Karachi: Image REIT has announced a profit after tax of Rs. 351.82 million for the nine months ended March 31, 2026, reflecting strong growth driven by higher rental income, investment property revaluation, and continued operational stability.
According to the company’s unaudited financial results, total revenue increased to Rs. 84.69 million, compared with Rs. 59.15 million in the corresponding period last year. Net operating profit also improved significantly to Rs. 76.20 million, up from Rs. 41.58 million a year earlier.
A major contributor to earnings was an unrealised fair value gain of Rs. 275 million on investment property, helping lift total profit before tax to Rs. 351.82 million. Earnings per unit (EPU) rose to Rs. 1.275, compared with Rs. 1.151 in the same period last year.
The REIT continued expanding its asset base during the period. Total assets climbed to Rs. 3.56 billion as of March 31, 2026, from Rs. 2.42 billion at the end of June 2025. Investment property was valued at Rs. 2.65 billion, while the company invested Rs. 185.63 million in capital work in progress for its ongoing development project.
The Board stated that Image REIT maintained a 100% occupancy rate across its commercial properties located on Shahrah-e-Faisal and Tipu Sultan Road in Karachi. Management also noted that development work on the REIT’s expansion project is expected to commence soon, with contractual arrangements already in place.
Cash and bank balances strengthened considerably, reaching Rs. 655.95 million, supported by fresh unit issuance during the period. The REIT also raised Rs. 920.15 million through the issuance of new units, further strengthening its financial position.
Despite the improvement in profitability, the REIT’s net asset value (NAV) per unit stood at Rs. 12.80, compared with Rs. 13.05 at the end of the previous financial year, mainly reflecting dividend distributions during the period.
Management reaffirmed its commitment to maintaining high occupancy levels, advancing its development portfolio, and creating long-term value for unit holders through disciplined asset management and strategic expansion.
