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Karachi, The Board of Directors of First Imrooz Modaraba Management Company convened in Karachi on September 27, 2023, and announced their recommendations for the fiscal year ending June 30, 2023.
Cash Dividend: The company has recommended a final profit distribution of Rs. 5 per Certificate, equivalent to 50%, for the fiscal year ended June 30, 2023.
Financial Results for 2023:
Total sales for the year 2023 amounted to Rs. 1,668,529, an increase compared to the previous year’s Rs. 1,378,793.
The cost of sales in 2023 was Rs. 1,501,743, compared to Rs. 1,196,786 in 2022.
The gross profit for the fiscal year 2023 stood at Rs. 166,786, down from Rs. 182,007 in the prior year.
Operating expenses for the year were Rs. 73,651, showing a decrease from Rs. 94,897 in 2022.
The operating profit for 2023 amounted to Rs. 93,135, compared to Rs. 87,110 in the previous year.
Financial charges for the year 2023 were Rs. 20,124, while they were Rs. 4,625 in 2022.
Other income for the year amounted to Rs. 2,868, a decrease from Rs. 8,969 in the prior year.
The Modaraba Management Company’s Fee was Rs. 2,880.
Sindh Workers’ Welfare Fund amounted to Rs. 1,518 in 2023, compared to Rs. 1,726 in 2022.
Profit before taxation for the fiscal year 2023 stood at Rs. 74,361, while it was Rs. 86,848 in the previous year.
After taxation, the company reported a (Loss) I Profit for the year of Rs. (2,698), in contrast to a profit of Rs. 24,369 in the previous year.
The Total Comprehensive (Loss) I Income for the year 2023 amounted to Rs. (2,698), compared to Rs. 27,855 in 2022.
(Loss) I Earnings per certificate on Profit for the year – basic & diluted stood at Rs. (0.90).
Annual Review Meeting: The Annual Review Meeting of First Imrooz Modaraba is scheduled to take place on October 27, 2023, at the Registered Office of the Modaraba Company, located in Lahore.
Book Closure: For profit entitlement purposes, the Certificate Transfer Books of the Modaraba will be closed from October 14, 2023, to October 27, 2023, both days inclusive.
These recommendations and financial results reflect the company’s performance for the fiscal year and provide valuable information for its stakeholders as they prepare for the Annual Review Meeting.
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