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Image Reit Interim / Quarterly Report 2026
72132_rns_2026-02-26_6ffbcd4f-bb4b-4990-82ba-3b75a219f8d9.pdf
Interim / Quarterly Report
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Image REIT
February 26, 2026
The General Manager, Pakistan Stock Exchange Ltd., Stock Exchange Building, Karachi.
Dear Sir.
Subject: Financial Results for the Half Year ended 31.12.2025
We have to inform you that the Board of Directors of our RMC M/s. Sinolink REIT Management Company Ltd., in their meeting held on 26th February, 2026 at Karachi, recommended the following:
Cash dividend:
An interim cash dividend for the year ending 30th June, 2026 of Rs. 0.20 per unit i.e. 2% is declared. This is in addition to interim dividend already paid at Rs. 0.13 per unit i.e. 1.30% making a total interim dividend of 3.30%.
Nil Bonus/Rights/Any other entitlement:
The required Statement of Financial Position, Statement of Profit & Loss, Statement of Changes in Equity & Statement of Cash Flows are attached.
The Half Yearly report of Image REIT for the period ended 31.12.2025 will be transmitted through PUCARS separately, within specified time.
You may inform the TREC holders accordingly.
Thanking you.
Yours truly, IMAGE REIT
Manager
Phone: 021-34370471 E-mail: [email protected] Address: A/33, Central Gommercial Area. Block 7/8, Main Shahrah-e-Faisal, Karachi -75350
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IMAGE REIT CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2025
$\Delta$
| Unaudited | Audited | ||
|---|---|---|---|
| December 31, | June 30, | ||
| 2025 | 2025 | ||
| -----------Rupees----------- | |||
| ASSETS | |||
| Non-current assets | |||
| Capital work in progress | 185,629,851 | ||
| Investment property | 2,654,036,000 | 2,379,036,000 | |
| Preliminary expenses and floatation costs | 26,198,748 | ||
| 2,865,864,599 | 2,379,036,000 | ||
| Current assets | |||
| 5,626,120 | 6,178,600 | ||
| Receivables Other receivables and deposits |
2,578,686 | 134,452 | |
| Bank balances | 701,116,585 | 34,365,118 | |
| 709,321,390 | 40,678,170 | ||
| Total assets | 3,575,185,989 | 2,419,714,170 | |
| UNIT HOLDERS' FUND AND LIABILITIES Unit holders' fund Represented By: |
|||
| Issued, subscribed and paid-up units (275,858,500 | |||
| units of Rs.10 each) | 2,758,585,000 772,122,650 |
1,838,430,330 496,247,239 |
|
| Capital reserves | 24,798,270 | 63,848,806 | |
| Revenue reserve Total unit holders' fund |
3,555,505,920 | 2,398,526,375 | |
| LIABILITIES | |||
| Current liabilities | |||
| Payable to REIT Management Company | 13,676,466 | 3,881,170 | |
| Accrued expenses | 2,099,604 | 13,402,625 | |
| Security deposit | 3,904,000 | 3,904,000 | |
| Total liabilities | 19,680,070 | 21,187,795 | |
| Total unit holders' fund and liabilities | 3,575,185,990 | 2,419,714,170 | |
| Net assets value per unit | 12.89 | 13.05 | |
| Contingencies and commitments |
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IMAGE REIT
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CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
| Six months ended | Quarter ended | |||
|---|---|---|---|---|
| December 31, | December 31, | December 31, December 31, | ||
| 2025 | 2024 | 2025 | 2024 | |
| ---------Rupees----------- | ||||
| Revenue | 55,221,600 | 32,362,176 | 27,610,800 | 16,181,088 |
| Administrative expenses | (6, 272, 764) | (6,180,481) | (2,089,336) | (4,091,938) |
| Net operating profit | 48,948,836 | 26,181,695 | 25,521,464 | 12,089,150 |
| Other income | 14,348,154 | 81,954 | 14,346,247 | 9,407 |
| Management fee | (17, 248, 203) | (10, 354, 089) | ||
| Trustee fee | (462, 200) | (231, 100) | ||
| Sindh sales tax on trustee fee | (69, 330) | (34, 665) | ||
| Profit before change in fair value of investment property |
45,517,257 | 26,263,649 | 29,247,857 | 12,098,557 |
| Unrealised gain on remeasurement of fair | ||||
| value of investment property | 275,000,000 | 169,900,319 | 275,000,000 | 169,900,319 |
| Profit before tax | 320,517,257 | 196, 163, 968 | 304,247,857 | 181,998,876 |
