Karachi, October 12, 2022 (PPI-OT): TPLP: Multiple income streams ahead
TPL Properties (TPLP) has established itself as a leading institutional Real Estate developer and manager. After securing the first round of funding worth Rs18.3bn for its REIT Fund-I, TPL REIT Management Company (RMC) plans to eventually raise the target fund size to ~Rs80bn in multiple rounds.
With multiple income streams from upcoming projects under the new REIT Fund and long-term demand prospects for the construction sector, TPLP stands out as an attractive bet at current levels. The company plans to further diversify its portfolio and has recently announced its plan to enter telecom tower segment through a digital Infra REIT Fund.
To recall, TPLP announced its FY22 results with consolidated after-tax profit of Rs5.3bn (EPS: Rs10.36) vis-a-vis profit after tax of Rs70mn (EPS: Rs0.14) in FY21. The management in its briefing held yesterday shared that the rise in earnings is mainly due to one-off during the period with respect to gain on investment properties (R5.9bn or ~Rs11.5/share before tax).