Sindh Modaraba Reports Increased Profits in Nine-Month Financial Statement

Karachi, Sindh Modaraba today announced its financial results for the nine months ended March 31, 2024, showing a significant increase in profits. The company reported a profit for the period of 171,600,922 rupees, compared to 95,806,963 rupees in the corresponding period last year. Earnings per certificate stood at 3.81 rupees, up from 2.13 rupees.

Income for the nine months from Diminishing Musharaka reached 156,156,418 rupees, an increase from 117,706,391 rupees in the previous year. Income from term deposits also saw a notable rise, from 50,483,273 rupees to 114,206,986 rupees. However, income from bank deposits slightly decreased from 31,718,706 rupees to 29,570,606 rupees.

The company’s administrative and operating expenses totaled 48,835,153 rupees, slightly down from 50,437,706 rupees last year. Additionally, a reversal of provision in respect of Diminishing Musharaka contributed positively, with 13,711,981 rupees recorded, up from 1,519,067 rupees.

Management company’s remuneration expenses were 27,181,444 rupees, an increase from 15,207,055 rupees. The provision for services sales tax on management company’s remuneration was also higher, totaling 3,533,588 rupees compared to 1,976,917 rupees.

After accounting for taxation of 69,498,481 rupees, the company’s net profit before tax was 241,099,403 rupees, up from 134,886,582 rupees in the previous year.