Dolmen City REIT rides the wave with 31% profit surge
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MG News | February 27, 2025 at 06:07 PM GMT+05:00
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.
| Profit and Loss For The Half Year Ended December 31, 2024 (Rs '000) | |||
| Particulars | Dec-24 | Dec-23 | %Change |
| Revenue | |||
| Rental income | 2,609,914 | 2,411,888 | 8.21% |
| Marketing income | 173,829 | 136,433 | 27.41% |
| Total Revenue | 2,783,743 | 2,548,321 | 9.24% |
| Administrative & Operating Expenses | |||
| Administrative and operating expenses | (538,386) | (356,311) | 51.10% |
| Impairment loss on receivables | (9,612) | (12,793) | -24.87% |
| Net Operating Income | 2,235,745 | 2,179,217 | 2.59% |
| Other Income | 127,324 | 167,343 | -23.91% |
| Total Income | 2,363,069 | 2,346,560 | 0.70% |
| Expenses | |||
| Management fee | (67,072) | (65,377) | 2.59% |
| Sindh sales tax on management fee | (10,061) | (8,499) | 18.38% |
| Trustee fee | (11,179) | (10,896) | 2.60% |
| Sindh sales tax on trustee fee | (1,677) | (1,416) | 18.43% |
| Total Expenses | (89,989) | (86,188) | 4.41% |
| Profit Before Change in Fair Value of Investment Property | 2,273,080 | 2,260,372 | 0.56% |
| Unrealised gain on remeasurement of fair value of investment property | 4,532,938 | 2,923,008 | 55.08% |
| Profit Before Taxation | 6,806,018 | 5,183,380 | 31.30% |
| Taxation | - | - | |
| Profit for the Period | 6,806,018 | 5,183,380 | 31.30% |
| Earnings Per Unit - Basic & Diluted | 3.06 | 2.33 | 31.33% |
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