MUSHARAKA REIT

Musharaka REIT Fund

4335REITsTadawulMarket closed

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operating Summary
Revenue	106.10M	106.68M	112.21M	100.70M	93.45M
Interest Income	2.17M	1.63M	0.29M	—	10.12M
Interest Expense	-56.74M	-55.30M	-32.28M	-17.18M	-17.69M
Pretax Income	-22.29M	-8.35M	8.94M	31.83M	36.08M
Income Tax	—	—	-1.96M	1.96M	—
Net Income	-22.29M	-8.35M	10.90M	29.87M	36.08M
Rental Revenue	95.36M	95.52M	100.62M	88.78M	93.45M
Property Expenses	33.05M	37.74M	23.41M	17.90M	15.37M
Operating Income	37.12M	31.56M	49.02M	52.83M	42.61M
EPS (Basic)	-0.25	-0.09	0.12	0.34	0.41
EPS (Diluted)	-0.25	-0.09	0.12	0.34	0.41
DPS	0.24	0.17	0.50	0.60	0.65
Margins & Efficiency
Net Margin %	-21.0%	-7.8%	+9.7%	+29.7%	+38.6%
Revenue & Income
Revenue as Reported	106.10M	106.68M	112.21M	100.70M	—
Revenue Growth (YoY)	-0.5%	-4.9%	+11.4%	+7.7%	-1.3%
Revenue RE	106.10M	106.68M	112.21M	100.70M	93.45M
Rental Revenue	95.36M	95.52M	100.62M	88.78M	93.45M
Gain Investments RE	116.67K	147.50K	30.00K	63.10K	219.05K
Expenses & Provisions
Total Operating Expenses RE	68.98M	75.12M	63.19M	47.86M	50.85M
Interest Expense RE	-56.74M	-55.30M	-32.28M	-17.18M	-17.69M
Other Non Oper Exp Suppl RE	0.90M	-1.38M	0.32M	0.82M	0.82M
Property Expenses	33.05M	37.74M	23.41M	17.90M	15.37M
Provision For Loan Losses	—	—	—	—	1.55M
Asset Writedown	-5.86M	15.00M	-8.44M	-4.70M	—
D&A For EBITDA	23.12M	22.85M	21.40M	16.49M	15.77M
Dep Amor RE	31.30M	31.01M	28.69M	23.53M	23.25M
Profitability & Returns
EBIT	37.12M	31.56M	49.02M	52.83M	42.61M
EBIT Margin	+35.0%	+29.6%	+43.7%	+52.5%	+45.6%
EBITDA	60.23M	54.41M	70.42M	69.32M	58.38M
EBITDA Margin	+56.8%	+51.0%	+62.8%	+68.8%	+62.5%
EBT Excl RE	-16.55M	-23.49M	17.35M	36.47M	35.86M
Pretax Income	-22.29M	-8.35M	8.94M	31.83M	36.08M
Operating Income RE	37.12M	31.56M	49.02M	52.83M	42.61M
Operating Margin	+35.0%	+29.6%	+43.7%	+52.5%	+45.6%
Profit Margin	-21.0%	-7.8%	+9.7%	+29.7%	+38.6%
Net Income	-22.29M	-8.35M	10.90M	29.87M	36.08M
Net Income to Common	-22.29M	-8.35M	10.90M	29.87M	36.08M
Net Income Growth	—	—	-63.5%	-17.2%	-10.0%
Income Tax Expense	—	—	-1.96M	1.96M	—
Effective Tax Rate	—	—	—	+6.2%	—
Net Interest Expense RE	-54.57M	-53.67M	-31.99M	-17.18M	-7.57M
Per Share & Capital
EPS (Basic)	-0.25	-0.09	0.12	0.34	0.41
EPS (Diluted)	-0.25	-0.09	0.12	0.34	0.41
EPS Growth	—	—	-63.5%	-17.2%	-10.0%
Dividend Per Share	0.24	0.17	0.50	0.60	0.65
Shares Outstanding (Basic)	88.00M	88.00M	88.00M	88.00M	88.00M
Shares Outstanding (Diluted)	88.00M	88.00M	88.00M	88.00M	88.00M
Dividend Growth	+41.2%	-66.0%	-16.7%	-7.7%	—
Payout Ratio	—	—	+484.4%	+175.2%	+170.7%
Supplemental
Int Inc RE	2.17M	1.63M	0.29M	—	10.12M
