Karachi: First Dawood Properties Limited, in a board meeting held on February 11, 2025, announced that it will not distribute any cash dividends, bonus shares, right shares, or engage in any other corporate actions for the quarter ended December 31, 2024. The meeting took place at 12:30 p.m. at the company’s headquarters located at the 19th Floor, Tower-B, Saima Trade Towers on I.I. Chundrigar Road, Karachi.

According to the financial results released, the company’s total assets increased from PKR 970.91 million as of June 30, 2024, to PKR 1.02 billion by the end of December 2024. This growth was primarily driven by an increase in non-current assets, which rose from PKR 594.09 million to PKR 646.01 million. Current assets also saw a slight increase, reaching PKR 378.29 million from PKR 376.83 million.

The company's revenue for the six-month period ending December 31, 2024, was reported at PKR 26.92 million, compared to PKR 8.15 million for the same period in the previous year. Despite this increase in revenue, the company recorded a provision for lease losses and doubtful recoveries amounting to PKR 66.89 million.

Administrative expenses for the quarter reduced to PKR 12.59 million, down from PKR 16.46 million in the previous quarter. However, the company reported a significant deferred tax expense of PKR 66.46 million, contributing to a total tax of PKR 67.12 million for the quarter.

A notable highlight in the financial results was the share of profit from associates, which was PKR 26.44 million, a significant increase from PKR 14.37 million recorded in the same quarter of the previous year. The earnings per share for this quarter were reported at PKR 0.013, showcasing slight growth from the previous year.

The board did not provide any additional price-sensitive information or corporate actions during the meeting. The second-quarter report will be made available through PUCARS and on the company's website in due course.

According to information available from the Pakistan Stock Exchange (PSX), the company operates within the designated market category of property development and management. Despite no dividends or shares being issued, the company's financial performance indicates a stable asset base and potential for future growth.