HALF YEARLY AND SIX MONTHS |
FOR THE PERIOD ENDED |
DECEMBER 31, 2025 |
FIRST EQUITY MODARABA
Managed by | PREMIER FINANCIAL SERVICES (PVT) LTD |
Page 1 |
FIRST EQUITY MODARABA |
CORPORATE INFORMATION |
Modaraba Company : PREMIER FINANCIAL SERVICES (PVT) LTD |
BOARD OF DIRECTORS | |
Mr Nadeem Maqbool | Ms Alizeh Bashir |
Dr Khawaja Masood Raz | Mr Adil A Ghaffar - Chief Executive Officer |
(subject approval) | |
AUDIT COMMITTEE | HUNAM RESOURSE COMMITTEE |
Ms Alizeh Bashir | Mr Nadeem Maqbool |
Mr Nadeem Maqbool | Mr Adil A Ghaffar |
REGISTERD AND BUSINESS ADDRESS
B-1004 Lakson Square Building # 3 | Room No 503-504 |
Sarwar Shaheed Road | Karachi Stock Exchange Building |
Karachi | Karachi |
Tel : 021-35672815-18 | Tel : 021-32446020-3 |
Fax : 021-35686116 | Fax : 021-32446024 |
e-mail: info@firstequitymodaraba.com.pk | |
website: firs tequitymodaraba.com.pk | |
Contents | |
Corporate information | 1 |
Report of the Directors | 2 |
Review Report of Auditors | 4 |
Balance sheet | 5 |
Profit and loss account | 6 |
Statement of comprehensive income | 7 |
Cash flow statement | 8 |
Statement of changes in equity | 9 |
Notes to the financial statements | 10 |
Equity Textile Ltd - Balance Sheet | 16 |
Equity Textile Ltd - Profit and Loss Accounts | 17 |
Page 2
FIRST EQUITY MODARABA |
DIRECTORS REPORT |
The Directors of Premier Financial Services (Private) Ltd, the management company of FIRST EQUITY MODARABA, are pleased to present their report together with the auditors review on the financial statements of the Modaraba for the half year ended December 31, 2025. |
Financial Results |
Profit for the half year ended December 31, 2025 amounted to Rs 15.4 million as compared to Rs 2.6 million for the same period last year. The earnings per certificate as at December 31, 2025 stood at Rs 0.294 as against Rs 0.049 last December. The breakup value per modaraba certificate stands at Rs 12.64 |
We have consistently maintained the view that any diminution in the value of investments is temporary in nature and that intrinsic value ultimately prevails. We are pleased to report that the previously recorded unrealised loss on diminution in the value of investments has now reversed into an unrealised gain. |
As already informed that we are waiting for the appropriate time to divest our investments in shares of listed companies, which are expected to generate good capital gains |
The sale of assets by Equity Textiles Limited, a wholly owned subsidiary, has not yet been completed. It is expected that the transaction will be finalized before the end of the current financial year. |
The sale of assets by Equity Textiles Limited, a wholly owned subsidiary, has not yet been completed. It is expected that the transaction will be finalized before the end of the current financial year. |
Further to the views expressed in our earlier reports for the current financial year regarding the state of the economy, trade, finance, and industry, we note that during the period under review the stock market performed positively, albeit driven by intermittent factors. We anticipate that once the prevailing political and economic uncertainties are resolved, the capital market will regain stability and demonstrate a sustained bullish trend
Karachi |
February 25 2026 |
Adil A Ghaffar |
Chief Executive Officer |
Page 3
Page 4 |
FIRST EQUITY MODARABA |
AUDITORS' REPORT TO THE CERTIFICATE HOLDERS ON REVIEW OF |
UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS |
Introduction |
We have reviewed the accompanying unconsolidated condensed interim ststement of financial position of First Equity Modaraba (the Modaraba) as at December 31, 2025 and the related unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of cash flows, unconsolidated condensed interim statement of changes in equity and notes to the unconsolidated condensed interim financial information for the six months period then ended (here-in-after referred to as the "condensed interim financial information"). The Modaraba Management Company [Premier Financial Services (Private) Limited] is responsible for the preparation and presentation of these unconsolidated condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this uncondensed interim financial information based on our review. |
Scope of Review |
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
Basis for Qualification
Modaraba has charged unrealized gain of Rs. 32.46 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. |
