Karachi: Pakistan Hotels Developers Ltd. (PHDL) showcased strong financial performance for the fiscal year 2023-24, despite a challenging economic environment marked by high inflation and political instability. At the 45th Annual General Meeting held recently, the Chairman presented the audited financial statements for the year ended June 30, 2024, along with the Auditors’ Report.

The company recorded a revenue of Rs. 729.00 million, a significant 30% increase compared to the previous year, and declared a remarkable net profit, with an interim cash dividend payout of Rs. 10 per share. According to information available from the Pakistan Stock Exchange (PSX), PHDL has managed a robust financial strategy amidst the economic constraints that have kept the country’s growth to a modest 2.4%.

Further enhancing its financial standing, PHDL completed a major transaction in July 2024, with the sale of its primary asset, the Regent Plaza Hotel Business Property, to SIUT Trust. The transaction was finalized for Rs. 14.50 billion. This sale has significantly influenced the company’s financials, allowing for an extraordinary dividend of Rs. 725 per share for the fiscal year 2024-25.

The Board of Directors, comprising two independent and two executive directors along with three non-executive members, met nine times over the year. They have been pivotal in maintaining compliance with the 2019 Code of Corporate Governance through various sub-committees, including the Audit Committee and the Human Resource and Remuneration Committee.

Despite these successes, PHDL has announced plans to enter voluntary wind-up following the disposal of its hotel business. The decision, initially communicated during an Extraordinary General Meeting on November 13, 2023, will soon proceed to the next steps of the winding-up process.

PHDL's leadership extended gratitude to its employees and stakeholders for their unwavering support and commitment, which were crucial in navigating the year’s complexities.