Financial Result for the Year Ended June 30 2025

B-1004, 10th Floor, Lakson Square Building # :3, Sarwar Shaheed Road, Karachi. 74200, Pakistan.

Tel : (92-21) 356[28 5-8 Fax: (92-21.) 35686116 Tlx 21028 MAMB PK E-mail: info@firstequitymodaraba com pk

Managed by

Premier Financial Service (Private) Limited

Ref. No. : QO-196/2025

The General Manager

Pakistan Stock Exchange Limited Stock Exchange Building Karachi .

FI VAN 'PAL RESULTS FOR THE' YEAR ENDED FUND 30, 2025

Dear Sir,

October 06, 2025

We have to inform you that the Board of Directors of Premier Financial Services (Pvt.) Ltd the management company of FIRST EQUITY MODARABA in their meeting held on today at Karachi, recommended the following:

CASH DIVIDEND

A Cash Dividend for the year ended June 30, 2025, at Rs NIL per share i.e. NIL%

BONUSSHARES

RIGHT SHARES

NIL

VL

The financial results of the Modaraba and Consolidated are enclosed, along with the Auditors' Report.

Material Information

Due to economic uncertainties, Board of Directors of our wholly owned subsidiary, Equity Textiles Ltd is currently evaluating the divestment of its assets.

The Annual Review Meeting of the Certificate holders of the Modaraba will be held on Wednesday December 10, 2025 (tentative).

The Gertificate transfer book of the Modaraba will be closed from Thursday December 04 2025 to Wednesday, December 10 2025 (both days inclusive). Transfer received at THK Associates

' (Pvt), Plot # 32C, 2 Jami Commercial Street 11, D.H.A. Phase 7, Karachi, the close of the

. business on Wednesday, December 03 2025 willbe treated in time.

i Ob

a O3

Company Secretary

' Kindly acknowledge receipt.

Enc1 : a/a

FIRST EQUITY MODARABA STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

EQUITY AND LIABILITIES

2025 2024

Note Rupees

Authorized certificate capital

60,000,000 Modaraba certificates of Rs. 10 each

Certificate holders' equity

Issued, subscribed and paid-up certificate capital Reserves

Remeasurement of defined benefit liability - actuarial gain unrealized gain / (loss) on remeasurement of investment Total certificate holders' equity

Non-current liabilities Deferred liability Security deposit

Total non-current liabilities

Current liabilities

" Creditors, accrued and other liabilities Unclaimed profit distribution

Total current liabilities

Total equity and liabilities Contingencies and commitments

600,000,OOO

5

6

612,814,187

8,127,903

8

44,255,585

665,197,675

_too oo_o ooo..

561,703,765

7,370,120

so,ssg,630

619,663,S1S

For Premier Financial Services (Private) Limited (Modaraba Management Company)

FIRST EQUITY MODARABA STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

ASSETS

2025 2024

Note Rupees

Non-current assets Fixed assets

-tangible

-intangible Investment property Long term investments

Advances - considered good Deposits

Total non-current assets

/

Current assets

Short term investments Advances - considered good Trade deposits and prepayments Other receivables

Bank balances

Total current assets Total assets

10

11

12

13

428,762,440

15

16

17

JB

19

236,435,235

665,197,675

425,659,487

194,004,028

619,663,515

** The annexed notes 1 to 40 form on integral part of these financial statements.

For Premier Financial Services (Private) Limited (Modaraba Management Company)

FIRST EQUITY MODARABA

STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2025

For Premier Financial Services (Private) Limited

" (Modaraba Management Company)

Chief Financial0 ficer ief Executive Officer

,Premier Financial Services

.? (Private) Limited

Director Director

Adi) A. Ghaffar

Premier Financial Services Premier Financial Services (Private) Limited (Private) Limited

FIRST EQUITY MODARABA * STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2025

* In accordance with the Prud=ntial Regulations for Moéarabas, the Modaraba is required to transfer an amount not less than 20% and not more than 50% of its af er tax profits to statutory r:eserve until the reserve fund equals the certificate capital. Thereafter, a sum not less than 5% of the after tax profit is required to be transferred to the statutory reserve.:

The annexed notes 1 to 40form an integral part of thesefinancial statements.

