KARACHI: Pace (Pakistan) Limited reported a significant improvement in its financial performance for the nine months ended March 31, 2026, posting a profit after tax of Rs672.63 million, up nearly 170% from Rs249.12 million recorded in the corresponding period last year. The strong earnings were primarily supported by strategic investment disposals, higher other income, and improved financial management.
During the review period, the company’s revenue stood at Rs641.64 million, compared to Rs1.13 billion in the same period of the previous year. The decline was mainly attributed to lower inventory sales, as the previous year’s results had benefited from large-scale property transactions. However, recurring income streams, including rental income and service charges from investment properties, remained stable and continued to support operations.
Despite the lower revenue, Pace’s operating profit almost doubled to Rs837.18 million from Rs424.47 million a year earlier. Other income surged to Rs534.90 million, largely driven by gains from the disposal of investments in subsidiaries and an exchange gain arising from the appreciation of the Pakistani rupee against the US dollar on the company’s Foreign Currency Convertible Bonds (FCCBs).
Finance costs also declined to Rs111.72 million, reflecting the company’s ongoing debt reduction and financial restructuring initiatives, which helped strengthen profitability during the period. Earnings per share increased to Rs2.17, compared with Rs0.80 in the corresponding period last year.
As part of its portfolio optimization strategy, Pace completed the sale of its 56.79% stake in Pace Super Mall (Private) Limited, generating a gain of Rs361.64 million. The company also partially divested its investment in Pace Barka Properties Limited, recording an additional gain of Rs78.18 million. Management stated that these transactions significantly enhanced liquidity and strengthened the balance sheet.
The company also diversified into the media sector by acquiring print and digital media assets from Media Times Limited for Rs860 million. The acquisition includes prominent media brands such as Daily Times, Aaj Kal, Sunday Times Magazine, and several digital platforms, which are expected to generate new advertising, digital content, and brand monetization opportunities.
On the operational front, Pace reported progress on its flagship Pace Tower project, with the lobby completed and finishing work on the remaining residential and commercial units underway. The company is actively marketing the remaining inventory and expects to monetize these units over the coming months. Additionally, it signed a memorandum of understanding with DHA Gujranwala for the development and management of a mixed-use commercial hub, while development plans for a project in DHA City Karachi are also advancing.
Looking ahead, management said it will continue focusing on project execution, inventory monetization, recurring income generation, and prudent financial management. The company believes these initiatives, coupled with ongoing debt restructuring efforts, will strengthen its financial position and support sustainable long-term growth.
