Financial Results : Musharaka REIT reports FFO at SAR 8.4M, loses SAR 12.8M in H1 2025

Musharaka REIT reports FFO at SAR 8.4M, loses SAR 12.8M in H1 2025

10/08/2025 Argaam Exclusive

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Musharaka REIT Fund reported SAR 8.4 million in funds from operations (FFO) during the first six months of this year, up 60% from SAR 5.3 million in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Rental Income 54.40 50.72 (6.8 %)
Funds from Operations(FFO) 5.25 8.40 60.0 %
Net Income (14.56) (12.76) 12.3 %
No of shares 88.00 88.00 -
Earnings Per Share before unusual items (Riyals) (0.17) (0.15) 12.3 %
Operating EPS (Riyal) 0.06 0.10 60.0 %
EPS (Riyal) (0.17) (0.15) 12.3 %

The fund narrowed its six-month losses to SAR 12.8 million for the first half of 2025, from SAR 14.6 million a year earlier.

 

The fund manager, Musharka Capital, attributed the improved results to lower operating expenses, coupled with a decline in finance charges during the six-month period.

 

However, this positive performance was offset by a 7% annual slump in lease revenues and a 25% yearly increase in impairment expenses for real estate investments.



Balance Sheet (Million)

Item 6m 2024 6m 2025 Change‬
Total Assets 1,605.99 1,542.77 (3.9 %)
Total Debt 789.62 782.66 (0.9 %)
Net assets attributable to the Unitholders Item 761.40 719.79 (5.5 %)
Market value of net assets 830.29 830.37 0.0 %

Its net asset value (NAV) stood at SAR 719.78 million by the end of H1 2025, while the net book value per unit reached SAR 8.18.

 

The market value of assets amounted to SAR 830.11 million as of June 30, 2025, with a market value per unit of SAR 9.44.

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