Corporate Briefing Notes
The TPL Properties Limited organized a corporate briefing session today and discussed the financial
performance and future outlook of the Company. The key takeaways from the meeting are as follows:
• TPLP reported a revenue of PKR 5 billion in FY22 compared to the revenue of PKR 23 million, up by 29975%. The Company attributed the tremendous increase in revenue to the sale of TTZ at PKR 875 million and the revaluation effect of PKR 4,162 million on TPL REIT Fund units.
• Gross profit of the Company also increased by 21029% from PKR 24 million to PKR 5 billion in the corresponding period.
• Company reported an increase in the administrative expenses, up by 60%, due to the legal expenses on bonus shares and Authorized Capital. Similarly, the term loan of PKR 500 decreased the finance cost by 16% from PKR 74 million to PKR 62 million in the period under consideration.
• Other incomes were reduced, 46% down, due to the financing of investments in TFCs. The Company’s PAT was increased from PKR 72 million to PKR 4.8 billion in the period ended December, 2022.
• Earnings Per Share also witnessed an impressive increase. EPS increased from PKR 0.18 in FY21 to PKR 9.08 in the corresponding period.
• The paid-up capital of the Company increased due to the issuance of bonus shares and revenue reserves also witnessed an increase of 46% as a result of impressive profit.
• The liabilities of the Company went down due to the payables reduced as a result of 10% stake in HKC which was later transferred to REIT units.
• The increase in assets of the Company is reflected by the long-term investments in REIT Funds I, TPL-RMC, TPL Development and TPL Property Management.
• The TPL REIT FUND I consisting of residential, offices, retail, hospitality achieved a financial close of PKR 32.2 billion as of December, 2022 against the initial close of PKR 18.4 billion.
• The Company has achieved the acquisition of the Mangrove and expects to initiate the approval and tender offer after the DHA and Gos process is complete.
• For One Hoshang, the Company informed that the main work on ground will begin in 3QFY23. Also, the project will be completed by the end of FY25.
• For the Technology Park, the project is undergoing the process of detailed design and waiting for the STZ Development.
• The Company is pursuing direct listing of TPL REIT FUND I by April, 2023. The main board listing is planned to begin before June, 2025.
• The target size of the fund is PKR 80 billion and 90% of the profits are likely to be disbursed from FY26.
• After the acquisition of Pakistan’s largest telecom towers company, the Company is negotiating for the Deodar, a telecom tower company in partnership with TASC.
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