For Premier Financial Services (Private) Limited

(Modaraba Management Company) '

Adil A. Ghaffar

Chief Executive Officer

Premier Financial Services (Prin atc) Lilited

Director

Premier Financial Services (Private) Limited

Director

Premier FinanciaI Services (Private) Limited

FIRST EQUITY MODARABA

* STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2025

CASHFLOWS FROM OPERATING ACTIVITIES

r&

2025 2024

Note Rupees

Loss before income tax and levy (final & minimum tax) Adjustments for non-cash and other items: Depreciation on tangible assets

Depreciation on investment property Provision for gratuity

Dividend income

Cash used in operations before working capital changes Working capital changes:

Decrease / (increase) in operating assets

Advances

Trade deposits and prepayments Other receivables

(Decrease) / increase in operating liabilities Security Deposit Received

Creditors, accrued and other liabilities

Div1dend paid

. Tax paid

Net cash used in operating activities

CASHFLOWS FROM INVESTING ACTIVITIES

Investments - net Dividend received

Purchase of tangible assets

Net cash generated from investing activities

Net increase in cash and cash Equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at the end of the year

{7,392,865}

(1,656,767)

(9,049,632)

5,764,843

375,000

(6,334,045)

(S,959,045)

(1,959,272)

(11,203,106)

13,584,113

2,381,007

16,545,521

19 18,9Z6,528

(18,459,566)

(2,668,293)

(21,127,859)

(14,079,700)

9,232,898

(11,798)

(1,412,638) (27,399,097j

32,822,065

5,422,968

11,122,553

16,545,521

The annexed notes 1 to 40/orm an integral part of these j'inanciaI statements.

For Premier Financial Services (Private) Limited (Modaraba Management Company)

azi Obaid Ullah Adil A. Ghaffar

Chief Financi"al Of e/ Chief Executive Officer

Director

Director

Prprfii,er Financial Services Premier Financial Services

(private) limited (Private) Limited

Premier Financial Services (Private) Limited

*fix

Baker Tilly Mehmood ldrees Qamar Chartered Accountants

4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi - Pakistan

T : *92 (Q21} 35644872-7 F- +92 (021) 35644873

info@bakertilly.pl‹

https://www.bakertiIly.pk

INDEPENDENT AuDITOR's REPORT

TO THE CERT(FICATE HOLDERS OF FIRST EQUizy MODARABA REPORT ON THE AUDIT Or THE FINANCIAL STATEMENTS

Qualified Opinion

We have audited the annexed financial statements of FIRST EctunY MODARABA (the "Modaraba"), which comprise the statement of financial position as at June 30, 2025, and the statement of profit and loss and other comprehensive income, the statement of changes in equity, the statement of cash flows for the year then •nded, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, and we state that we have obtained all the information and expla"nâtions which, to the best of our knowledge and belief, were necessary for the purposes of the audit.

In our opinion, except for the effects af the matter described in the Basis for Qualified Opinion section of our report, and to the best of our information and according to the explanations given to us, the statement of financial position, the statemer.t of profit and loss and comprehensive income, the statement of changes in equity and the statement of cash flows together with the notes forming part thereof conform with the accounting and reporting standards as applicable in Pakistan and give the information required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), in the manner so required and respectively give a true and fair view of the state of the Modaraba's affairs as at June 30, 2025 and of the loss and other comprehensive income, the changes in equity and its cash flows for the year then ended.

Basis for Qualified Opinion

Modaraba has charged unrealized gain of Rs. S4.37 million, in respect of investment classified as ' - " financial asset at fair value through profit and loss, in other comprehensive income instead of

profit and loss account as required under IFRS - 9.

" " ADVISORY - ASSURANCE- TAX

" Baker Tilly Mehmood ldrees oamar, Chartered Accountants trading as Baker Tilly is a member of the global networl‹ of Bal‹er Tilly International Ltd., the members of which are separate and independent legal entities.

_ Had the Modaraba charged the unrealized gain to the statement of profit and loss, its profitability for the year would have been increased bv Rs. 54.37 million and other comprehensive income would have been decreased by Rs. 54.37 million.

We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our responsibilities under those standards are further described in the Auditor's Responsibilitiesfor the Audit of the Financial Statements section of out report. We are independent of the Modaraba and First Equity Modaraba Management Limited (Modaraba Company) in accordance with the International Ethics Standards Board foi Accountants' Code of Ethics for Professional Accountants as adopted by the Institute of Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence are have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter(s)

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separat• opinion on these matters.

Following is the Key audit matter:

"

". */‹

"

'" Information Other Than the Financial Statements and Auditor's Report Thereon

Management is responsible for the other information. The other information comprises the " information included in the annual report, but does not include the financial statements and our

auditor's report thereon.

" Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

bakerti((y*

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our l‹nowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Board of Directors of the Modaraba Company for the Financial Statements

Management of the Modaraba Company is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and for such internal control as management of the Modaraba Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management of the Modaraba Company is responsible for assessing the Modaraba's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management of the Modaraba Company either intends to liquidate the Modaraba or to cease operations, or has no realistic alternative but to do so.

