Refining

Building ANNUAL REPORT

2021-22
Evolving
Table of
Contents
Company Profile Financial Statements
Vision and Mission 06 Auditor’s Review Report 48
Core Values 06 Statement of Compliance with CCG 49
Group Profile 07 Auditor’s Report to the Members 51
Our Architecture 09 Statement of Financial Position 54
Company Information 09 Statement of Profit and Loss Account 55
Statement of Changes in Equity 56
Chairman’s Review Report 11 Statement of Cash Flow 57
Notes to the Financial Statements 58
CEO’s Message 13
Consolidated Financial Statements
Profile of Directors 14 Auditor’s Report to the Members 94
Consolidated Statement of
Sustainability Report 15 Financial Position 97
Consolidated Statement of Profit and
Stakeholders’ Information Loss Account 98
Horizontal Analysis Balance Sheet 21 Consolidated Statement of Changes
Vertical Analysis Balance Sheet 22 in Equity 99
Horizontal Analysis Profit / Loss Accounts 23 Consolidated Statement of Cash Flow 100
Vertical Analysis Profit / Loss Accounts 24 Notes to the Consolidated
Cash Flow Analysis 25 Financial Statements 101
Ratio Analysis 26
Statement of Value Addition 27 Shareholders’ Information
Notice of Annual General Meeting 135
Directors’ Report Proxy Form 138
Economic Outlook 28
Company Outlook 28
Financial Review 29
Dividend 30
Auditors 30
Related Parties Transactions 30
Composition of the Board and
the Board Committees 31
Board Meeting 31
Directors’ Training 31
Key Financial Data for the last Six Years 31
Statement on Corporate and Financial
Reporting Framework 32
Pattern of Shareholding 33
Additional Information 36
Credit Rating 37
Acknowledgements 37
Refining
Building
Evolving
Refining, building and evolving take the same grit which is
needed by a diamond to reach its brilliance. At TPL
Properties, we aim at perfection in every aspect of our
operations. We know a lot goes into reaching the
brilliance which gives us an edge.

TPL Properties was established in 2007 and became a

PSX-listed company in 2016. Centrepoint, the first project
and flagship office development was completed in 2013
and subsequently acquired in 2021 by a leading
commercial bank in Pakistan for their head office.

In 2019, the company established TPL REIT Management

Company Limited (TPL RMC) which is the leading provider
of REIT management services in Pakistan. It is regulated
by the SECP and is a 100% owned subsidiary of TPL
Properties Limited (TPLP).

Subsequently in 2022, TPL RMC successfully closed its

first round of REIT Fund I which is Pakistan’s first Shariah
Compliant Sustainable Development Impact REIT Fund.
The Fund will act as a catalyst by taking over three
self-developed projects, thus establishing TPLP as the
only institutional Real Estate company in Pakistan
developing a portfolio of assets across Residential,
Commercial, Retail, and Logistics Warehousing.
 Conserving
Our Environment

Embracing technology with passion and preserving the

environmental heritage, sustainability lies at the heart of TPL
Properties. To bring a positive social impact across the real
estate value chain, our employees are continuously trained to
acknowledge and asses our ecological footprint to conserve the
environment for our future generations. Our employees are
continuously trained to acknowledge our ecological footprints,
accelerate towards net-zero carbon emissions and conserve the
environment for our future generations.

02 TPLProperties
 Expanding
Our Horizons

Since our inception in 2007, TPL Properties has been

strengthening its position as the leading Real Estate investor,
developer, and manager in Pakistan’s Real Estate Sector. After
the successful acquirement of our first sustainable flagship
development; Centrepoint, by a leading commercial bank, TPLP
is set to expand its real estate portfolio with three world-class
projects in Pakistan, including Technology Park, Mangrove &
One Hoshang.

Annual Report 2021-22 03

 Reshaping
Our Thinking

Built on the values of taking ownership, pledging to learn, and

leading with compassion, TPL Properties is transforming
conventional practices and sparking technological innovation,
which is crucial to reshaping the future of this industry that will
last for years to come. Now, the only way to move forward is to
make sustainability the key to everything we do at TPLP.

