For the Nine Months Ended
March 31, 2025
B.F. MODARABA
Managed By
E.A. MANAGEMENT (PVT) LTD.
B.F. MODARABA Quarterly Accounts
CORPORATE INFORMATIONMODARABA MANAGEMENT COMPANY
E. A. Management (Pvt.) Ltd.
BOARD OF DIRECTORS
DIRECTORS OF MODARABA MANAGEMENT COMPANY
Mr. Ahmed Ali Mohammad Amin Bawany Chairman
Mr. Muhammad Omar Amin Bawany Chief Executive
Mr. Bilal Omar Bawany Director
Mr. Mohammed Altamash Bawany Director
Mr. Sheryar Bawany Director
Mr. Muhammad Samiullah Independent Director
Ms. Tasneem Yusuf Independent Director
AUDIT COMMITTEE
Mr. Muhammad Samiullah Chairman
Mr. Ahmed Ali Mohammad Amin Bawany Member
HUMAN RESOURCE & REMUNERATION COMMITTEE
Mr. Muhammad Samiullah Chairman
Mr. Ahmed Ali Mohammad Amin Bawany Member
CFO & COMPANY SECRETARY
Mr. Muhammad Ayub
SHARIAH ADVISOR
Mr. Mufti Zubair Usmani
LEGAL ADVISOR
Mr. Ghullam Rasool Korai
MODARABA AUDITORS
M/s. RSM Avais Hyder Liaquat Nauman Chartered Accountants
BANKERS
Al-Baraka Islamic Bank
Bank Al-Habib Islamic Limited Habib Bank Limited
Habib Metropolitan Islamic Bank Limited UBL Ameen Islamic Bank
REGISTERED OFFICE
Plot No. 43-1-E (B), Block No. 06 Off Razi Road, P.E.C.H.S.,
Shahrah-e-Faisal, Karachi, Pakistan. UAN : 111-229-269
Fax : (92-21) 34322864
EMAIL & WEBSITE
E-mail: info@bfmodaraba.com.pk feedback@bfmodaraba.com.pk
URL: https://www.bfmodaraba.com.pk
SHARES REGISTRAR
M/s. C & K Management Associates (Pvt.) Limited M-13, Progressive Plaza, Plot No. 5 - CL - 10,
Civil Lines Quarter, Beaumont Road, Karachi -75530 Phone: 35687839-35685930
2
B.F. MODARABA Quarterly Accounts
FOR THE PERIOD ENDED MARCH 31, 2025
Dear Certificate Holders,
Assalamo Alaikum,
By the grace of Almighty Allah, I take pleasure in presenting a brief review of your Modaraba for the Quarter ended March 31, 2025.
Our gross revenue during the period stood at Rs. 30.42 million vis-à-vis Rs. 14.996 million for the corresponding period of 2023-24, an improvement by 103%. This increase was primarily driven by trading income of Rs. 17.458 million, diminishing musharakah income of Rs. 4.450 million, and dividend income of Rs. 3.783 million. The unrealized gain, which was Rs. 17.605 million at the end of the financial year in June 2024, increased by Rs. 4.32 million, reaching a surplus of Rs. 21.925 million as of the reporting period ended March 2025. This gain has been reflected in the equity. The KSE-100 Index witnessed a remarkable increase of 49.5%, rising from 78,824 points at the end of June 2024 to 117,806 points by the end of the reporting period.
Thus, Pre-tax Profit stood at Rs. 19.455 million against a Pre-tax Profit of Rs. 6.504 million for the corresponding period of 2023-24. Consequently, earning per certificate has improved by Re.0.78 to Rs.
2.52 per certificate Alhamdulillah.
