First Dawood Properties Posts Rs1.89 Million Quarterly Profit

First Dawood Properties Limited (FDPL) returned to profitability during the quarter ended March 31, 2026, posting a profit after taxation of Rs1.89 million, compared with a loss of Rs10.83 million recorded in the same quarter last year.

According to the company’s financial results, the improvement marks a significant turnaround in quarterly performance. Earnings per share (EPS) also improved to Rs0.013 for the quarter, compared with a negative EPS of Rs0.073 in the corresponding period of 2025.

Income Performance Improves

FDPL reported total income of approximately Rs10.17 million during the quarter, up from Rs5.74 million a year earlier. The company’s income was supported mainly by returns on deposits and investments, which stood at around Rs9.18 million, compared with Rs4.01 million in the same quarter last year.

Lease income, however, declined to Rs200,000 from Rs1.74 million in the corresponding period.

The company also recorded a reversal of provision for lease losses and doubtful recoveries of approximately Rs695,100 during the quarter, compared with a provision of Rs10.97 million in the same period last year. This change provided an important boost to the bottom line.

Nine-Month Profit Declines

Despite the strong quarterly turnaround, FDPL’s overall performance for the nine months ended March 31, 2026 remained below the previous year.

The company reported profit after taxation of Rs2.69 million for the nine-month period, compared with Rs4.58 million in the same period of 2025. This represents a decline of roughly 41% year on year.

Nine-month total income increased to approximately Rs28.84 million, compared with Rs23.98 million a year earlier. However, higher administrative expenses, the impact of finance-related costs and the company’s share of losses from associates weighed on overall earnings.

Investment Base Remains Significant

The company’s financial position shows a substantial investment portfolio. As of March 31, 2026, FDPL reported investment properties of approximately Rs177.58 million, while long-term investments stood at around Rs156.17 million. Investments in associates were recorded at approximately Rs229.15 million.

Total assets increased to about Rs910.84 million, compared with Rs895.12 million as of June 30, 2025.

Cash Position and Financing

FDPL ended the nine-month period with cash and cash equivalents of approximately Rs3.86 million, down from Rs5.35 million at the end of June 2025.

The cash-flow statement showed that the company used approximately Rs13.42 million in operating activities during the nine months. At the same time, investing activities generated net cash of around Rs40.86 million, while financing activities used approximately Rs8.94 million, mainly through repayment of short-term borrowings.

No Dividend or Other Corporate Action

In its communication to the Pakistan Stock Exchange, the company stated that the board had recommended no cash dividend, bonus shares or right shares for the period. No other entitlement or price-sensitive corporate action was reported.

Overall, First Dawood Properties’ latest results present a mixed picture: the company achieved a notable quarterly turnaround, helped by stronger investment returns and a reversal of provisions, while its nine-month profitability remained lower than the previous year. The improvement in quarterly earnings could nevertheless provide a positive signal as the company moves toward the close of the financial year.