04 TPLProperties
Our Values

Take Ownership
We strive to build a culture where everyone is encouraged
to make decisions around resources that deliver the most
impact to our businesses.

Pledge to Learn
We encourage our people to have the passion to learn,
explore new ideas, learn from mistakes, and constantly
aim to exceed expectations.

Lead with Compassion

Building a network of diverse relationships can inspire
creativity and drive innovation. We respect our people,
share their aspirations and try to act with empathy and
humility in all our operations.

Annual Report 2021-22 03

 Our Vision

To become the leading professional Real Estate company

in Pakistan.

Our Mission

To define the skyscape and elevate Real Estate in Pakistan

by building world-class sustainable developments.

04 TPLProperties
 Group Profile
TPL CORP
TPL is one of the leading companies in Pakistan that is committed to providing solutions based on advanced
technology, innovation and high quality. TPL has come a long way since its inception. Established in 2000, it has
successfully diversified its portfolio in Pakistan, with TPL Corp as the parent company. Starting from Asset
Management and Tracking to Real Estate, Security Services, Venture Capital and General Insurance. Here is a look
at our journey through time.

TPL Properties
TPL Properties was established in 2007 and became a PSX-listed company in 2016. Centrepoint, the first project
and flagship office development was completed in 2013 and subsequently acquired in 2021 by a leading bank for
their head office. We are focused on sustainable developments and are using the US Green Building Council’s LEED
certification to measure this across our portfolio. We have partnered with leading international and Pakistan-based
design and engineering firms to deliver developments of the highest quality and set new benchmarks in Pakistan’s
Real Estate sector.

TPL Developments
TPL Developments (Pvt.) Ltd. is a wholly-owned subsidiary of TPL Properties Limited. The principal line of business
of the company is the development and marketing of all types of real estate including developed or undeveloped
land, housing or commercial projects such as multistoried buildings (for commercial, residential, and industrial
purposes), shopping centers, restaurants, hotels, recreational facilities, etc.

TPL RMC
TPL REIT Management Company Ltd. (“TPL RMC” or the “Manager”) was established in 2019 and is regulated by
the SECP. It is the leading provider of REIT management services in Pakistan. TPL RMC is a 100% owned subsidiary
of TPL Properties Limited (“TPLP”), established to capitalize on the Real Estate development and management
expertise of its parent company through launching Sustainable Development Impact REIT Funds across diverse real
estate asset classes in Pakistan. It currently manages TPL REIT Fund I, Pakistan’s first Shariah Compliant
Sustainable Development Impact REIT Fund with a target fund size of USD 500 mn, which invests in sustainable
environment-friendly developmental and yielding assets in Pakistan across residential, commercial, retail and
hospitality asset class.

TPL Investments
TPL Investment Management Ltd is the Fund Management arm of the group, specialising in Emerging and Frontier
Markets. It manages the Feeder Fund Structure for the Master Fund, to allow them to deploy capital in a tax efficient
manner. TPL IM is incorporated in the Abu Dhabi Global Market (ADGM), under a 3c Fund Manager Licence, and
regulated by the FSRA.

Annual Report 2021-22 03

 TPL TRAKKER
TPL Trakker Ltd. is Pakistan’s leading telematics company providing IoT, tracking, mapping and location-based
solutions. For two decades, TPLT has been a pioneer in the GPS tracking industry, helping customers extract data
about vehicles and turning their utilization into intelligence. The Company provides reliable end-to-end solutions for
individuals, commercial fleets, businesses, automotive industry suppliers, and startups. It is the only vehicle
tracking company with a long-term financial status rating of A - by the Pakistan Credit Rating Agency Limited
(PACRA) and is currently the only service provider of container tracking services for bonded cargo in Pakistan.

TPL INSURANCE
As Pakistan’s leading InsurTech, TPL Insurance pioneers in developing tech-driven products, innovative solutions,
and digitally integrated systems to deliver hassle-free customer experiences. Underpinned by customer-centricity,
the TPL Insurance App is an end-to-end insurance solution with self-survey, payment, claims, and renewals features
along with online platforms providing round-the-clock customer services. TPL Insurance offers all lines of non-life
insurance in conventional and takaful segments, with significant underwriting capacities and arrangements with
leading reinsurers.

