TPL Properties Limited (TPLP) reported Consolidated loss per share of PKR 3.45 for FY25, compared to loss per share of PKR 7.17 in FY24. TPLP earnings are primarily from dividend income received from its subsidiaries and the REIT fund, along with mark to market gains on its investment portfolio. While the company historically held a 38.02% stake, it has recently realigned its holding to 35% in TPL REIT Fund I to raise liquidity.
The Mangrove Project, a 40 acre mixed use development, represents approximately 90–95% of the total fund value. The project comprises 20 towers and is expected to be developed over a 10–12 year period. The TTZ Technology Park plot is in the process of being sold, with the technology park concept now relocated to the Mangrove site. Proceeds from the sale are intended to be reinvested into the Mangrove project.
TPL is in discussions to enter into a partnership with a major local developer, which could potentially shorten the Mangrove project timeline from 10–12 years to 7–9 years, thereby accelerating dividend distributions. Recent infrastructure developments, including the Korangi Causeway bridge and the Malir Expressway interchange, are expected to materially reduce travel time to the project site.
The sale of TTZ plot is currently facing delays due to a court stay order related to the conversion of land from industrial to commercial use. The Maldives project has also experienced delays due to geopolitical factors, although management continues to pursue the opportunity through its foreign subsidiary. TPL Properties holds a 35% stake in TPL REIT Fund I and receives dividend income from fund distributions. To retain tax exempt status, the REIT fund must distribute at least 90% of its profits to unit holders.
Important Disclosures
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