Karachi: | Ahmed Ali Bawany | Muhammad Omar Bawany |
April 28, 2025 | Director | Chief Executive |
3
B.F. MODARABA Quarterly Accounts
% & ، ر 14.996 ت ~ا 2023-24 . ر 30.42 آ یر نارود y ت سا ، 4.450 آ ه) 9 ، 17.458 y & آ (ر ( )z ر ط ید ,- %. /ا %0 ۔y ی)2ņ- 4 .103 %. /ا yzور 17.605 )z م 22Aا y ل ~ C 2024 ن & ،ه < . = => ) : 3.783 آ i i0 0ڈ روا
J- K y ت ",Mر zر Cاو y N2A 2025 چر y &yE" G,ņz H( I z)~ y yzور 4.32 ۔ا
UQ0د %. /ا C V ) : 4 . 49.5 IQ0i ا KSE-100 ۔y ا ) ظ P0 Q0ا ه < %0 ۔ ر 21.925
IP,<ا z="" 117,806="" h(="" م="" 22aا="" y="" ت="" ",mر="" zر="" )="" ھﮍ-="" y~=""><ا z="" 78,824="" )aآ="" y="" 2024="" ن="" &="" &="" ،="">
۔ " G,ņz H(
زا t y$ 6.504 y # y$ ت& '~ا '$ 2023-24- ر 19.455 زا t ،ح ط سا ۔6&78#ا ' ر &5 2.52 '*& آ '$ , - ~ ' ، /0 /* ۔ 2 y 3 4 y$
4
B.F. MODARABA Quarterly Accounts
B.F. MODARABA CONDENSED INTERIM FINANCIAL POSITION AS AT MARCH 31, 2025 (Un-audited)(Audited)Note March 31, June 30,
20252024 ASSETS ------------Rupees-------------Non-current assets | ||||
Furniture and equipment | 13,758 | 15,120 | ||
Long term deposits | 40,019 | 40,019 | ||
Long term investments | 1 | 52,906,732 | 51,322,228 | |
Long term Musharaka | 2 | - | - | |
Diminishing Musharaka | 3 | 13,823,112 | 17,926,053 | |
Current assets | 66,783,621 | 69,303,420 | ||
Stock in trade | - | 41,689,549 | ||
Prepayments and other receivables | 1,486,772 | 8,418,093 | ||
Current portion of Diminishing Musharaka | 6,858,694 | 11,103,718 | ||
Advance tax - net | 4,125,791 | 3,522,113 | ||
Cash and bank balances | 102,268,767 | 11,553,945 | ||
114,740,024 | 76,287,418 | |||
Total assets | 181,523,645 | 145,590,838 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Trade and other payables | 1,962,370 | 1,673,986 | ||
Due to Management Company | 2,205,764 | 854,221 | ||
Unclaimed dividend | 1,690,888 | 1,690,889 | ||
Certificate holders' equity | 5,859,022 | 4,219,096 | ||
Certificate capital | 75,151,587 | 75,151,587 | ||
Reserves | 78,588,068 | 48,615,351 | ||
153,739,655 | 123,766,938 | |||
Unrealized gain / loss on re-measurement of investments | 21,924,968 | 17,604,802 | ||
Total liabilities and equity | 181,523,645 | 145,590,838 | ||
The annexed notes form an integral part of these financial statements.