TPL LIFE
TPL Life is Pakistan’s leading InsurTech that strives to provide innovative insurance solutions to enhance the quality
of life and economic well-being of people and society. Continuous investment in cutting edge technology and
market intelligence has allowed TPL Life to be first-to-market with multiple unique insurance solutions. With
digitisation and innovation at the core, TPL Life commits to deliver seamless, unmatched customer experiences.

TPL SECURITY SERVICES

Established in 2001, TPL Security Services is a leading security company providing cutting-edge security
equipment and services to clients. We take pride on our local presence and have managed to create an extensive
network of offices and institutions that are availing our services. Our security equipment and services are of the
highest calibre that can manage and mitigate even the delicate of situations.

TPL E-VENTURES
Incorporated in November 2017, TPL e-Ventures is the newest undertaking by Pakistan’s tech-driven conglomerate;
TPL Corp. TPL e-Ventures (Private) Limited is a venture capital investor focused on Pakistani tech or tech-enabled
companies. It aims to invest in multiple start-ups across industries at a pre-seed and seed level, thus building a
world-class platform known to catalyze high potential and high-impact entrepreneurs.

TPL LOGISTICS
TPL Logistics was launched in 2018 and is Pakistan’s first digital end-to-end logistics provider. The Company is
committed to its vision of using technology to remove bottlenecks throughout the supply chain. Rider, the first
initiative in the product offering, is the last-mile delivery service that uses route optimization, GPS data, and live
tracking to deliver products with speed and accuracy.

04 TPLProperties
 Our Architecture

TPL Security Rider Logistics

TPL Insurance TPL Life Services Singapore
TPL Corp 66.30% 97.32% 100% 4.63%

TPL Properties TPL Trakker TPL e-Ventures

39.55% 64.31% 100%

TPL Logistic Park

100%
Trakker Middle Rider Logistics
East LLC Singapore
TPL Property Management
100% 50% 22.35%

TPL Technology Zone Phase-1

100%

TPL Developments
100%

TPL REIT Management Company

100%

TPL REIT Fund I TPL Investment Management

100%

HKC National Management &

90% Consultancy Services
100%

Annual Report 2021-22 03

 Company Information
Board of Directors Bankers
Mr. Jameel Ahmed Yusuf S.St. Chairman National Bank of Pakistan
Mr. Ali Jameel Executive Director/CEO Habib Metropolitan Bank Limited
Ms. Sabiha Sultan Ahmed Non-Executive Director United Bank Limited
Mr. Fawad Anwar Non-Executive Director Habib Bank Limited
Mr. Siraj Dadabhoy Non-Executive Director JS Bank Limited
Vice Admiral (R) Mohammed Shafi HI(M) Non-Executive Director Al Baraka Bank Pakistan Limited
Mr. Abdul Wahab M Al Halabi Independent Director Summit Bank Limited
Mr. Ziad Bashir Independent Director Bank Islami Pakistan Limited
The Bank of Punjab
Chief Executive Officer Silk Bank Limited
Mr. Ali Jameel Dubai Islamic Bank Limited
Soneri Bank Limited
Chief Operating Officer Meezan Bank Limited
Mr. Jamil Akbar
Share Registrar
Chief Financial Officer Plot No. 32C, 2nd Jami
Mr. Sohail Khatri Commercial Street, Phase VII,
D.H.A. Karachi 75500
Company Secretary Phone: 009221 35310191-6
Mr. Danish Qazi
UAN: +92 21 111-000-322
Fax: 009221 35310190
Audit Comittee
Mr. Ziad Bashir Chairman Email: sfc@thk.com.pk
Mr. Siraj Dadabhoy Member
Web Presence
Vice Admiral (R) Muhammad Shafi HI(M) Member
www.tplproperty.com
Mr. Mohammad Asif Secretary

Human Resources &

Remuneration Committee
Mr. Abdul Wahab Al-Halabi Chairman
Mr. Fawad Anwar Member
Mr. Ali Jameel Member
Mr. Nader Nawaz Secretary

