MUSHARAKA REIT

Musharaka REIT Fund

4335StocksTadawulMarket closed

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	97.16M	106.10M	106.68M	112.21M	100.70M
Interest Income	1.72M	2.17M	1.63M	0.29M	—
Interest Expense	-52.28M	-56.74M	-55.30M	-32.28M	-17.18M
Pretax Income	-109.89M	-22.29M	-8.35M	8.94M	31.83M
Income Tax	—	—	—	-1.96M	1.96M
Net Income	-109.89M	-22.29M	-8.35M	10.90M	29.87M
Rental Revenue	86.97M	95.36M	95.52M	100.62M	88.78M
Property Expenses	30.21M	33.53M	37.74M	23.41M	17.90M
Operating Income	31.15M	37.12M	31.56M	49.02M	52.83M
EPS (Basic)	-1.25	-0.25	-0.09	0.12	0.34
EPS (Diluted)	-1.25	-0.25	-0.09	0.12	0.34
DPS	0.24	0.24	0.17	0.50	0.60
Margins & Efficiency
Net Margin %	-113.1%	-21.0%	-7.8%	+9.7%	+29.7%
Revenue & Income
Revenue as Reported	97.16M	106.10M	106.68M	112.21M	100.70M
Revenue Growth (YoY)	-8.4%	-0.5%	-4.9%	+11.4%	+7.7%
Revenue RE	97.16M	106.10M	106.68M	112.21M	100.70M
Rental Revenue	86.97M	95.36M	95.52M	100.62M	88.78M
Gain Investments RE	20.11K	116.67K	147.50K	30.00K	63.10K
Expenses & Provisions
Total Operating Expenses RE	66.00M	68.98M	75.12M	63.19M	47.86M
Interest Expense RE	-52.28M	-56.74M	-55.30M	-32.28M	-17.18M
Other Non Oper Exp Suppl RE	1.45M	0.90M	-1.38M	0.32M	0.82M
Property Expenses	30.21M	33.53M	37.74M	23.41M	17.90M
Provision For Loan Losses	—	—	—	—	—
Asset Writedown	-91.95M	-5.86M	15.00M	-8.44M	-4.70M
D&A For EBITDA	23.09M	23.12M	22.85M	21.40M	16.49M
Dep Amor RE	31.25M	31.30M	31.01M	28.69M	23.53M
Profitability & Returns
EBIT	31.15M	37.12M	31.56M	49.02M	52.83M
EBIT Margin	+32.1%	+35.0%	+29.6%	+43.7%	+52.5%
EBITDA	54.25M	60.23M	54.41M	70.42M	69.32M
EBITDA Margin	+55.8%	+56.8%	+51.0%	+62.8%	+68.8%
EBT Excl RE	-17.97M	-16.55M	-23.49M	17.35M	36.47M
Pretax Income	-109.89M	-22.29M	-8.35M	8.94M	31.83M
Operating Income RE	31.15M	37.12M	31.56M	49.02M	52.83M
Operating Margin	+32.1%	+35.0%	+29.6%	+43.7%	+52.5%
Profit Margin	-113.1%	-21.0%	-7.8%	+9.7%	+29.7%
Net Income	-109.89M	-22.29M	-8.35M	10.90M	29.87M
Net Income to Common	-109.89M	-22.29M	-8.35M	10.90M	29.87M
Net Income Growth	—	—	—	-63.5%	-17.2%
Income Tax Expense	—	—	—	-1.96M	1.96M
Effective Tax Rate	—	—	—	—	+6.2%
Net Interest Expense RE	-50.57M	-54.57M	-53.67M	-31.99M	-17.18M
Per Share & Capital
EPS (Basic)	-1.25	-0.25	-0.09	0.12	0.34
EPS (Diluted)	-1.25	-0.25	-0.09	0.12	0.34
EPS Growth	—	—	—	-63.5%	-17.2%
Dividend Per Share	0.24	0.24	0.17	0.50	0.60
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%
Supplemental
Int Inc RE	1.72M	2.17M	1.63M	0.29M	—