Had the Modaraba charged the unrealized gain to the profit and loss account, its loss for the period would have been decreased by Rs. 32.46 million |
Qualified Conclusion |
Based on our review, except for the matter referred in the above paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial information as at December 31, 2025 is not prepared, in all material respects, in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting. |
Other Matters |
Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the six months, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Modaraba. Accordingly, the figures of the unconsolidated condensed interim statement of profit and loss and unconsolidated condensed interim statement of comprehensive income for the three month period ended December 31, 2025 and December 31, 2024 have not been reviewed by us. |
The engagement partner on the audit resulting in this independent auditor's report is Muhammad Aqeel Ashraf Tabani. |
Karachi |
Dated: February 25, 2026 |
Page 5
FIRST EQUITY MODARABA |
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) |
AS AT DECEMBER 31, 2025 |
Unaudited | Audited |
December 31, | June 30, |
2025 | 2025 |
Rupees | Rupees |
Note
EQUITY AND LIABILITIES | |||
Capital and reserves | |||
Certificate capital | |||
Authorised capital | |||
60,000,000 (June 30, 2025: 60,000,000) modarabacertificates of Rs. 10 each | 600,000,000 | 600,000,000 | |
Certificate capital | 5 | 524,400,000 | 524,400,000 |
Reserves | 66,326,016 | 50,895,891 | |
Remeasurement of define benefit liability - Actuarial gain | 4,013,719 | 4,013,719 | |
Unrealised (loss) on re-measurement of investments | 70,136,349 | 33,504,577 | |
Certificate holders' equity | 664,876,084 | 612,814,187 | |
Non-current liabilities | |||
Deferred liabilities | 7,045,403 | 7,552,903 | |
Secuity deposit | 575,000 | 575,000 | |
Total non-current liabilities | 7,620,403 | 8,127,903 | |
Current liabilities | |||
Creditors, accrued and other liabilities | 31,318,482 | 13,139,512 | |
Unclaimed profit distributions | 31,113,339 | 31,116,073 | |
Total current liabilities | 62,431,821 | 44,255,585 | |
Total liabilities | 70,052,224 | 52,383,488 | |
Contingencies & Commitments | 6 | ||
Total equity and liabilities | 734,928,308 | 665,197,675 | |
ASSETS | |||
Non - current assets | |||
Fixed assets | |||
- tangible | 7 | 1,685,742 | 1,631,066 |
- intangible | 8 | - | - |
1,685,742 1,631,066
Investment property | 691,667 | 751,667 | |
Investments | 9 | 426,292,286 | 422,119,707 |
Advances | 2,510,000 | 2,510,000 | |
Deposits | 1,750,000 | 1,750,000 | |
Total non-current assets | 432,929,695 | 428,762,440 | |
Current assets | |||
Short term investments | 162,043,907 | 122,411,132 |
Advances | 13,426,942 | 13,482,335 |
Trade deposits and prepayments | 15,791,548 | 15,618,316 |
Other receivables | 66,278,292 | 65,996,924 |
Cash and bank balances | 44,457,924 | 18,926,528 |
Total current assets | 301,998,613 | 236,435,235 |
Total assets | 734,928,308 | 665,197,675 |
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information. | ||
Qazi Obaid Ullah | Adil A. Ghaffar |
Chief Financial Officer | Chief Executive Officer |
Premier Financial | |
Services (Private) Limited |
Nadeem Maqbool |
Director |
Premier Financial |
Services (Private) Limited |
Alizeh Bashir |
Director |
Premier Financial |
Services (Private) Limited |
Page 6 |
FIRST EQUITY MODARABA |
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) |
FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2025 |
Quarter ended | |
December 31, | December 31, |
2025 | 2024 |
Rupees | Rupees |
Half year ended | |
December 31, | December 31, |
2025 | 2024 |
Rupees | Rupees |
Note
Income 28,557,777 13,734,872 23,364,760 12,043,786
Expenditure | ||||
Operating expenses | (12,344,583) | (10,876,348) | (5,256,771) | (6,050,629) |
Financial charges | (9,424) | (1,275) | (5,858) | (1,217) |
(12,354,007) | (10,877,623) | (5,262,629) | (6,051,846) | |
Operating profit / (loss) | 16,203,770 | 2,857,249 | 18,102,131 | 5,991,940 |
Other income 446,356 504,203 223,163 413,875 |
Profit/(loss) before income tax and levy 16,650,126 3,361,452 18,325,294 6,405,815 |
Final taxes | (999,542) | (604,059) | (998,436) | (596,160) |
(220,459) | (201,335) | (138,533) | (166,708) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Minimum taxes |
Profit/(loss) before income tax |
Income tax expense |
Current For the period |
Prior |
Profit for the period 15,430,125 2,556,058 17,188,325 5,642,947
Earnings / (loss) per certificate 10 | 0.294 0.049 0.328 0.108 |
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.
