MOFI Real Estate Fund Posts N14.24bn H1 Profit, NAV N106.71, Pays Dividends
MOFI Real Estate Investment Fund (MREIF) announced a profit before tax of N14.49 billion for the six months ended June 30 2026, with profit after tax of N14.24 billion after N250.5 million withholding tax. Total income reached N17.48 billion, driven mainly by interest income: N8.10 billion from financial assets at amortised cost (46.4% of income), N6.21 billion from cash and cash equivalents (35.5%), and N3.11 billion from mortgage loans (17.8%). Operating expenses were N2.99 billion. The fund’s balance sheet shows total assets of N269.88 billion, net assets to unitholders of N266.78 billion, and a net asset value per unit of N106.71. Market price stood at N100.00 per unit on July 21 2026, a 6.3% discount to NAV. MREIF paid H1 2026 dividends of N2.8022 per unit for Series I and N8.6136 per unit for Series II on July 15.
The results highlight the fund’s strong income‑generating capacity, a growing mortgage loan book (+86% year‑on‑year) and a solid equity‑backed balance sheet, with equity representing 98.9% of assets. The market discount suggests the units may be undervalued relative to underlying assets, while the dividend payout offers a tangible return.
For investors, the key takeaway is to weigh the attractive dividend yield against the NAV‑market gap, monitor the fund’s mortgage loan growth, and consider whether the current discount presents a buying opportunity or reflects unpriced risks.