Legal Advisor
Mohsin Tayebali & Co

Auditors
EY Ford Rhodes
Chartered Accountants

04 TPLProperties
 Management Team
Mr. Ali Jameel
Chief Executive Officer

Jamil Akbar
Chief Operaing Officer

Adnan Khandwala
Chief Financial Officer

Mr. Danish Qazi

Company Secretary

Mr. Hashim Sadiq

Chief Internal Audit Officer

Mr. Nader Nawaz

Group Head HR

Anoshia Majeed
Head of Marketing

Annual Report 2021-22 03

 Chairman’s Review
Jamil Yusuf S. St.
Chairman
As of June 30, 2022

04 TPLProperties
I am honoured to apprise our shareholders about the outstanding performance of the Board of Directors of TPL
Corp Limited (the Company). The Board remained committed to efficiently discharging its duties towards the
effective performance of the Company and enhancement of its stakeholders’ concerns. The performance is
particularly noteworthy in light of the challenging trading environment, fuelled by the pandemic (Covid-19), in which
the Company’s various businesses operate.

The Board comprises a mix of independent, non-executive and executive directors who collectively provide a
balance of skills and experience, helping the Company to thrive in its business. The Management of the Company
has benefited immensely from the knowledge, guidance and continued commitment of the Board. The unrivalled
expertise of the Board has enabled the Company to effectively partake in varied businesses in complex and
fast-changing markets.

The Board is ably assisted by its Committees, which play a pivotal role in ensuring adherence to all regulatory
requirements by the Management of the Company. The Audit Committee provides an independent review and
supervision of financial reporting and monitoring and ensures that the audit function fairly represent the financial
position of the Company. The Human Resource Committee assists by ensuring that the right talent is hired and
retained in key management positions. The performance of the Board has been remarkable and the Committees
worked efficiently in accordance with the requirements enshrined under the Listed Companies (Code of Corporate
Governance) Regulations, 2017.

Looking ahead, the Board is determined to continue its efforts with the same zeal and aims at flourishing growth and
garner profitable ventures in the years to come. I hope and pray that the Company continues to grow under the
bright leadership of our worthy Directors.

Jamil Yusuf S. St.

Chairman
As of June 30, 2022

Annual Report 2021-22 03

 Ceo’s Message
Ali Jameel
CEO, TPL Corp and TPL Properties
As of June 30, 2022

04 TPLProperties
Looking back at the fiscal year 2021-2022, I am proud to say that TPLP’s journey has been a remarkable one with
several milestones unlocked, the major one being the successful acquisition of our flagship project, Centrepoint, by
a leading commercial bank in Pakistan to be their head office. Certainly, this year has allowed us to emerge steady
and resilient while enabling us to focus on becoming a future-ready company.

Being the leading institutional Real Estate investor, developer, and manager in Pakistan; we have been able to uplift
our performance and expand our operations with the establishment of TPL RMC (REIT Management Company) and
TPL Developments. These newly established subsidiaries catered to the developments of future projects within our
diversified portfolio along with the deployment of REIT Fund I to manage a portfolio of 3 projects which includes: the
first Technology Park in Pakistan; the first sustainable integrated master plan community, Mangrove, and a
residential asset; One Hoshang which has received the prestigious 5-star award for Best Residential High-Rise
Architecture at the Asia-Pacific Property Awards 2022-2023.

Our financial results in the year 2021-2022 are evidence of our strong performance as a result of our commitment to
our stakeholders, the efforts of our people, and technological evolution. It is also important to mention that we aim
to successfully integrate the principles of Environmental, Social & Governance (ESG) into our real estate
developments which are aligned with The World Bank, Sustainable Development Goals, and the International
Finance Corporation (IFC).

Continuing our former footprints, we are positioning TPLP as the future of the real estate business for generations
to come, and as we look ahead, we are optimistic about our development portfolio. As the first of its kind RMC, we
shall continue to deliver sustainable value for all our stakeholders who have been actively contributing and are part
of our success.

In conclusion, I would like to take this opportunity to thank our team for successfully steering TPLP forward and our
stakeholders for their continued trust and support.

With the belief that our solid performance is your success, together, let’s embark ahead with strength,
proactiveness, and determination.

