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Lahore, First IBL Modaraba (FIBLM) has released its financial results for the first quarter of 2024, which ended on March 31. The company’s board of directors announced that no dividends, bonus certificates, or rights certificates will be issued.
In the detailed earnings report, First IBL Modaraba showed a significant increase in income from operations. The income from Ijarah (leasing) rose to 3,976,504 rupees in the quarter, up from 2,901,265 rupees in the same period last year. The profit on Musharaka (partnership) investments significantly increased to 4,995,049 rupees from 2,843,585 rupees.
The company also reported other income sources, including 1,873,860 rupees from investment property, consistent with the previous year, and a slight profit from short-term investments and deposits. The total income for the quarter reached 13,154,038 rupees, a noticeable increase from 9,147,985 rupees in the prior year’s quarter.
Operating expenses for the period included administrative costs and depreciation on assets under Ijarah, totaling 6,789,720 rupees. The company reported an operating profit of 6,364,318 rupees, nearly doubling the 3,893,619 rupees from the same quarter last year.
After accounting for taxation and other deductions, the profit for the period stood at 3,856,393 rupees, compared to 2,859,585 rupees in the previous year. The earnings per certificate increased from 0.13 rupees to 0.18 rupees.