JCL posts profit of Rs8bn

The Board of Directors of Javedan Corporation Limited (JCL) announced the financial results for FY23 last week, as per a press release. The company reported a profit of Rs8bn, representing the company’s highest-ever profit. A final cash dividend of Rs6 per share, equivalent to 60pc of the face value, was approved. This amounted to a payout of Rs2.3bn. JCL is the owner company of Naya Nazimabad, an integrated housing scheme which focuses on healthy community living. It is the largest master-planned, gated residential development in the centre of Karachi and will house more than 50,000 families at its completion. Naya Nazimabad embarked on a series of apartment projects under the real estate investment trust model. To date, the company has launched Signature Tower, Globe Residency Apartments, Rahat Residency Block B and Block D.