FIRST PUNJAB MODARABA REPORTS POSITIVE QUARTERLY FINANCIAL RESULTS

Lahore, The Board of Directors of Management Company, in their meeting held on June 24, 2024, in Lahore, has approved the financial results for First Punjab Modaraba for the quarter ended March 31, 2024. The board did not declare any interim cash dividend or bonus issue.

According to information available from the Pakistan Stock Exchange (PSX), the financial highlights reveal an increase in income across various categories compared to the same period last year. Income from ijarah rentals rose to Rs. 26,117,879 from Rs. 15,623,408, while income from morabaha financing increased to Rs. 5,224,206 from Rs. 2,975,796. Furthermore, income from diminishing musharaka financing also showed an upward trend at Rs. 47,690,331 compared to the previous year’s Rs. 46,419,623.

The total income for the quarter stood at Rs. 113,528,158, an increase from Rs. 78,301,588 recorded during the same period in 2023. Despite the increase in total income, the company managed to keep its expenses in check. Administrative expenses were Rs. 17,682,996 compared to Rs. 13,598,357 in the previous year, and finance costs were reported at Rs. 92,124,419, up from Rs. 73,031,069.

The operating profit before provisions was Rs. 3,720,743, a significant recovery from an operating loss of Rs. 8,327,838 reported in March 2023. Provisions and reversals for ijarah rentals, morabaha investments, and musharika investments further improved the financial standing, resulting in an operating profit after provisions of Rs. 4,187,955.

The profit before income tax stood at Rs. 4,187,955, while the profit after income tax for the period was reported at Rs. 3,032,757, an improvement over the Rs. 1,104,830 from the corresponding quarter last year. Earnings per certificate increased to Rs. 0.09 from Rs. 0.03.

The quarterly report of the Modaraba will be transmitted through PUCARS within the specified timeframe, as stated in the announcement.