First Equity Modaraba
Managed by
Premier Finan ial Serviced.!flrivate) Limited
Ref. No. : 'QO-0085/2025
The General Manager
Palcistan Stoclc Exchange Limited Stock Exchange Building
Stoclc Exchange Road I(arayhi .
April 28, 2025
FINANCIA L RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED MARCH 3i1, 2025
Dear Sir,
We have to inforin you that the Board of Directors of Premier.Financial Services (Pvt.) Ltd the management company of FIRST EQUITY MODARABA in their meeting held today at I(arachi, recommended the following:
CASH DIVIDEND
An Interim Cash Dividend for the Third Quarter and Nine Months Ended March 31, 2025
I
BONUS SHARES
RIGHT SJJARES
NIL
.NIL
NIL
The financial results of the Modaraba are enclosed. i
urs r
Adil A Ghaffar
'
,
ChiefExecutive Officer & Director
Enc1 : a/a
mic Finance J04, 10th Floor.
son Square Building # 3,
/varShaheed Road, Karachi.
: (92-21) 35672815-8
: (92-21) 35686116
iail-. info@frstequitymoderaba.com.pk
Islamic Brokerage Room# 503 - 504,
Pakistan Stock Exchange Building, Stock Exchange Road, Karachi.
Tel : (92-21) 32446020-3
Fax: (92-21) 32446024
E-mail: stock@fmtequitymodaraba.co,m.pk
FIRST EQUITY MODARABA 2
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2025Quarter ended Nine months ended
March 31 2025 Rupees | March 31 2024 Rupees | March 31 2025 Rupees | Match 31 2024 Rupees | |||
Income | 1,555,114 | 7,234,169 | ||||
Expenditure Operating expenses | (7,162,601) | (4,676,199) | (18,040,224) | (15,713,904) | ||
ope •t s»•°at/(*° | ) | (5,203,487) | (4,072,423) | (1,842,035) | (8,479,735) | |
Taxation | (1,821) | (807,215) | (576,592) | |||
(Loss) /Profit for the | period | (5,203,487) | (4,072,423) | (2,645,250) | (9,056,32 | |
(Loss)/Earnings per,certificate | (0.099) | (0.078) | (0.051) | (0.17S) | ||
The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.
Qazi Obaid Ullah Adil A Ghaffar
Chief Financial Officer Chief Executive Officer | Director | Director |
Premier Financial | Premier Financial | Premier Financial |
Services (Private) Ltd. | Services (Private) Ltd. | Services (Private) Ltd. |
3
FIRST EQUITY MODARABA
CONDENSED INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2025
Quarter ended | Nine Month ended | ||||
March 31 | March 31 | March 31 | March 31 | ||
2025 Rupees | 2024 Rupees | 2025 Rupees | 2024 Rupees | ||
Income | (35,383,633) | 24,713,280 | (119,727,079) | (68,726,770) | |
Expenditures | |||||
Operating expenses | (21,898,070) | (29,428,478) | (66,418,413) | (74,689,270) | |
Distribution and selling expenses | (20,000) | (14,093,629) | (3,701,181) | (24,250,941) | |
(21,918,070) | (43,522,107) | (70,119,594) | (98,940,211) | ||
Operating profit | (61,301,703) | (18,808,827) | (189,846,673) | (167,666,981) | |
Financial charges | (4,512,033) | (49,411,035) | (20,059,605) | (81,218,614) | |
(65,813,736) | (68,219,862) | (209,906,278) | (248,885,595) | ||
3,616,945 | 2,911,958 | 10,042,526 | 6,619,033 | ||
(62,196,751) | (65,307,904) | (199,863,752) | (242,266,562) | ||
Other charges | |||||
Profit / (loss) before taxations | (62,156,791) | (65,307,904) | (199,863,752) | (242,266,562) | |
Taxation | |||||
- current | (807,839) | (34,187,957) | (5,524,820) | (56,575,658) | |
- prlOr | - | (10,569,201) | - | (2,470,915) | |
- deferred | 10,672,406 | 53,358,480 | 62,633,913 | 105,610,275 | |
9,864,567 | 8,601,322 | 57,109,093 | 50,563,702 | ||
Profit / (loss) for the period | (52,332,224) | (56,706,582) | (142,754,655) | (191,702,860) | |
Profit / (loss) Earnings per certi6cate | (1.00) | (.08) | (2.72) | (3.66) | |
Qazi Obaid Ullah | "" | dil A Ghaffar | |||
Chief Financial Officer Chief Executive Officer | Director | Director | |||
Premier Financial | Premier Financial | Premier Financial | |||
Services (Private) Ltd. | Services (Private) Ltd. | Services (Private) Ltd. | |||
4
FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (US-AUDITED) AS AT MARCH 31, 2025 | ||
Audited | ||
March 31 | June 30, | |
2025 Note Rupees | 2024 Rupees | |
EQUITY AND LIABILITIES | ||
Capital & Reserves | ||
Authorised capital | ||
60,000,000 Qune 30, 2024: 60,000,000) modaraba | ||
certificates of Rs. 10 each 600,000,000 | 600,000,000 | |
Certificate capital 524,400,000 | 524,400,000 | |
Reserves 3 56,530,793 | 59,180,043 | |
Remeasurement of define benefit liability - Actuarial gain 2,873,713 | 2,873,713 | |
Unrealised loss on ie-measurement of investments 18,925,539 | (24,749,991) | |
Certificate holders' equity 602,730,045 | 561,703,765 | |
Non-current liabilities | ||
Deferred liabilities 7,170,120 | 7,170,120 | |
Security deposit 575,000 | 200,000 | |
Total non-current liabilities 7,745,120 | 7,370,120 | |
Current liabilities | ||
