Dolmen City REIT rides the wave with 31% profit surge

MG News | February 27, 2025 at 06:07 PM GMT+05:00

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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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