Financial Results : Musharaka REIT posts SAR 10.1M FFO, SAR 109.9M loss in 2025

Musharaka REIT posts SAR 10.1M FFO, SAR 109.9M loss in 2025

31/03/2026 Argaam Exclusive

View other reports

Musharaka REIT Fund reported funds from operations (FFO) of SAR 10.1 million (SAR 0.12 per unit) in 2025, down 13% from SAR 11.7 million (SAR 0.13 per unit) a year earlier.


Financials (M)

Item 2024 2025 Change‬
Rental Income 106.10 97.16 (8.4 %)
Funds from Operations(FFO) 11.68 10.12 (13.3 %)
Net Income (22.29) (109.89) (393.0 %)
No of shares 88.00 88.00 -
Earnings Per Share before unusual items (Riyals) (0.25) (1.25) (393.0 %)
Operating EPS (Riyal) 0.13 0.12 (13.3 %)
EPS (Riyal) (0.25) (1.25) (393.0 %)

Meanwhile, the fund widened annual net losses to SAR 109.9 million (-SAR 1.25 per unit) from SAR 22.3 million (SAR -0.25 per unit) in 2024.

 

The deepening of year-on-year (YoY) losses was mainly due to lower rental income, driven by weaker occupancy across seven properties.

 

Key declines included First Ajzala Residential Complex (-4% to 92%), Seashore Residential Complex (-10% to 41%), Pearl Residential Complex (-8% to 64%), Kharj Plaza (-2% to 93%), Al Orouba Plaza Complex (-3% to 96%), Al Faisaliah Plaza Commercial Complex (-8% to 90%), and Al Jubail Plaza Commercial Complex (-1% to 96%).

 

This was partly offset by higher occupancy at Tehran Hotel Apartments (+33% to 84%) and Verdun Tower (+9% to 82%), while four assets remained fully occupied.

 

Finance income from lease contracts declined to SAR 10.2 million from SAR 10.7 million in 2024. Impairment loss on investment properties rose sharply to SAR 91.9 million last year, compared with SAR 5.9 million in 2024. Income from time deposits fell to SAR 1.7 million from SAR 2.2 million.

 

This was partly offset by operating expenses, which fell to SAR 20.3 million in 2025 from SAR 22.9 million. Finance costs declined to SAR 52.3 million from SAR 56.7 million in 2024. Other income increased to SAR 1.5 million, from SAR 0.9 million in 2024.

 

Net book value per unit stood at SAR 6.98, while the market value of net assets per unit reached SAR 8.9.



Interim Comparasion (M)

Compared With The
Item H2 2024 H2 2025 Change‬
Rental Income 51.71 46.44 (10.2 %)
Funds from Operations(FFO) 6.42 1.72 (73.3 %)
Net Income (7.73) (97.13) (1,156.1 %)
No of shares 88.00 88.00 -
Operating EPS (Riyal) 0.07 0.02 (73.3 %)
EPS (Riyal) (0.09) (1.10) (1,156.1 %)

Balance Sheet (Million)

Item 2024 2025 Change‬
Total Assets 1,587.78 1,435.46 (9.6 %)
Total Debt 789.99 782.11 (1.0 %)
Net assets attributable to the Unitholders Item 744.87 613.86 (17.6 %)
Market value of net assets 890.49 783.61 (12.0 %)

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.