Press Release

VIS Reaffirms Entity Ratings of Dolmen Private Limited

Karachi, April 06, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Dolmen Private Limited (‘DPL’ or the ‘Company’) at ‘A-/A2’ (‘Single A Minus/A Two’). Medium to long term rating of ‘A-’ indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of ‘A2’ indicates good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings remains ‘Stable’. Previous rating action was announced on February 10, 2025.

DPL was incorporated in Pakistan in 1986 as a private limited company under the Companies Ordinance, 1984 (now Companies Act, 2017). The Company is principally engaged in the development and leasing of real estate properties. DPL is part of the Dolmen Group, which operates in the residential, commercial, and retail real estate segments. The Group’s portfolio includes projects such as Dolmen Mall Clifton, Dolmen Mall Tariq Road, Dolmen Mall DHA Lahore, Sky Towers, The Harbour Front & Grove Residency.

The ratings of DPL reflect its strong sponsor profile, established presence in Pakistan’s real estate sector, and stable rental-backed cash flows, supported by the Dolmen Group’s proven track record. The Company benefits from a diversified asset base, with steady income from investment properties and dividends from Dolmen City REIT, alongside the recent stabilization of Dolmen Mall Lahore, which is expected to contribute to future cash flows. However, elevated leverage and sizeable debt maturities in FY26–FY27 constrain near-term coverage metrics. Comfort is drawn from the Company’s strong asset backing and demonstrated ability to monetize assets, with planned inflows from Grove Residency sales, incremental rental income from Sky Towers and future dividends from Dolman Lahore expected to support debt coverage and liquidity. Ratings remain sensitive to timely execution of these inflows and effective debt management.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Applicable Rating Criteria: Corporates:
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright April 06, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.