FOR E.A Management (Private) Limited
(Management Company)
Chairman Chief Executive Director Chief Financial Officer
5
B.F. MODARABA Quarterly Accounts
Nine Months ended | Quarter ended | ||||||
July-2024 to Mar-2025 | July-2023 to Mar-2024 | Jan-2025 to Mar-2025 | Jan-2024 to Mar-2024 | ||||
Revenue | - Rup | ees------------- | |||||
Trading Income | 17,458,690 | 4,496,510 | - | - | |||
Unrealized Gain / (Loss) on of Mutual funds | 730,548 | - | 206,613 | - | |||
Diminishing Musharakah income | 4,450,080 | 4,875,138 | 1,025,615 | 1,954,484 | |||
Dividend - net of zakat | 3,783,223 | 4,911,636 | 682,698 | 1,472,314 | |||
Profit on bank deposits accounts | 3,997,513 | 713,175 | 2,428,751 | 291,678 | |||
30,420,054 | 14,996,459 | 4,343,677 | 3,718,476 | ||||
Expenditure | |||||||
Operating expenses | (8,362,415) | (7,621,962) | (2,463,188) | (2,700,837) | |||
Profit before charging management fee | 22,057,639 | 7,374,497 | 1,880,489 | 1,017,639 | |||
Management fee | (2,205,764) | (737,450) | (188,032) | (101,766) | |||
Profit before Worker's Welfare Fund | 19,851,875 | 6,637,047 | 1,692,457 | 915,873 | |||
Provision for Worker's Welfare Fund | (397,037) | (132,741) | (33,845) | (18,318) | |||
Profit before Taxation | 19,454,837 | 6,504,306 | 1,658,611 | 897,555 | |||
Taxation - current | (527,467) | (676,613) | (102,404) | (214,122) | |||
Profit after taxation | 18,927,370 | 5,827,693 | 1,556,207 | 683,433 | |||
Earning per certificate- basic and diluted | 2.52 | 0.78 | 0.21 | 0.09 | |||
The annexed notes form an integral part of these financial statements.
FOR E.A Management (Private) Limited(Management Company)
Chairman Chief Executive Director Chief Financial Officer
6
B.F. MODARABA Quarterly Accounts
Nine months ended
March 31, For the quarter ended March 31, 20252024 20252024 -------------------------- Rupees ---------------------------Profit / (loss) after taxation | 18,927,370 | 5,827,693 | 1,556,207 | 683,433 |
Other comprehensive income / (loss) | ||||
Realized gain on sale of investment | 11,045,347 | - | - | - |
Surplus on re-measurement of investments | ||||
classified as at fair value through other comprehensive income | 4,320,166 | 14,751,888 | 1,808,532 | 2,874,668 |
The annexed notes form an integral part of these financial statements.
FOR E.A Management (Private) Limited(Management Company)
Chairman Chief Executive Director Chief Financial Officer
7
B.F. MODARABA Quarterly Accounts
B.F.MODARABA
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
March 31 March 31
2025 2024
------------Rupees-------------
Profit before taxation | 19,454,837 | 6,504,306 | ||
Adjustments for non cash charges and other items: | ||||
Depreciation on own assets | 1,359 | 1,617 | ||
Provision for profit on bank deposits | (3,997,513) | (713,175) | ||
Provision for management fee | 2,205,764 | 737,450 | ||
Provision for provident fund | 521,084 | 547,392 | ||
Provision for worker's welfare fund | 397,037 | 132,741 | ||
Unrealized Gain / (Loss) on of Mutual funds | (730,548) | - | ||
Diminishing Musharakah Income | (4,450,080) | (4,875,138) | ||
Trading | (17,458,690) | (4,496,510) | ||
Dividend income | (3,783,223) | (4,911,636) | ||
(27,294,810) | (13,577,259) | |||
Operating loss before working capital changes | (7,839,973) | (7,072,953) | ||
Working capital changes | ||||
Decrease / (Increase) in current assets | ||||
Stock in trade | 41,689,549 | 6,359,341 | ||
Prepayments and other receivables | 10,572,667 | 5,280,752 | ||
52,262,216 | 11,640,093 | |||
(Increase) / decrease in current liabilities | ||||
Accrued and other liabilities | (288,384) | 483,044 | ||
Net increase in working capital | 51,973,831 | 12,123,138 | ||
Taxes paid | 1,127,097 | (783,589) | ||
Dividend Paid | - | - | ||
