Dolmen City REIT rides the wave with 31% profit surge

February 27, 2025 (MLN): Dolmen City REIT (PSX: DCR) reported a net profit of Rs6.8bn for the half-year ended December 31, 2024, reflecting a 31.3% increase compared to Rs5.18bn in the same period last year.

The Board of Directors has already declared an interim cash dividend of Rs1.05 per unit (10.5%) in an earlier meeting.

The growth was driven by an increase in rental income, which rose by 8.21% YoY to Rs2.61bn from Rs2.41bn, while marketing income surged by 27.41% YoY to Rs173.83mn.

As a result, total revenue stood at Rs2.78bn, marking a 9.24% YoY increase.

Net operating income improved slightly by 2.59% YoY to Rs2.24bn despite a 51.1% rise in administrative and operating expenses to Rs538.39mn.

Other income declined by 23.91% YoY to Rs127.32mn.

On the expense side, management fees, trustee fees, and related taxes increased marginally, leading to total expenses of Rs89.99mn, up 4.41% YoY.

Profit before the change in fair value of investment property recorded a slight rise of 0.56% YoY, reaching Rs2.27bn.

A significant boost came from the unrealized gain on the remeasurement of investment property, which jumped by 55.08% YoY to Rs4.53bn.

Consequently, profit before taxation reached Rs6.81bn, up 31.3% YoY.

Earnings per unit for the period increased by 31.33% YoY to Rs3.06 from Rs2.33.

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