Naya Nazimabad Apartment REIT

Accounts in this report: Company only.

NNAR posted a Q1 FY27 loss of Rs 198.2 million (EPS -Rs 0.675) as IFRS 15 point-in-time revenue recognition deferred income on units under construction, while finance cost of Rs 178.3 million drove expenses. Revenue of Rs 329.9 million and gross profit of Rs 13.9 million were recognised, with contract liabilities rising to Rs 7.2 billion. Cumulative sales reached Rs 23.1 billion with an 85% installment recovery rate, and operating cash flow was positive at Rs 959.6 million. Cash rose to Rs 3.17 billion, but musharaka financing reached Rs 8.14 billion and NAV per unit fell to Rs 14.31. The REIT listed on the PSX on 17 September 2026 following an offer for sale of 44 million units. Acquisitions in Lahore included 146 residential and 70 commercial plots and 76 shops, with construction underway on four Peace Apartments sites.

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