Globe Residency REIT (PSX: GRR), Pakistan’s first listed Developmental Real Estate Investment Trust (REIT), has declared a profit after tax of Rs. 271 million for the year ended June 30, 2023.
Along with the result, GRR has declared a Cash Dividend of Rs. 3 (i.e. 30%) per unit of Rs. 10 each for FY23.
Revenue from contracts with customers clocked in at Rs 2.85 billion while gross profit came in at Rs. 427.5 million.
Administrative and operating expenses were Rs. 127.9 million during the period in review.
The net operating income of the Trust closed at Rs. 299.5 million. The gain on disposal under the Musharaka arrangement clocked in at Rs. 52.6 million.
Other income of Rs. 99.6 million was reported by the company for the year ended June 30.
The Trust paid Rs. 137.2 million in taxes.
GRR which was listed in December last year is a closed-ended, Developmental REIT. GRR offers investors an opportunity to partake in the ownership of Globe Residency Apartments. This project comprises 1,344 apartments across 9 towers being constructed at Naya Nazimabad, Karachi, a project of Javedan Corporation Limited.
Arif Habib, Chairman, Arif Habib Dolmen REIT Management commenting on the results said, “The REIT instrument allows investors a fresh avenue of safe investment. REITs ensure fully documented real estate development activities in a transparent manner. Arif Habib Group has so far registered 14 REITs in total with a fund size of Rs. 125 billion. The dividend declaration by Globe Residency REIT, along with its comprehensive progress, signifies our unwavering dedication to investors and stakeholders, as well as our resolute commitment to introducing transformative real estate projects that contribute to Pakistan’s economic growth and development. Earlier, Dolmen City REIT, a rental REIT distributed PKR 4.02 billion for the financial year 2023″.