Creditors, accrued and other liabilities 13,670,907 | 19,473,557 | |
Unclairned profit distributions 31,116,072 | 31,116,073 | |
Total current liabilities 44,786,579 | 50,589,630 | |
Total liabilities 52,532,099 | 57,959,750 | |
Total equity atid liabilities 655,262,144 | 619,663,515 |
5
FIRST EQUITY MODARABA
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT MARCH 31, 2025
March 31 | Audited June 30, | ||
2025 | 2024 | ||
Note | Rupees | Rupees | |
ASSETS | |||
Non - current assets | |||
Fixed assets | |||
- tangible | 1,815,683 | 2,288,587 | |
- intangible | |||
1,819,683 | 2,288,587 | ||
Long term investments | 4 | 420,481,356 | 418,239,233 |
Investment property | 781,667 | 871,667 | |
Advances | 2,510,000 | 2,510,000 | |
Deposits | 1,750,000 | 1,750,000 | |
Total non-current assets | 427,342,706 | 425,659,487 | |
Curtect assets | |||
Short term investments | 109,235,279 | 77,664,074 | |
Advances- Considered goods | 14,045,024 | 12,425,130 | |
Trade deposits and prepayments | 17,215,014 | 15,311,748 | |
Other receivables | 63,538,810 | 72,057,555 | |
Cash and bank balances | 23,885,312 | 16,545,521 | |
Total current assets | 227,919,438 | 194,004,028 | |
Total assets | 655,262,144 | 619,663,515 | |
The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.
Qazi Obaid Ullah Adil A Ghaffar
Chief Financial Officer Chief Executive Officer Director Director Premier Financial Premier Financial Premier Financial
Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.
FIRST EQUITY MODARABA
CONDENSED INTERIM STATEMENT OF CASH FLOWS STATEMENTS FOR THE NINE MONTHS ENDED MARCH 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES | March 31 2025 Rupees | March 31 2024 Rupees |
Profit/ (Loss) for the period | (1,842,035) | (9,056,327) |
Adjustments for non cash/non operating items: | ||
Depreciation | 673,427 | 645,421 |
Dividend income | (4,039,200) | (3,843,947) |
(3,365,773) | (3,198,526) | |
Operating profit/ (loss) before working capital changes | (5,207,808) | (12,254,853) |
(Increase) / decrease in current assets | ||
Advances | (666,801) | 474,312 |
Trade deposits and prepayments | (1,903,265) | 27,399 |
Other receivables | 8,417,995 | (14,448,595) |
5,847,929 | (13,946,884) | |
(decrease) / increase in cuttent liabilities | ||
Dividend Paid | - | (t1,799) |
Creditors, accrued and other liabilities | (5,701,503) | (945,868) |
(5,061,782) | (27,159,404) | |
Security Deposit | 375,000 | |
Advance tax paid | (1,760,330) | (906,021) |
Net cash used in operating activities | (6,447,112) | (28,065,425) |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Investments | 9,862,201 | 32,907,873 |
Dividends received | 4,039,200 | 3,843,947 |
Purchases of tangible assets | (114,500) | (84,500) |
Net cash (use in)/generated from investing activities | 13,786,901 | 36,667,320 |
Net increase / (decrease) in cash and cash equivalents | 7,339,789 | 8,601,895 |
Cash and cash equivalents at the beginning of the period | 16,545,523 | 11,122,553 |
Cash and cash equivalents at the end of the period | 23,885,312 | 19,724,448 |
The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.
1 °
c "/
Qazi Ubaid U ?‹ il A Ghaffar
Chief Financial - fief Executive Officer Director Director Premier Financial Premier Financial Premier Financial
Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.
T
FIRST EQUITY MODARABA
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
Certificate Capital | Special reserve | Certificate premium | General reserve | Remeasulem Unrealised Un appropriated erit of define gain / (toss) profit / | Total |
account | benefit on re- accumulated |
FOR THE NINE MONTHS ENDED MARCH 31, 2025
liability | measurement of available | loss |
foe sale | ||
Rupees Rupees Ropees Rupees | Rupees | Rupees Rupee• |
Batzcce as at jul} l, 2023
Total comprehensive income for the period
Balance as at March 31, 2024
Balance as at July 01, 2024
524,400,000 164,334,210 131,100,000 17,321,036 i,688,143 (74,207,492) (234,139,225) 530,496
44,171,685.00 (9,056,327.00) 35,115,35i
524,400,000 164,334,210 131,100,000 17,321,036 t,688,143 (30,035,807) (243,195,552) 565,612
524,400,000 164,334,210 131,100,000 17,321,036 2,873,713 (24,749,591) (253,575,203) 561,703
Total comprehensive income for
the petted -
- - 43,575,533 (2,549,250) 41,026.
Balance as at Match 31, 2025 524,400,000 164,334,210 131›100,000 17,321,036 2,873,713 18,925,542 (2S6,224,453) 602,730'
Phe annexed notes from 1 to 5 form an integral part of the condensed interim financial information.
Chief Financial Officer
Adil A Ghaffar
Chief Executive Officer Premier Financial Services (Private) Ltd.
Director Premier Financial
Services (Private) Ltd.
Director Premier Financial
Services (Private) Ltd.