Lahore: Pace (Pakistan) Limited, a prominent player in the real estate sector, disclosed its financial results for the half-year ending December 31, 2024, during a board meeting held on February 26, 2025. The company announced no cash dividends, bonus shares, or rights issues for the period under review.
The company's financial statements reveal that revenue for the half-year reached 989.89 million, an increase from 881.33 million in the same period of the previous year. Despite this growth, the cost of revenue was recorded at 564.39 million, resulting in a gross profit of 425.51 million, up from 268.24 million in the previous year.
Administrative and selling expenses were reported at 120.76 million, slightly higher than last year's 116.55 million. The company also noted no impairment loss on trade and other receivables for the current period, compared to a 5.70 million impairment in the previous year. Other income increased to 11.30 million from 5.72 million. Consequently, profit from operations rose to 310.34 million, compared to 152.22 million in the previous year.
Finance costs were reduced to 82.46 million from 97.60 million, and the company faced an exchange loss of 3.66 million on foreign currency convertible bonds, a reversal from last year's gain of 91.83 million. The change in fair value of investment property resulted in a gain of 2.42 million, compared to a loss of 10.81 million last year. The profit before income tax stood at 226.64 million, up from 135.64 million, while minimum tax was reported at 12.37 million, slightly higher than the previous year's 11.02 million. The final profit after taxation reached 214.26 million, compared to 124.63 million in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), the company has met the electronic transmission requirements for its quarterly accounts through the Pakistan Unified Corporate Action Reporting System (PUCARS).
For the quarter ending December 31, 2024, revenue was 515.75 million, and the cost of revenue was 312.92 million, resulting in a gross profit of 202.83 million. Administrative and selling expenses for the quarter were 81.03 million. The quarter's profit from operations was 123.39 million, offset by a finance cost of 42.60 million and an exchange loss of 14.67 million on foreign currency convertible bonds. The company reported a small gain of 3.41 million from the change in the fair value of its investment property, culminating in a profit before income tax of 69.54 million for the quarter. After accounting for minimum tax, the profit after taxation for the quarter was 63.09 million.
Despite the positive financial performance, the company's announcement of no payouts reflects its current strategic decisions. The financial statements have been made available on the company's website for stakeholders and investors to review.