Qazi Obaid Ullah | Adil A. Ghaffar |
Chief Financial Officer | Chief Executive Officer |
Premier Financial | |
Services (Private) Limited |
Nadeem Maqbool |
Director |
Premier Financial |
Services (Private) Limited |
Alizeh Bashir |
Director |
Premier Financial |
Services (Private) Limited |
Page 7
FIRST EQUITY MODARABA |
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) |
FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2025 |
Half Yearly | |
December 31, | December 31, |
2025 | 2024 |
Rupees | Rupees |
Quarter ended | |
December 31, | December 31, |
2025 | 2024 |
Rupees | Rupees |
Unrealized (loss) /gain on re-measurement of | ||||
investments fair value through profit and loss | 27,905,138 | 61,402,618 | (6,553,685) | 52,681,618 |
Reversal of unrealised gain on disposal of investments | 4,554,055 | (10,948,845) | 5,715,419 | (5,799,031) |
Unrealized gain on remeasurement of investment held at fair value through other comprehensive income | 4,172,579 | 2,251,785 | 4,172,579 | 2,251,785 |
36,631,772 | 52,705,558 | 3,334,313 | 49,134,372 |
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.
Qazi Obaid Ullah | Adil A. Ghaffar |
Chief Financial Officer | Chief Executive Officer |
Premier Financial | |
Services (Private) Limited |
Nadeem Maqbool |
Director |
Premier Financial |
Services (Private) Limited |
Alizeh Bashir |
Director |
Premier Financial |
Services (Private) Limited |
Page 8 |
FIRST EQUITY MODARABA |
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
December 31, | December 31, |
2025 | 2024 |
Rupees | Rupees |
CASH FLOWS FROM OPERATING ACTIVITIES |
Profit Before Income Tax |
16,650,126 3,361,452
Adjustments for non cash items: | ||
Depreciation | 446,712 | 451,801 |
Gratuity paid | (507,500) | |
Dividend income | (6,663,615) | (4,027,063) |
(6,724,403) (3,575,262)
Advances | 55,393 | (860,294) |
Trade deposits and prepayments | (173,232) | (779,322) |
Other receivables | (281,368) | (4,520,801) |
Operating (loss) before working capital changes 9,925,723 (213,810) (Increase) / decrease in current assets
(399,207) (6,160,417)
Increase /(Decrease) in current liabilities |
Creditors, accrued and other liabilities 18,178,970 12,723,319 |
27,705,486 6,349,092
Security deposit - 375,000 |
Advance tax paid (1,220,001) (805,393) |
Net Increase in cash and cash equivalents | 25,531,396 16,047,687 |
Cash and cash equivalents at the beginning of the period | 18,926,528 16,545,521 |
Cash and cash equivalents at the end of the half year | 44,457,924 32,593,208 |
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information. | |
Net cash generated from operating activities 26,485,485 5,918,699
CASH FLOW FROM INVESTING ACTIVITIES | ||
Investments - net | (7,173,582) | 6,202,425 |
Dividends received | 6,660,881 | 4,027,063 |
Addition in tangle assets | (441,388) | (100,500) |
Net cash (Used in) / generated from investing activities | (954,089) | 10,128,988 |
Qazi Obaid Ullah | Adil A. Ghaffar |
Chief Financial Officer | Chief Executive Officer |
Premier Financial | |
Services (Private) Limited |
Nadeem Maqbool |
Director |
Premier Financial |
Services (Private) Limited |
Alizeh Bashir |
Director |
Premier Financial |
Services (Private) Limited |
FIRST EQUITY MODARABA |
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
Page 9
Reserve | ||||||
Certificate capital Statutory resrve | Certificate premium account | General reserve | Accumulated loss | Total Reserve | Remeasurement of defined benefit liability | Total Unrealized gain / (loss) on remeasurement of investments |
Rupees Rupees | Rupees | Rupees | Rupees | Rupees | Rupees Rupees | |
Balance as at July 01, 2024 | 524,400,000 | 164,334,210 | 131,100,000 | 17,321,036 | (253,575,203) | 59,180,043 | 2,873,713 | (24,749,991) | 561,703,765 |