Board of directors of the Modaraba Company are responsible for overseeing the Modaraba's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurances about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as applicable in Pal‹istan will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs as applicable in Pal‹istan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risl‹s of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The

  ,_, risk of not detecting a material misstatement resulting from fraud is higher than for one

  resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Modaraba's internal control;

  
  
  

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management of the Modaraba Company;

  
  
  
  
  
  

• Conclude on the appropriateness of the management of the Modaraba Company's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Modaraba's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Modaraba to cease to continue as a going concern; and

  
  
  
  
  
  

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the board of directors of the Modaraba Company regarding, among other matters, the planned scope and timihg of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the board of directors of the Modaraba Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the board of directors of the Modaraba Company, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Based on our audit, we further report that in our opinion:

) proper books of account have been kept by the Modaraba Company in respect of the Modaraba as required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980);

1. the statement of financial position, the statement of profit and loss and other comprehensive income, the statement of changes in equity anci the statement of cash flows together with the notes thereon have been drawn up in conformity with the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and are in agreement with the bool‹s of account;

   
   
   

2. business conducted, investments made, expenditure incurred and guarantees extended during the year by the Modaraba were in accordance with the objects, terms and conditions of the Modaraba; and

   
   
   

3. zakat deductible at source under the Zal‹at and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Modaraba and deposited in the Central Zakat Fund established under section 7 of that Ordinance.

4. the Modaraba business segment"vvas in compliance with the requirements of section 78 of the Securities Act, 2015 and the relevant requirements of Securities Brokers (Licensing and Operations) Regulations, 2016 as at the date on which the statement of financial position was prepared.

t>akertitty"

The engagement partner on the audit resulting in this independent auditor's report is

Muhammad Aqeel Ashraf Tabani.

Baker Tilly Mehmood Idrees Qamar Chartered Accountants

Karachi Date: UDIN:

" FIRST EQUITY MODARABA

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

2025 2024

Note ------------------- Rupees --------•--------

hiefF{m C#F }ts#

Adil A. Ghaffai Director ChiefExecutiveOSicer PtenierFinantia Premier Financial Services (P'.'I.) Ltd, Services (Pvt:.j LU.

Director

Premier Financial Services (P t.) Ltd.

" FIRST EQUITY MODARABA

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

2025 2024

Note Rupees

ASSETS

Fixed assets

• tangible

  
  
  

• intangible Investment property

Long term investments Advances

Deposits

Total non-current assets

Current assets Stores and spares

" Stock in trade

Trade debts

Short term investments Advances - considered good Trade deposits and prepayments Other receivables

Tax refund from government authorities Taxation - net

Cash and bank balances Total current assets

Total assets

16

J7 18 J9

1,555,584,173

20

21

22

23

24

25

26

27

28

29

554,269,928

2,109,854,101

1,225,125,330

1,002,158,160

2,227,283,490

The annexed notes from 1 to 46form an integral part of these consolidatéd financial statements.

Adil A. Ghaffar Director

Chief Executive Officei Premier Financial Premier Financial Services (P4.) Ltd, Services (pvt.) Ltd.

Directoi

Premier Fin.aizc1al Services (Pvt,) Ltrl.

FIRST EQUITY MODARABA

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2025

2025 2024

Note Rupees

Income - net Expenditures

30 (141,162,214)

(275,730,698)

'' c

zi id Ullalj

Adil /. Glzaffar Director

Chief Executive Ofiicer Premier Financial Pieniier Financial Services (P‹t.j Ltd. Services (Pvt.) Ltd.

Director

P1"emier Finarcial Services (Pvt.) Ltd.

FiRST GQUITY MODARABA

CONSOLIDATEO STATEMENT OF CHANGES IN EQUITY FOR THE YEAR F-NDED JUNE 30, 20t5

•Rupees

Balance as at June 30, 2023

524,400,000 164,334,210 131,100,000 17,32:t,036 179,378,574 492,133,820

1,688,143 463,094,620 (135,380,982) 1,345,935,601

Less for the year -

- (232,205,435) (232,205,435) -

- - (232,205,435)

' Other comprehensive loss for the year -

Revaluation surplus during the year - -

Incremental depreciation on revaluation surplus net

at detected tax - -

- 41,678,516 41,678,516

t,140,006 - 73,673,818 74,813,824

- 299,532,883 - 299,532,883

(41,678,516) - -

Balance as at June 3Oj 2025 5Z4,400,00P_ 164,334,210 13*,100,000 17,322,036 (378,934,248) (66,179,002) 4,013,719 G74,639,525 5,614;015 1,142,488,257

In accordance with the Prudential Regulations for Modaraisas, the Modaraba is required to transfer an amount not lessthan 20% and not more than 50% of its after tpx profits to statutory reserve until the reserve funds equals the certificate capital. Thereafter, a sum not less than 5% of the after tax profits is required to be transferred to the statutory reserve.

The annexed notes from 1 to 46 form an integral part of these consolidated financial statements.

Adil A. Ghafiar

Chief Executive'Officer Premier Financial Services (Private) Limited

Director

Premier Financial Services (Private) Limited

Director

Premier Financia! Services (Private) Limited