Popular Islamic Modaraba Announces Final Cash Dividend for FY 2023

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Karachi, Popular Islamic Modaraba Management Company (Private) Limited, the management company overseeing Popular Islamic Modaraba, held its Board of Directors meeting on September 22, 2023, in Karachi. During the meeting, the Board approved the financial results of the Modaraba for the fiscal year ending June 30, 2023.

The financial results for the year 2023 reveal positive growth for Popular Islamic Modaraba. Here are the key highlights:

Income: The Modaraba reported income of Rs. 27,721,389 for 2023, compared to Rs. 23,580,065 in 2022.

Operating Expenses: Operating expenses amounted to Rs. 8,927,851 in 2023, compared to Rs. 7,669,081 in the previous year.

Depreciation: Depreciation of property and equipment-ljarah was recorded at Rs. 9,604,402 in 2023, an increase from Rs. 8,192,130 in 2022.

Operating Profit: The Modaraba’s operating profit for 2023 reached Rs. 9,189,136, showing growth from Rs. 7,718,854 in 2022.

Other Income: The Modaraba generated other income amounting to Rs. 2,030,536 in 2023, compared to Rs. 847,284 in the previous year.

Profit Before Management Fee: The profit before management fee was reported at Rs. 11,219,672 for 2023, as opposed to Rs. 8,566,138 in 2022.

Management Fee: After deducting the management fee of Rs. 560,984 (compared to Rs. 428,307 in 2022) and sales tax on management fee of Rs. 72,928 (compared to Rs. 55,680 in 2022), the Modaraba reported a profit before taxation of Rs. 10,374,045 in 2023.

Taxation: The Modaraba incurred taxation expenses of Rs. 2,399,479 in 2023, as opposed to Rs. 1,369,280 in 2022.

Profit After Taxation: After accounting for taxation, Popular Islamic Modaraba reported a profit after taxation of Rs. 7,974,566 for the fiscal year 2023, reflecting growth from Rs. 6,551,228 in 2022.

Earnings Per Certificate: The earnings per certificate (basic & diluted) increased to Rs. 0.57 in 2023, compared to Rs. 0.48 in the previous year.

As part of its recommendations, the Board of Directors of Popular Islamic Modaraba announced a final cash dividend for the year ending June 30, 2023, at Re. 0.4557 per certificate, equivalent to 4.557%. Furthermore, the Board declared that no right certificates or bonus certificates would be issued for the year ending June 30, 2023.

The Annual Review Meeting (ARM) of the Modaraba is scheduled to be held on October 23, 2023, at the registered office of the Modaraba in Karachi. Additionally, shareholders are informed that the Certificate Transfer Books of the Modaraba will remain closed from October 16, 2023, to October 23, 2023, inclusive. This closure period is in preparation for the upcoming Annual Review Meeting and dividend distribution. Shareholders and investors are encouraged to participate in the ARM to review the Modaraba’s performance for the fiscal year ending June 30, 2023.

The post Popular Islamic Modaraba Announces Final Cash Dividend for FY 2023 appeared first on Pakistan Company News.