AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore: The Board of Directors of Punjab Modaraba Services, the management company for First Punjab Modaraba, has released its unaudited financial statements for the period ending March 31, 2024. The report highlights a notable improvement in performance with a reported after-tax profit of Rs. 3.023 million, significantly higher than the Rs. 1.104 million recorded in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), the economic landscape in 2024 showed moderate recovery, despite challenges including fiscal consolidation, monetary tightening, and geopolitical tensions. This environment provided a backdrop for the Modaraba’s strategic initiatives, which led to a resumption in new business and effective recoveries from non-performing assets.
The management focused on investments in the Musharikah segment, aiming to generate substantial returns for certificate holders. Significant efforts were also made in recovering the classified portfolio, with successful reclaims invested back into income-generating activities. Vehicle financing emerged as a strategic priority, with the management targeting superior returns at minimal risk.
The board extended its gratitude to the Registrar Modarabas and other stakeholders for their support and guidance throughout the fiscal year. Appreciation was also conveyed to certificate holders and customers for their continued trust, and to the management team whose dedication was pivotal in achieving these financial results.