Best,

Ali Jameel
CEO, TPL Corp and TPL Properties
As of June 30, 2022

Annual Report 2021-22 03

 Board of Directors

Mr. Jameel Yusuf S. St.

Director/Chairman

Mr. Ali Jameel Ms. Sabiha Sultan Ahmed Mr. Fawad Anwar
Executive Director/CEO Non-Executive Director Non-Executive Director

Mr. Siraj Dadabhoy Vice Admiral (R) Mohammad Shafi HI(M) Mr. Abdul Wahab Al-Halabi
Non-Executive Director Non-Executive Director Independent Director

Mr. Ziad Bashir

Independent Director

04 TPLProperties
 SUSTAINABILITY
At TPLP, we proactively integrate sustainability into our routine decision-making processes. Our goals are aligned
with the goals of the United Nation’s 2030 Agenda for Sustainable Development that serve as the guiding tool to
develop our CSR strategy and framework, where this approach is followed through all interventions targeted toward
driving positive and sustainable social impact. TPLCares the group’s CSR platform, engages with the community
via support for healthcare, education, gender equality, and sports-related initiatives. As we continue to evolve on
our journey to sustainability, we aspire to play an even greater role with respect to climate action in the future.

04 TPLProperties
 Annual Giving
Our yearly donations have historically contributed to the healthcare and education sectors in Pakistan. This year we
also created awareness for previously supported institutions by conducting formal visits to understand their needs
and how we can assist in making a greater impact on the lives of many. We believe healthcare and education is a
fundamental right, and should be accessible to every human being with dignity and compassion and without
discrimination of caste, creed, color, or religion.
Some of the institutions and initiatives we supported are featured below:

Bait ul Sukoon
The ‘Bait-ul-Sukoon’ foundation has constructed purpose-built premises with 50 beds for inpatients, diagnostic
facilities, and an in-house pharmacy offering a complete range of cancer treatment drugs. Bait-ul-Sukoon is
Pakistan’s only cancer hospital providing free treatment in Karachi. We supported the cause by providing financial
assistance, a team of experts to develop IT infrastructure, and deployed security guards to amplify security at the
foundation.

Annual Report 2021-22 03

 SIUT
The Sindh Institute of Urology and Transplantation (SIUT) is known to be one of the leading healthcare institutes in
the world. It offers free-of-cost treatment of urological and nephrological ailments, oncological treatments, and
organ transplantation facilities to the general public in Pakistan. Our donation has resulted in providing 610 dialysis
sessions to their patients.

ChildLife Foundation
ChildLife Foundation offers the full spectrum of medical care, from emergency care units to primary clinics, it
believes in preventive medical practices. The foundation operates 11 state-of-the-art model emergency rooms in
Pakistan equipped with the latest medical facilities. It also operates 30 primary care clinics in Karachi’s slum area
and runs a Preventive Healthcare Program that has successfully reached over 190,000 families to date. Our
contribution towards the Emergency Room (ER) has positively impacted approximately 1,500 children’s well-being.

04 TPLProperties
TPL visits Lady Dufferin Hospital
Good Health & Well-being (UNSDG – 3) has been a prime focus when designing our CSR strategy. In line with this vision,
we partnered with Lady Dufferin Hospital and contributed its efforts towards providing quality maternal healthcare in
Karachi in the form of clinical rooms that will serve approximately 3,000 patients annually.

TPL at JPMC with Patients Aid Foundation

Mr. Jameel Yusuf, Chairman, TPL Corp visited Jinnah Postgraduate Medical Centre (JPMC). He was accompanied by Mr.
Mushtaq Chhapra (Vice-Chairperson PAF) and Dr. Tariq Mahmood (Head of Radiology & Oncology JPMC) who gave him a
tour of the facility along with an update on the work being done. The Patients Aid Foundation (PAF) was established to
alleviate the burden on Jinnah Postgraduate Medical Centre (JPMC) and provide free-of-cost high-quality healthcare to the
less fortunate.