Other Operating Expenses RE	4.64M	4.49M	6.04M	6.55M	6.13M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021	2020Dec 31, 2020
Operating Summary
Revenue	106.10M	106.68M	112.21M	100.70M	93.45M
Interest Income	2.17M	1.63M	0.29M	—	10.12M
Interest Expense	-56.74M	-55.30M	-32.28M	-17.18M	-17.69M
Pretax Income	-22.29M	-8.35M	8.94M	31.83M	36.08M
Income Tax	—	—	-1.96M	1.96M	—
Net Income	-22.29M	-8.35M	10.90M	29.87M	36.08M
Rental Revenue	95.36M	95.52M	100.62M	88.78M	93.45M
Property Expenses	33.05M	37.74M	23.41M	17.90M	15.37M
Operating Income	37.12M	31.56M	49.02M	52.83M	42.61M
EPS (Basic)	-0.25	-0.09	0.12	0.34	0.41
EPS (Diluted)	-0.25	-0.09	0.12	0.34	0.41
DPS	0.24	0.17	0.50	0.60	0.65
Margins & Efficiency
Net Margin %	-21.0%	-7.8%	+9.7%	+29.7%	+38.6%
Revenue & Income
Revenue as Reported	106.10M	106.68M	112.21M	100.70M	—
Revenue Growth (YoY)	-0.5%	-4.9%	+11.4%	+7.7%	-1.3%
Revenue RE	106.10M	106.68M	112.21M	100.70M	93.45M
Rental Revenue	95.36M	95.52M	100.62M	88.78M	93.45M
Gain Investments RE	116.67K	147.50K	30.00K	63.10K	219.05K
Expenses & Provisions
Total Operating Expenses RE	68.98M	75.12M	63.19M	47.86M	50.85M
Interest Expense RE	-56.74M	-55.30M	-32.28M	-17.18M	-17.69M
Other Non Oper Exp Suppl RE	0.90M	-1.38M	0.32M	0.82M	0.82M
Property Expenses	33.05M	37.74M	23.41M	17.90M	15.37M
Provision For Loan Losses	—	—	—	—	1.55M
Asset Writedown	-5.86M	15.00M	-8.44M	-4.70M	—
D&A For EBITDA	23.12M	22.85M	21.40M	16.49M	15.77M
Dep Amor RE	31.30M	31.01M	28.69M	23.53M	23.25M
Profitability & Returns
EBIT	37.12M	31.56M	49.02M	52.83M	42.61M
EBIT Margin	+35.0%	+29.6%	+43.7%	+52.5%	+45.6%
EBITDA	60.23M	54.41M	70.42M	69.32M	58.38M
EBITDA Margin	+56.8%	+51.0%	+62.8%	+68.8%	+62.5%
EBT Excl RE	-16.55M	-23.49M	17.35M	36.47M	35.86M
Pretax Income	-22.29M	-8.35M	8.94M	31.83M	36.08M
Operating Income RE	37.12M	31.56M	49.02M	52.83M	42.61M
Operating Margin	+35.0%	+29.6%	+43.7%	+52.5%	+45.6%
Profit Margin	-21.0%	-7.8%	+9.7%	+29.7%	+38.6%
Net Income	-22.29M	-8.35M	10.90M	29.87M	36.08M
Net Income to Common	-22.29M	-8.35M	10.90M	29.87M	36.08M
Net Income Growth	—	—	-63.5%	-17.2%	-10.0%
Income Tax Expense	—	—	-1.96M	1.96M	—
Effective Tax Rate	—	—	—	+6.2%	—
Net Interest Expense RE	-54.57M	-53.67M	-31.99M	-17.18M	-7.57M
Per Share & Capital
EPS (Basic)	-0.25	-0.09	0.12	0.34	0.41
EPS (Diluted)	-0.25	-0.09	0.12	0.34	0.41
EPS Growth	—	—	-63.5%	-17.2%	-10.0%
Dividend Per Share	0.24	0.17	0.50	0.60	0.65
Shares Outstanding (Basic)	88.00M	88.00M	88.00M	88.00M	88.00M
Shares Outstanding (Diluted)	88.00M	88.00M	88.00M	88.00M	88.00M
Dividend Growth	+41.2%	-66.0%	-16.7%	-7.7%	—
Payout Ratio	—	—	+484.4%	+175.2%	+170.7%
Supplemental
Int Inc RE	2.17M	1.63M	0.29M	—	10.12M
Other Operating Expenses RE	4.64M	4.49M	6.04M	6.55M	6.13M