Karachi: First Dawood Properties Limited (FDPL) has announced its interim financial results for the third quarter of the 2024-25 financial year, revealing a notable decline in profits. The company, which operates in the designated market category of real estate development, reported a before-tax profit of Rs.4.839 million, a significant drop from Rs.85.916 million during the same period last year. The decrease is attributed to a substantial reduction in cash recoveries. Despite this downturn, the company's net worth experienced an increase from Rs.656.474 million to Rs.714.546 million, while earnings per share were reported at Rs.0.029.
The board of directors of FDPL comprises seven members, including six males and one female. The composition includes two independent directors, Mr. Khurshid Abul Khair and Mr. Abu Khursheed Muhammad Ariff, along with the Chief Executive Officer, Mr. Muhammad Rizwan-ul Haque. The non-executive directors are Mr. Christopher John Aitken Andrew, Mrs. Farhat Ali, Mr. Iqbal Ahmed, and Mr. Aamir Ahsan Khan. The board structure and sub-committees are detailed in the corporate information section of the company's report.
Non-executive directors receive compensation for attending board and committee meetings, with no fee awarded for non-attendance or for proposals reviewed through circulation. This compensation framework is designed to maintain the perceived independence of the directors.
According to information available from the Pakistan Stock Exchange (PSX), the financial performance of FDPL has been impacted by the challenges in cash recoveries, leading to a profit decline. However, the company's net worth has improved, reflecting its resilience in navigating the financial landscape.
The board extended its gratitude to the company's shareholders, the State Bank of Pakistan, the Securities and Exchange Commission, and other regulatory bodies for their support and guidance. Acknowledgment was also given to the employees for their dedication and hard work during challenging times, amid the ongoing pandemic situation.
The company emphasized its commitment to ensuring the health and safety of all individuals as the world continues to face the challenges posed by recurring pandemic waves.