Annual Report 2021-22 03

 Independence
Day Campaign
Based on the belief that an organization must give back to its
nation, TPL paid tribute to the nation’s most illustrious athletes
from diverse sporting backgrounds and rewarded them with TPL
Life Insurance. These individuals included Mahoor Shahzad, the
Women’s Singles Champion at the 2017 Pakistan International
tournament; Shehroze Kashif, the youngest climber in the world to
summit K2 and Mount Everest, Hajra Khan, Captain of Pakistan
Women’s National Football Team and Talha Talib, Pakistan’s first
Bronze medal winner at the World Weightlifting Championship.
This initiative aimed to open up more opportunities for Pakistani
athletes to train and confidently compete on an international level
without the fear of serious injuries.

04 TPLProperties
 Volunteer Program
At TPLP we believe volunteering reflects our values – what we care about, our vision for our community, and
our sense of responsibility for the planet and all those with whom we share it. This year we engaged our
employees in the following activities:

Blood Drive Approx.

We successfully collected 31 blood bags for Indus Hospital

with 41 donors (Male-35 and Female-6)
95
lives saved

Beach Cleanup
In line with UNSDG 15 which is about ‘Life on Land’, we
initiated a Beach Cleanup Drive on 7th June at Sea View
104KGS
of waste collected
Beach, Karachi, to celebrate World Environment Day.

Book Drive Donated

We donated to the Kiran Foundation’s Kitab Ghar Project and

Library, which are being used by street children and the
students of the DCTO.
400 books

TCF
In line with our CSR efforts towards SDG 4 which is about
‘Quality Education’. Our employees committed their time to
10
Volunteers from
the Rahbar Program. TPL

Earth Hour 20KW

To make a positive impact with respect to energy
Units of electricity
conservation on Earth Day, we turned off the lights in all our
saved
offices to celebrate Earth Hour.

Annual Report 2021-22 03

Employee Welfare & Support
Launch of employee-friendly policies

Gender Equity Grievance Work from Flexible Child Education ECO TIPs
Social Inclusion Procedure Home Hours Policy

CPR
Cardiopulmonary Resuscitation (CPR) & Basic Life Support Training Sessions were conducted at our offices where
employees were taught life-saving techniques to assist in medical emergency situations. 50 members of our staff
both male and females participated and were given the necessary skills to save a life.

L&D Trainings Some of the most well-received awareness sessions

were as follows:
For the continuous growth of our employees in their
professional endeavors, we regularly conduct training
which includes both; soft and technical training, along with
awareness sessions.

Prostate Cancer Mental Health World Literacy

Awareness Awareness Day

Awareness Sessions Soft Training Technical Training

65
participants
79 50
participants participants

390 254 81
employees employees employees

04 TPLProperties
Diversity and Inclusion
We strive to operate with integrity, promoting diversity and inclusion in the workplace. As an equal opportunity
employer, our management teams ensure that people from diverse backgrounds are recruited at TPL. We partnered
with NOWPDP last year to offer 3-month internships to the differently-abled where 13 interns were inducted and out
of which 2 interns were hired at TPL.

GDEIB Award
TPL was awarded the prestigious GDEIB Awards 2021 in recognition of its visible initiatives and employee-friendly
policies, including a supervised DayCare Center, Flexible Working Hours to maintain work-life balance, Educational
Workshops for personal growth, and Internship Programs to foster learning among the youth. This award brings TPL
a step closer to its vision of being recognized as the employer of choice and continues to embed Diversity, Equality,
and Inclusion as a part of its corporate culture.

International Property Award

TPLP's residential project; One Hoshang has received the prestigious 5-star award for Best
Residential High-Rise Architecture at the Asia-Pacific Property Awards 2022-2023. This award
proves our commitment to future-oriented design, innovative building technology, and focuses on
sustainability.

