Financial Results : MEFIC REIT makes SAR 11.9M FFO, SAR 7.7M net income in H1 2025

MEFIC REIT makes SAR 11.9M FFO, SAR 7.7M net income in H1 2025

11/08/2025 Argaam Exclusive

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MEFIC REIT Fund recorded funds from operations (FFO) of nearly SAR 11.9 million (SAR 0.16 per unit) in H1 2025, compared to SAR 927,000 (SAR 0.01 per unit) in the corresponding period of 2024.

 

The fund posted an annual net income of SAR 7.7 million (SAR 0.11 per unit), marking a surge from SAR 1.5 million (SAR 0.02 per unit) in the first half of 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Rental Income 35.83 32.53 (9.2 %)
Funds from Operations(FFO) 0.93 11.90 1184.1 %
Net Income 1.47 7.71 425.8 %
No of shares 73.28 73.28 -
Earnings Per Share before unusual items (Riyals) 0.02 0.11 425.8 %
Operating EPS (Riyal) 0.01 0.16 1184.1 %
EPS (Riyal) 0.02 0.11 425.8 %

The profit rise was fueled by a decline in other operating expenses to SAR 5 million, from SAR 10.6 million in H1 2024. The first six months of 2024 included credit loss provisions of SAR 7.3 million. In addition, the fund reported SAR 1.9 million in dividends form investments at FVPL in H1 2025.

 

MEFIC REIT reported a reversal of impairment on investment properties at SAR 12.1 million in H1 2024.



Balance Sheet (Million)

Item 6m 2024 6m 2025 Change‬
Total Assets 997.14 987.75 (0.9 %)
Total Debt 444.00 430.56 (3.0 %)
Net assets attributable to the Unitholders Item 508.76 523.12 2.8 %
Market value of net assets 567.59 589.12 3.8 %

Net assets (equity) attributable to each unit at book value reached SAR 7.14, while net assets (equity) attributable to each unit at fair value came in at SAR 8.04.

 

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 43.67 - 22.95 - 8.62 -
H2 2019 52.09 - 40.56 - 19.36 -
H1 2020 40.29 (7.7 %) 12.56 (45.3 %) (26.55) (408.1 %)
H2 2020 25.58 (50.9 %) (10.55) (126.0 %) (39.69) (305.0 %)
H1 2021 27.38 (32.0 %) 6.54 (47.9 %) (100.56) (278.7 %)
H2 2021 28.69 12.1 % 5.22 149.5 % (32.56) 18.0 %
H1 2022 31.79 16.1 % 4.75 (27.4 %) 15.08 115.0 %
H2 2022 31.42 9.5 % 2.31 (55.7 %) (1.39) 95.7 %
H1 2023 31.76 (0.1 %) 1.25 (73.8 %) 12.98 (13.9 %)
H2 2023 28.77 (8.4 %) (0.81) (135.0 %) (24.45) (1,665.0 %)
H1 2024 35.83 12.8 % 0.93 (25.5 %) 1.47 (88.7 %)
H2 2024 28.68 (0.3 %) 8.31 1127.7 % 6.65 127.2 %
H1 2025 32.53 (9.2 %) 11.90 1184.1 % 7.71 425.8 %

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 2018 - - - - - - - -
H2 2018 - - - - - - - -
H1 2019 1,245.86 - 302.32 - 762.46 - 767.29 -
H2 2019 1,352.03 - 423.58 - 754.25 - 761.50 -
H1 2020 1,241.13 (0.4 %) 445.29 47.3 % 709.38 (7.0 %) 725.00 (5.5 %)
H2 2020 1,171.10 (13.4 %) 439.64 3.8 % 669.69 (11.2 %) 688.40 (9.6 %)
H1 2021 1,060.50 (14.6 %) 434.00 (2.5 %) 558.16 (21.3 %) 577.82 (20.3 %)
H2 2021 1,040.94 (11.1 %) 460.30 4.7 % 521.93 (22.1 %) 526.66 (23.5 %)
H1 2022 1,042.33 (1.7 %) 451.88 4.1 % 529.68 (5.1 %) 575.25 (0.4 %)
H2 2022 1,024.22 (1.6 %) 458.78 (0.3 %) 524.63 0.5 % 586.64 11.4 %
H1 2023 1,031.85 (1.0 %) 446.52 (1.2 %) 537.61 1.5 % 597.56 3.9 %
H2 2023 1,001.97 (2.2 %) 447.26 (2.5 %) 513.16 (2.2 %) 567.44 (3.3 %)
H1 2024 997.14 (3.4 %) 444.00 (0.6 %) 508.76 (5.4 %) 567.59 (5.0 %)
H2 2024 990.57 (1.1 %) 436.76 (2.3 %) 515.41 0.4 % 579.19 2.1 %
H1 2025 987.75 (0.9 %) 430.56 (3.0 %) 523.12 2.8 % 589.12 3.8 %

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - - -
H1 2019 0.31 0.12 10.41 10.47
H2 2019 0.55 0.26 10.29 10.39
H1 2020 0.17 (0.36) 9.68 9.89
H2 2020 (0.14) (0.54) 9.14 9.39
H1 2021 0.09 (1.37) 7.62 7.89
H2 2021 0.07 (0.44) 7.12 7.19
H1 2022 0.06 0.21 7.23 7.85
H2 2022 0.03 (0.02) 7.16 8.01
H1 2023 0.02 0.18 7.34 8.15
H2 2023 (0.01) (0.33) 7.00 7.74
H1 2024 0.01 0.02 6.94 7.75
H2 2024 0.11 0.09 7.03 7.90
H1 2025 0.16 0.11 7.14 8.04


Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) 0.00
Funds from operations/Unit ( Riyal) 0.23
Par Value ( Riyal) 10.00
Price/book 0.51
Asset Growth (%) (6.14 )
Revenue Growth (%) (5.39 )
Net Income Growth (%) (95.60 )
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Share Price

MEFIC REIT Fund
3.57
0.01 0.28 %

MEFIC REIT Fund (MEFIC REIT)

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