Other Operating Expenses RE	4.54M	4.16M	4.49M	6.04M	6.55M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	97.16M	106.10M	106.68M	112.21M	100.70M
Interest Income	1.72M	2.17M	1.63M	0.29M	—
Interest Expense	-52.28M	-56.74M	-55.30M	-32.28M	-17.18M
Pretax Income	-109.89M	-22.29M	-8.35M	8.94M	31.83M
Income Tax	—	—	—	-1.96M	1.96M
Net Income	-109.89M	-22.29M	-8.35M	10.90M	29.87M
Rental Revenue	86.97M	95.36M	95.52M	100.62M	88.78M
Property Expenses	30.21M	33.53M	37.74M	23.41M	17.90M
Operating Income	31.15M	37.12M	31.56M	49.02M	52.83M
EPS (Basic)	-1.25	-0.25	-0.09	0.12	0.34
EPS (Diluted)	-1.25	-0.25	-0.09	0.12	0.34
DPS	0.24	0.24	0.17	0.50	0.60
Margins & Efficiency
Net Margin %	-113.1%	-21.0%	-7.8%	+9.7%	+29.7%
Revenue & Income
Revenue as Reported	97.16M	106.10M	106.68M	112.21M	100.70M
Revenue Growth (YoY)	-8.4%	-0.5%	-4.9%	+11.4%	+7.7%
Revenue RE	97.16M	106.10M	106.68M	112.21M	100.70M
Rental Revenue	86.97M	95.36M	95.52M	100.62M	88.78M
Gain Investments RE	20.11K	116.67K	147.50K	30.00K	63.10K
Expenses & Provisions
Total Operating Expenses RE	66.00M	68.98M	75.12M	63.19M	47.86M
Interest Expense RE	-52.28M	-56.74M	-55.30M	-32.28M	-17.18M
Other Non Oper Exp Suppl RE	1.45M	0.90M	-1.38M	0.32M	0.82M
Property Expenses	30.21M	33.53M	37.74M	23.41M	17.90M
Provision For Loan Losses	—	—	—	—	—
Asset Writedown	-91.95M	-5.86M	15.00M	-8.44M	-4.70M
D&A For EBITDA	23.09M	23.12M	22.85M	21.40M	16.49M
Dep Amor RE	31.25M	31.30M	31.01M	28.69M	23.53M
Profitability & Returns
EBIT	31.15M	37.12M	31.56M	49.02M	52.83M
EBIT Margin	+32.1%	+35.0%	+29.6%	+43.7%	+52.5%
EBITDA	54.25M	60.23M	54.41M	70.42M	69.32M
EBITDA Margin	+55.8%	+56.8%	+51.0%	+62.8%	+68.8%
EBT Excl RE	-17.97M	-16.55M	-23.49M	17.35M	36.47M
Pretax Income	-109.89M	-22.29M	-8.35M	8.94M	31.83M
Operating Income RE	31.15M	37.12M	31.56M	49.02M	52.83M
Operating Margin	+32.1%	+35.0%	+29.6%	+43.7%	+52.5%
Profit Margin	-113.1%	-21.0%	-7.8%	+9.7%	+29.7%
Net Income	-109.89M	-22.29M	-8.35M	10.90M	29.87M
Net Income to Common	-109.89M	-22.29M	-8.35M	10.90M	29.87M
Net Income Growth	—	—	—	-63.5%	-17.2%
Income Tax Expense	—	—	—	-1.96M	1.96M
Effective Tax Rate	—	—	—	—	+6.2%
Net Interest Expense RE	-50.57M	-54.57M	-53.67M	-31.99M	-17.18M
Per Share & Capital
EPS (Basic)	-1.25	-0.25	-0.09	0.12	0.34
EPS (Diluted)	-1.25	-0.25	-0.09	0.12	0.34
EPS Growth	—	—	—	-63.5%	-17.2%
Dividend Per Share	0.24	0.24	0.17	0.50	0.60
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%
Supplemental
Int Inc RE	1.72M	2.17M	1.63M	0.29M	—
Other Operating Expenses RE	4.54M	4.16M	4.49M	6.04M	6.55M