First Al-Noor Modaraba Reports Fluctuating Financial Performance in FY 2024

Karachi: First Al-Noor Modaraba has disclosed its financial outcomes for the fiscal year ended June 30, 2024, revealing mixed results with a notable decline in profit after taxation compared to the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the financial statement shows a profit after taxation of PKR 390,103 for the year ended June 30, 2024, down from PKR 534,552 recorded in 2023. This year’s earnings per certificate remained stable at PKR 0.02, identical to the previous year’s figures.

The company’s revenue streams showed varied performance with income from investments nearly doubling to PKR 33.26 million in 2024 from PKR 15.96 million in 2023. However, profit from trading activities turned to a loss of PKR 6.76 million compared to a profit of PKR 2.80 million in the prior year. Meanwhile, income on Diminishing Musharakah decreased from PKR 13.56 million in 2023 to PKR 6.98 million in 2024.

Administrative and operating expenses escalated to PKR 32.97 million, up from PKR 27.56 million, reflecting higher costs of operations. Other income slightly decreased to PKR 1.34 million from PKR 1.51 million.

The financial and other charges were marginally higher at PKR 27,055, and the unrealized loss on re-measurement of investments at fair value through profit and loss was notably lower at PKR 547,590 compared to a substantial loss of PKR 5.42 million in the previous year.

Levies and taxation also showed an increase with final tax reaching PKR 2.79 million, up from PKR 1.46 million, while regular taxation incurred was PKR 803,200, down from PKR 1.61 million in 2023.

This financial year for First Al-Noor Modaraba reflected a challenging environment, with fluctuations in revenue and increased operational costs impacting the bottom line.