P.F Paid | (229,624) | - | ||
Purchase of investments | - | - | ||
Management Fee paid | (854,221) | - | ||
Dividend received | 3,783,223 | 4,911,636 | ||
3,826,475 | 4,128,047 | |||
Net cash inflow from operating activities | (A) | 47,960,333 | 9,178,232 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Profit received on bank deposits | 3,997,343 | 713,005 | ||
Proceed from sale of investment | 24,511,558 | 9,637,329 | ||
Diminishing Musharaka Long term Musharaka | 14,245,587 - | (11,731,346) - | ||
Net cash (outflows) / inflows from investing activities | (B) | 42,754,488 | (1,381,012) | |
Cash flows from financing activities | (C) | - | ||
Net increase in cash and cash equivalents (A+B+C) | 90,714,821 | 7,797,220 | ||
Cash and cash equivalents as at beginning of the period | 11,553,945 | 1,573,030 | ||
Cash and cash equivalents as at the end of period | 102,268,767 | 9,370,250 | ||
The annexed notes form an integral part of these financial statements. | ||||
FOR E.A Management (Private) Limited
(Management Company)
Chairman Chief Executive Director Chief Financial Officer
8
B.F. MODARABA Quarterly Accounts
Unappropriated Total Reserve profits
Total ---------------------------------------Rupees---------------------------------------Balance as at July 01, 2023 | 75,151,587 | 50,255,171 | (9,020,220) | 41,234,951 | 116,386,538 | ||
Total comprehensive income for the period ended March 31, 2024 | |||||||
- Profit / (Loss) after taxation | - | - | 5,827,693 | 5,827,693 | 5,827,693 | ||
- Other comprehensive income | - | - | - | - | - | ||
- | - | 5,827,693 | 5,827,693 | 5,827,693 | |||
- Gain / (Loss) realized on disposal of investments | |||||||
in ordinary shares of listed companies | - | 3,647,115 | 3,647,115 | 3,647,115 | |||
Balance as at March 31, 2024 | 75,151,587 | 50,255,171 | 454,589 | 50,709,760 | 125,861,347 | ||
Balance as at April 01, 2024 | 75,151,587 | 50,255,171 | 454,589 | 50,709,760 | 125,861,347 | ||
- Profit / (Loss) after taxation | - | - | 441,626 | 441,626 | 441,626 | ||
- Other comprehensive income | - | - | - | - | - | ||
- | - | 441,626 | 441,626 | 441,626 | |||
- Gain / (Loss) realized on disposal of investments | |||||||
in ordinary shares of listed companies | - | (2,536,034) | (2,536,034) | (2,536,034) | |||
Balance as at June 30, 2024 | 75,151,587 | 50,255,171 | (1,639,820) | 48,615,351 | 123,766,938 | ||
Balance as at July 01, 2024 | 75,151,587 | 50,255,171 | (1,639,820) | 48,615,351 | 123,766,938 | ||
Total comprehensive income for the period ended March 31, 2025 | |||||||
- Profit / (Loss) after taxation | - | - | 18,927,370 | 18,927,370 | 18,927,370 | ||
- Other comprehensive income | - | - | - | - | - | ||
- | - | 18,927,370 | 18,927,370 | 18,927,370 | |||
- Gain realized on disposal of investments | |||||||
in ordinary shares of listed companies | - | 11,045,347 | 11,045,347 | 11,045,347 | |||
Balance as at March 31, 2025 | 75,151,587 | 50,255,171 | 28,332,897 | 78,588,068 | 153,739,655 |
The annexed notes form an integral part of these financial statements.
FOR E.A Management (Private) Limited(Management Company)
Chairman Chief Executive Director Chief Financial Officer
9
B.F. MODARABA Quarterly Accounts
B.F. MODARABA
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MARCH 31, 2025
Un-audited | Audited | |
Note | March 31, | June 30, |
2025 | 2024 |
LONG TERM INVESTMENTS ------------Rupees-------------
Fair value through OCI
Investments in listed shares/certificates 1.1 42,176,183 51,322,228 Fair value through profit or loss
Investments in mutual funds open-ended units 1.2 10,730,549 -
52,906,73251,322,228
1.1 Investments in listed shares/certificates
Unless stated otherwise, the following holdings are in ordinary shares/certificates of Rs. 10/- each.