Annual Report 2021-22 03

 Future Go Forward-Going
Green
As a group focused on sustainability, we adhere to the triple bottom line approach, i.e., profits, people, and the
planet. Being green is no longer a cost of doing business but a catalyst for innovation and business growth in new
markets. We believe positive environmental practices reduce expenses and boost employee morale and
engagement. Our sustainable interventions going forward are looking at the following areas:

Carbon Emissions Green Office Program, i.e Waste Management, i.e. Air Quality
Management internal energy conservation reduce, reuse and recycle
and paper education project

LEED Gold Certified

TPLP's focus on sustainable developments enabled it to earn the US Green Building Council’s LEED Gold
certification for its residential project; One Hoshang. In line with the goal of LEED, we aim to create better buildings
that:
Enhance individual Reduce contribution to
human health global climate change

Enhance community Protect enhance biodiversity

qualty of life & ecosystem services

Protect & restore Promote sustainable &

water resources regenerative material cycles

04 TPLProperties
Scaling for Impact
Over the years, TPL has supported more than 50 nonprofit organizations, educational institutes and
charitable trusts across Pakistan, ranging from local charities to international NGOs and universities. We
aim to understand the challenges being faced by our communities to make collective change.

Annual Report 2021-22 03

 Unconsolidated Statement of Financial Position
As at June 30, 2022
of
2022 2021
Note Rupees
ASSETS

NON-CURRENT ASSETS
Property, plant and equipment 6 1,336,377 1,109,847
Intangible assets 7 360,556 727,223
Long-term investments 8 4,706,994,606 5,129,258,792
4,708,691,539 5,131,095,862
CURRENT ASSETS
Advances 9 28,452,300 12,902,868
Trade deposits and prepayments 10 100,000 100,000
Inerest accruedt interest accured 11 6,457,582 617,237
Due from related parties 12 104,645,416 489,167,114
Taxation – net 13 6,731,147 33,105,923
Cash and bank balances 14 5,307,238 7,393,912
151,693,683 543,287,054
TOTAL ASSETS 4,860,385,222 5,674,382,916

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital
Authorised
330,000,000 (2019: 330,000,000) ordinary
shares of Rs.10/- each 3,300,000,000 3,300,000,000

Issued, subscribed and paid-up capital 15 2,672,977,630 2,672,977,630

Capital reserves 60,855,762 60,855,762
Revenue reserves (30 0,342,044) 7,906,620
Other component of equity 397,080,356 798,550,090
2,830,571,704 3,540,290,102

NON-CURRENT LIABILITIES
Long-term financing 16 22,009,291 -
Government grant 17 940,087 -
22,949,378 -
CURRENT LIABILITIES
Trade and other payables 18 48,036,704 23,012,924
Accrued mark-up 19 274,075,532 72,611,078
Short-term financing 20 150,000,000 533,279,917
Current portion of non-current liabilities 21 9,981,731 400,000,000
Due to related parties 22 1,520,040,590 1,100,459,312
Unclaimed dividend 1,729,583 1,729,583
Unpaid dividend 3,000,000 3,000,000
2,006,864,140 2,134,092,814

CONTINGENCIES AND COMMITMENTS 23

TOTAL EQUITY AND LIABILITIES 4,860,385,222 5,674,382,916

The annexed notes from 1 to 34 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

04 TPLProperties
Statement of Profit or Loss and other
Comprehensive Income
For the year ended June 30, 2022

2022 2021
Note Rupees

Dividend income - 174,751,920

Administrative expenses 24 (10 8,485,497) (126,536,614)

Operating (loss) / profit (10 8,485,497) 48,215,306

Finance costs 25 (32 5,434,131) (177,945,952)

Other income 26 13,627,177 609,338

Loss before taxation (42 0,292,452) (129,121,308)

Taxation 27 - (26,212,790)

Loss for the year (42 0,292,452) (155,334,098)

Other comprehensive income

Other comprehensive income not to be

reclassified to profit or loss in subsequent
periods (net of tax)
Fair value (loss) / gain on equity insturments designated at
fair value through other comprehensive income (FVOCI) 8.8 (28 9,425,946) 272,413,928

Total comprehensive (loss) / income for the year (70 9,718,398) 117,079,830

Loss per share – basic and diluted 28 (1.57) (0.63)

The annexed notes from 1 to 34 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

Annual Report 2021-22 03

 Corporate Office
20th Floor, Sky Tower - East Wing,
Dolmen City, HC-3, Abdul Sattar Edhi Avenue, Block No. 4, Clifton, Karachi.
+92-21-34390300 www.tplproperties.com info@tplproperties.com
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