Financial Results : MEFIC REIT posts 80% surge in FFO to SAR 16.6M, SAR 356,000 net profit in 2025

MEFIC REIT posts 80% surge in FFO to SAR 16.6M, SAR 356,000 net profit in 2025

01/04/2026 Argaam Exclusive

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MEFIC REIT Fund reported funds from operations (FFO) of SAR 16.6 million (SAR 0.23/unit) in 2025, compared to SAR 9.2 million (SAR 0.13/unit) in 2024.

 

The fund posted a net profit of SAR 356,000 (SAR 0.005/unit) for 2025, down from SAR 8.1 million (SAR 0.11/unit) a year earlier.



Financials (M)

Item 2024 2025 Change‬
Rental Income 64.51 61.03 (5.4 %)
Funds from Operations(FFO) 9.24 16.62 79.8 %
Net Income 8.12 0.36 (95.6 %)
No of shares 73.28 73.28 -
Earnings Per Share before unusual items (Riyals) 0.05 (0.02) (132.3 %)
Operating EPS (Riyal) 0.13 0.23 79.8 %
EPS (Riyal) 0.11 0.00 (95.6 %)

The profit decline was mainly driven by SAR 4.8 million impairment on investment properties, versus a SAR 6.1 million reversal of impairment in the same period last year.

 

The fund saw a 5% decline in rental income from investment properties to SAR 61 million in 2025, compared to SAR 64.6 million a year earlier. This was due to lower occupancy at Plaza 1, which fell to 76% from 97%, in addition to zero occupancy at Drnef Kudi Hotel. The fund’s portfolio also shrank to five properties from six after the sale of Al-Andalus in Jeddah.

 

Meanwhile, MEFIC REIT booked a SAR 1.1 million reversal of impairment in property, compared to SAR 7.2 million last year.

 

Capital gains stood at SAR 1.6 million from property disposals in 2025, down from SAR 4.4 million in the prior year.

 

This came despite realizing dividend income of SAR 3.7 million from fair-value investments, versus none in 2024.

 

In addition, the fund reported lower depreciation on investment properties, as well as reduced financing costs and other expenses year-on-year (YoY) in 2025.



Interim Comparasion (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 28.68 28.51 (0.6 %)
Funds from Operations(FFO) 8.31 4.72 (43.3 %)
Net Income 6.65 (7.36) (210.6 %)
No of shares 73.28 73.28 -
Operating EPS (Riyal) 0.11 0.06 (43.3 %)
EPS (Riyal) 0.09 (0.10) (210.6 %)

Balance Sheet (Million)

Item 2024 2025 Change‬
Total Assets 990.57 929.76 (6.1 %)
Total Debt 436.76 385.76 (11.7 %)
Net assets attributable to the Unitholders Item 515.41 515.77 0.1 %
Market value of net assets 579.19 573.01 (1.1 %)

Net book value per unit reached SAR 7.04, while the assets’ market value per unit stood at SAR 7.82.

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