No. of shares / certificates
Un-audited
Audited
March 31,June 30,
March 31,
June 30,
20252024
2025
2024
------------Rupees-------------
MODARABAS
21,136
21,136
OLP Modaraba
348,110
287,872
BANK
-
455
Meezan Bank Limited
-
108,922
CEMENT
149,125
199,125
Fauji Cement Limited
6,920,891
4,561,954
10,000
10,000
D.G.Khan Cement Limited
1,353,300
902,700
-
10,000
Maple Leaf Cement
-
380,000
3,000
6,000
Lucky Cement
4,489,800
5,440,380
REFINERY
12,500
12,500
Attock Refinery Limited
8,091,375
4,394,875
FUEL AND ENERGY
-
22,419
Hub Power Company Limited
-
3,656,091
49,000
49,000
Kohinoor Energy Limited
1,137,780
1,994,790
10,099
10,099
Pakistan Petroleum Limited
1,933,757
1,182,694
OIL & GAS EXPLORATION COMPANIES
-
20,000
Pakistan Oil Fields
-
9,798,800
ENGINEERING
20,000
25,000
International Steels Limited
1,561,200
2,113,750
CHEMICALS & PHARMACEUTICALS
75,000
95,000
Engro Fertilizer Limited
15,568,500
15,790,900
TEXTILE COMPOSITE
7,000
10,000
Nishat Mills Ltd
771,470
708,500
356,860
490,734
42,176,183
51,322,228
1.2 Investment in mutual funds open-ended units
Number of units
Name of Mutual Fund
March 31,
2025
June 30,
2024
March 31,
2025
June 30,
2024
------------Rupees-------------
92,441
- MCB AL Hamra Islamic Income Fund
10,730,549
-
92,441
-
10,730,549
-
10
B.F. MODARABA Quarterly Accounts
B.F. MODARABA
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MARCH 31, 2025
LONG TERM MUSHARAKA FINANCING
This represent Musharaka Agreement entered into between Modaraba and M/s. Sustainable Environment Developers (SED) on May 26, 2021, with profit sharing ratio of 48.5% and 51.5% respectively. The agreement will dissolve / terminate upon mutual consent.
(Un-audited)(Audited)
March 31,
2025
June 30, 2024
------------Rupees-------------
Cost of investment
Carrying value as at Investment made during the year | 22,800,000 - | 22,800,000 - |
22,800,000 | 22,800,000 | |
Accumulated share of profit: Opening balance | (22,800,000) | (22,800,000) |
Share of loss for the year | - | - |
(22,800,000) | (22,800,000) | |
Carrying value as at reporting date | - | - |
3 DIMINISHING MUSHARAKA | ||
Considered good | 20,681,806 | 29,029,771 |
Less: Current portion of Diminishing Musharaka | (6,858,694) | (11,103,718) |
13,823,112 | 17,926,053 | |
4 TRANSACTIONS ENTERED INTO AND BALANCES HELD WITH RELATED PARTIES |
The related parties comprise of Faran Sugar Mills Limited, Modaraba Management Company, Reliance Insurance/Takaful Limited, directors and key management personnel of Modaraba Management Company as well as their close family members. Details of transactions with related parties, other than those disclosed elsewhere in these condensed interim financial statements, are as follows:
Transactions during the Nine months ended Faran Sugar Mills Limited | (Un-audited) March 31, 2025 - | (Audited) June 30, 2024 - |
Reliance Insurance Company Limited (Takaful Policy) | 524,160 | 752,000 |
Provision for Management fee | 2,205,764 | 854,221 |
Balances outstanding at period end | (Un-audited) March 31, 2025 | (Audited) June 30, 2024 |
Management fee payable | 2,205,764 | 854,221 |
These financial statements are unaudited and were authorized for issued on April 28, 2025 by the Board of Directors of the Management Company.
The accounting policies adopted for the preparation of these financial statements are consistent with those applied for the preparation of the preceding published financial statements.
Figures have been rounded off to the nearest rupee and have been re-arranged / restated where necessary for the purpose of comparison.
FOR E.A Management (Private) Limited
(Management Company)
Chairman Chief Executive Director Chief Financial Officer
11