First IBL Modaraba Announces Unaudited Financial Results for Half Year Ended December 31, 2023

Lahore, M/s. IBL Modaraba Management (Private) Limited, the management company of First IBL Modaraba (FIBLM), convened its board meeting at 4-L, Gulberg-III, Main Ferozepur Road, Lahore at 10:30 a.m. today. The board approved the financial accounts for the period ended December 31, 2023. No dividends, bonus or rights certificates were issued, and no corporate actions were taken.

The financial statements reveal an increase in operational income, with earnings from Ijarah operations rising from 2,626,940 rupees in the quarter ending December 2022, to 3,819,577 rupees in the same quarter of 2023. For the half year, income increased from 5,230,184 rupees in 2022 to 7,845,977 rupees in 2023. Similarly, profit from Musharaka investments for the quarter surged to 5,566,728 rupees from 2,252,111 rupees a year earlier, and for the half year, it nearly doubled from 4,879,446 rupees in 2022 to 10,983,211 rupees in 2023.

Additional income included earnings from investment properties which remained steady at 1,873,860 rupees for both quarters and half years compared between 2022 and 2023. Meanwhile, profits on deposits also showed an increase in the corresponding periods from 1,252,860 rupees to 1,474,443 rupees for the quarter and from 1,743,845 rupees to 3,072,299 rupees for the half year.

Administrative expenses slightly decreased from 4,227,548 rupees in the final quarter of 2022 to 4,123,794 rupees in the same quarter of 2023. Similarly, expenses for depreciation on assets under Ijarah also observed a slight increase from 2,153,576 rupees to 2,709,441 rupees.

The report finalized with an operating profit of 6,004,845 rupees in the last quarter of 2023, up from 1,996,398 rupees in the corresponding period of 2022. Profit before taxation for the final quarter of 2023 amounted to 5,286,449 rupees, compared to 1,618,756 rupees in 2022. The profit for the period stood at 3,667,246 rupees, showing a significant rise from 1,567,089 rupees in the last quarter of 2022. Earnings per certificate were reported as 0.17 rupees basic and diluted for the quarter and 0.43 rupees for the half year ending December 2023.

The financial results and statements will be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the stipulated timeframe.