Karachi: First Dawood Properties Ltd. (FDPL) has unveiled its financial results for the fiscal year ended June 30, 2024, highlighting a robust fiscal stance despite prevailing economic hardships. This disclosure came during a corporate briefing held on October 24, 2024, at Karachi, wherein senior management delineated the company’s future strategies and financial nuances.
In a year marred by financial sector instability, FDPL managed to post a before-tax profit of Rs. 83.95 million, a significant improvement from last year's Rs. 59.49 million. The after-tax profit, however, saw a dip to Rs. 6.70 million from Rs. 15.04 million, attributable to aggressive recovery efforts and strategic financial maneuvers by the management. According to information available from the Pakistan Stock Exchange (PSX), the company's net worth also rose commendably from Rs. 580.27 million to Rs. 656.47 million, fueled by a reversal of provisions and a surplus on revaluation of investments.
FDPL's total income for the period stood impressively at Rs. 64.91 million, an uptick from the previous year's Rs. 39.57 million, while total assets amassed to Rs. 970.91 million. The company has been proactive in mitigating non-performing loans, with the legal department making significant strides in restructuring and settling outstanding debts.
Moreover, the book value per share increased to Rs. 4.42, up from Rs. 3.91, reflecting an enhanced intrinsic value per share held by investors. The market value per share saw a growth to Rs. 2.97 from last year's Rs. 2.01, indicating favorable market perceptions and investor confidence.
Looking forward, FDPL has secured recoveries amounting to Rs. 40.00 million against non-performing leases and advances. This financial rejuvenation is expected to sustain cash flows and ensure the company's operational viability over the next 12-18 months. Additionally, the company has embarked on a strategic overhaul by renaming and realigning its principal business to focus more profoundly on real estate opportunities, setting a positive trajectory for future financial health and expansion.