Naya Nazimabad Apartment REIT Posts Rs881.7 Million Profit Despite Lower Earnings
Karachi, October 9, 2026: Naya Nazimabad Apartment REIT has reported a profit after taxation of Rs881.7 million for the financial year ended June 30, 2026, according to financial results submitted by Arif Habib Dolmen REIT Management Limited to the Pakistan Stock Exchange.
The results were approved by the Board of Directors of the REIT management company at its meeting held on October 8, 2026. The company announced no cash dividend, bonus shares, right shares or other corporate action for the year under review. 2853578
Profit Declines From Previous Year
The REIT recorded profit after taxation of Rs881.7 million during FY2026, compared with Rs1.217 billion in FY2025. This represents a decline of around 27.5% year-on-year.
Earnings per unit also decreased to Rs3.002, compared with Rs4.142 in the previous year. Despite the decline in profitability, the REIT remained profitable throughout the period.
The financial statements show that the REIT generated Rs164.7 million in revenue from contracts with customers, against no comparable revenue reported under this heading in FY2025. Cost of sales stood at Rs162.3 million, resulting in a gross profit of approximately Rs2.4 million. 2853578
Other Income Remains a Major Contributor
One of the key components of the REIT’s earnings was other income, which amounted to approximately Rs1.696 billion in FY2026. However, this was lower than the Rs2.092 billion recorded in FY2025.
Finance costs increased to approximately Rs707.4 million, compared with Rs644.3 million a year earlier. Administrative and operating expenses, meanwhile, declined significantly to around Rs62.5 million from Rs185.1 million in FY2025. 2853578
Asset Base Expands
The REIT’s financial position showed substantial growth during the year. Total assets increased to approximately Rs17.89 billion as of June 30, 2026, compared with Rs13.16 billion at the end of FY2025.
Inventory property stood at approximately Rs14.793 billion, up from Rs12.015 billion a year earlier, while bank balances increased sharply to Rs2.214 billion from Rs760.6 million.
The increase in assets was accompanied by higher liabilities. Total liabilities rose to approximately Rs13.488 billion, compared with Rs9.644 billion in the previous year. Musharaka financing stood at around Rs7.789 billion at the end of FY2026. 2853578
Net Asset Value Per Unit Improves
Despite the decline in annual earnings, the REIT’s net asset value per unit increased to Rs14.99 as of June 30, 2026, compared with Rs11.98 a year earlier.
The unit holders’ fund also increased considerably to approximately Rs4.402 billion, from Rs3.521 billion at the end of FY2025. Accumulated profit/revenue reserves reached around Rs1.465 billion during the year. 2853578
Operating Cash Flow Turns Positive
The REIT also reported a notable improvement in cash generation. Net cash generated from operating activities stood at approximately Rs1.453 billion in FY2026, compared with a net cash outflow of Rs361.8 million in FY2025.
Cash and cash equivalents increased to approximately Rs2.214 billion at the end of the year from Rs760.6 million previously. The cash-flow statement also shows substantial investment in development properties and other working-capital movements during the period. 2853578
Outlook
Naya Nazimabad Apartment REIT enters the new financial year with a stronger asset base, higher net asset value per unit and significantly improved operating cash generation. However, the decline in annual profit and earnings per unit remains an important factor for investors to monitor.
With no cash dividend or other entitlement announced for FY2026, investor attention is likely to remain focused on the REIT’s ability to generate sustainable income from its property portfolio and convert its growing asset base into stronger recurring returns.
Overall, the FY2026 results present a mixed picture: profitability declined, but assets, net asset value and operating cash flows showed meaningful improvement.
