Saudi Pak Real Estate Limited, a wholly owned subsidiary of Saudi Pak Industrial and Agricultural Investment Company Limited is established with prime objective of real estate development. Its activities involve development of residential projects as well as investment in commercial projects. In FY2016, the Companys main focus remained towards its housing project under the brand name of Saudi Pak Houses. During 2016 SPR managed to sell some houses as well as plots. Strategy towards project was re-aligned as per market conditions. As sale of plots was yielding much higher return as compared to houses as such preference was towards selling of plots. Current return on selling of plots is more than sixty percent.
Efforts for recovery of stuck up investment in housing project of Divine Gardens also proved successful. The Company recovered Rs. 173.558 million under the VR scheme against its application to National Accountability Bureau (NAB). The remaining amount of Rs.161.75 million is expected to be received during first quarter of 2017.
As per Annual Accounts of December 31, 2016, the Company has posted revenue of Rs. 116.80 million and net profit of Rs.10.51 million. The net equity stood at Rs. 673.76 million with breakup value of Rs. 13.48 per share.