (%) 9.5
Adjusted P/E (Last12) (X) 14.36
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