The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has reported a profit before tax of N14.49 billion for the six months ended June 30 this year based on the strong incomes generated from its investment portfolio.
Data from the MREIF on its financial performance covering the six-month period reflected that its Interest income from cash and cash equivalents and financial assets measured at amortized cost totalled N14.31 billion, accounting for 81.9% of the Fund’s N17.48 billion total income during the period.
After paying Withholding Tax (WHT) of N250.5 million, the company’s profit after tax (PAT) stood at N14.24 billion for the period.
According to the data, the MREIF’s total income for the half year stood at N17.48 billion; interest income on financial assets totalled N8.10 billion; interest income on cash and cash equivalents amounted to N6.21 billion; while interest income on mortgage loans stood at N3.11 billion.
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Similarly, in the period covered by the financial statements, the Fund’s operating expenses totalled N2.99 billion; the total assets ebbed toN269.88 billion, representing 0.15% dip from N270.29 billion it posted in H1 2025; cash and cash equivalents rose year-on-year by 7.74% from N74.82 billion to N80.62 billion as of the end of H1, 2026; and the investment securities dropped by 51.06% from N127.30 billion in H1 2025 to N62.31 billion in H1 2026.
A further analysis of the MREIF’s financial performance in the half year under review indicated that its mortgage loans rose by 86.09% from N68.17 billion in H1 2025 to N126.86 billion in H1 2026; the total liabilities also dipped by 82.50% from N17.75 billion as of H1 2025 to N3.11 billion in H1 2026; its net assets to unitholders rose by 5.64% from N252.54 billion as of H1 2025 to N266.78 billion in H1 2026 while the NAV per unit stood at N106.71.
The financial performance data clearly reflected that the MREIF’s earnings were largely driven by income from its investment portfolio, with interest income accounting for almost all its operating income in the period under review,
The Interest income from financial assets measured at amortised cost contributed N8.10 billion, representing 46.4% of total income, making it the largest contributor to earnings, this was followed by interest income from cash and cash equivalents of N6.21 billion, accounting for 35.5% of total income, while the mortgage loan interest income contributed N3.11 billion, representing 17.8% of income.