| Taxation | ||||
| Profit for the year | 320,517,257 | 196, 163, 968 | 304,247,857 | 181,998,876 |
| Other comprehensive income | ||||
| Total comprehensive income for the period |
320,517,257 | 196, 163, 968 | 304,247,857 | 181,998,876 |
| Earning per unit - basic and diluted | 1.162 | 1.067 | 1.103 | 0.990 |
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IMAGE REIT
CONDENSED INTERIM STATEMENT OF CHANGES IN UNIT HOLDERS' FUND (UN-AUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
| Reserves | |||||
|---|---|---|---|---|---|
| Issued, subscribed | Capital reserves | Revenue reserves | Total unit holders' | ||
| and paid-up units | Certificate Premium 12.1 |
Fair value reserve 12.2 |
Accumulated profit/(loss) |
fund | |
| --Rupees-- | |||||
| Balance as at June 30, 2024 | 1,838,430,330 | 199,944,920 | 34,389,269 | 2,072,764,519 | |
| Total comprehensive income for the year Unrealised gain on remeasurement of fair value of investment property |
296,302,319 | 357,934,387 $-296,302,319$ |
357,934,387 | ||
| Final dividend for the year ended June 30, 2024 | $-32,172,530$ | $-32,172,530$ | |||
| Balance as at June 30, 2025 | 1,838,430,330 | 496,247,239 | 63,848,807 | 2,398,526,376 | |
| Profit for the period Units issued during the period |
920,154,670 | 320,517,257 | 320,517,257 920,154,670 |
||
| Unrealised gain on remeasurement of fair value of investment property |
275,000,000 | $-275,000,000$ | |||
| Total comprehensive income for the period | 275,000,000 | 45,517,257 | 320,517,257 | ||
| Certificate premium | 875,411 | 875,411 | |||
| Final dividend for the year ended June 30, 2025 | $-60,668,200$ | $-60,668,200$ | |||
| Interim dividend for the quarter ended September 30, 2025 |
$-23,899,594$ | $-23,899,594$ | |||
| Balance as at December 31, 2025 | 2,758,585,000 | 875,411 | 771,247,239 | 24,798,270 | 3,555,505,920 |
一起
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IMAGE REIT
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CONDENSED STATEMENT OF CASH FLOW (UN-AUDITED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
| Six months ended | |||
|---|---|---|---|
| December 31, 2025 |
December 31, 2024 |
||
| -----------Rupees----------- | |||
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Profit for the year | 320,517,257 | 196, 163, 968 | |
| Adjustment for non-cash and other items: | |||
| Unrealised gain on remeasurement of fair value of investment | |||
| property | (275,000,000) | (169,900,319) | |
| 45,517,257 | 26,263,649 | ||
| Working Capital Changes: | |||
| (Increase)/Decrease in current assets: | |||
| Other receivables and deposits | (2, 444, 233) | (102, 293) | |
| Receivables | 552,480 | 18,363,472 | |
| Preliminary expenses and floatation costs | (26, 198, 748) | ||
| (28,090,501) | 18,261,179 | ||
| (Decrease)/Increase in current liabilities: | |||
| Payable to the REIT Management Company | 9,795,296 | 775,615 | |
| Accrued expenses | (11, 303, 021) | $-3,204,977$ | |
| Other liabilities | 7,345,880 | ||
| Advance from customers | 2,401,152 | ||
| Security deposit | 1,000,000 | ||
| (1,507,725) | 8,317,670 | ||
| Net cash generated from operating activities | 15,919,031 | 52,842,498 | |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Purchase of investment property | (31,738,681) | ||
| Addition to capital work in progress | (185, 629, 851) | ||
| Net cash used in investing activities | (185, 629, 851) | (31, 738, 681) | |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Issue of units | 920,154,670 | ||
| Certificate premium | 875,411 | ||
| Dividend paid | (84, 567, 794) | (32, 172, 530) | |
| Net cash generated / (used) in financing activities | 836,462,287 | (32, 172, 530) | |
| Net increase/(decrease) in cash and cash equivalents | 666,751,467 | (11,068,713) | |
| Cash and cash equivalents at the beginning of the period | 34, 365, 118 | 11,160,372 | |
| Cash and cash equivalents at the end of the year | 701.116.585 | 91.659 |
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