Profit for the Half year ended December 31, 2024 | - | - | - | - | 2,556,058 | 2,556,058 | - | 2,556,058 | ||
Other Comprehensive Income | 52,705,558 | 52,705,558 | ||||||||
Total Comprehensive Income for the Period | - | - | - | - | 2,556,058 | 2,556,058 | - | 52,705,558 | 55,261,616 |
Balance as at December 31, 2024 | 524,400,000 | 164,334,210 | 131,100,000 | 17,321,036 | (251,019,145) | 61,736,101 | 2,873,713 | 27,955,567 | 616,965,381 |
Balance as at July 01, 2025 | 524,400,000 | 164,334,210 | 131,100,000 | 17,321,036 | (261,859,355) | 50,895,891 | 4,013,719 | 33,504,577 | 612,814,187 |
Profit for the Half year ended December 31, 2025 | - | - | 15,430,125 | 15,430,125 | - | 15,430,125 36,631,772 | |||||||
Other Comprehensive Income | 36,631,772 | ||||||||||||
Total Comprehensive Income for the Period | - | - | 15,430,125 | 15,430,125 | 36,631,772 | 52,061,897 | |||||||
. | |||||||||||||
Balance as at December 31, 2025 | 524,400,000 | 164,334,210 | 131,100,000 | 17,321,036 | (246,429,230) | 66,326,016 | 4,013,719 | 70,136,349 | 664,876,084 | ||||
- -
- - -
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.
Qazi Obaid Ullah | Adil A. Ghaffar |
Chief Financial Officer | Chief Executive Officer |
Premier Financial | |
Services (Private) Limited |
Nadeem Maqbool |
Director |
Premier Financial |
Services (Private) Limited |
Alizeh Bashir |
Director |
Premier Financial |
Services (Private) Limited |
Page 10
FIRST EQUITY MODARABASELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025
LEGAL STATUS AND OPERATIONS |
First Equity Modaraba (the Modaraba) was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed there under and is managed by Premier Financial Services (Private) Limited (the Modaraba Management Company), a company incorporated in Pakistan. |
1
The Modaraba is a perpetual, multipurpose modaraba and is able to undertake a variety of fund and fee based activities. These include trading, manufacturing, equity investment and their financing and facilitation. The Modaraba is a member of the Pakistan Stock Exchange Limited and is currently operating its brokerage activities in Pakistan Stock Exchange Limited.
The Modaraba is listed on Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated at B-1004, 10th floor, Lakson Square Building 3, Sarwar Shaheed Road, Karachi. The Modaraba has the following wholly owned subsidiary companies.
- | Equity Textiles Limited |
- | Capital Financial Services (Private) Limited |
- | Apex Financial Services (Private) Limited |
2 | BASIS OF PREPARATION |
The unaudited condensed interim financial information is being presented and submitted to the shareholders as required by Rule 10 of the Modaraba Companies and Modaraba Rules, 1981 |
These condensed interim financial information has been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Approved accounting standards comprise of such International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board as are notified under the Companies Act, 2017, Islamic Financial Accounting Standards (IFASs) issued by the institute of Chartered Accountants of Pakistan, and the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan (SECP).
The disclosures made in these condensed interim financial information have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting. These condensed interim financial information does not include all the information required for a full set of financial statements and should be read in conjunction with the annual published financial statements of the Modaraba for the year ended June 30, 2025.
3 | MATERIAL ACCOUNTING POLICY INFORMATION |
The material accounting policy information adopted by the Modaraba in the preparation of these condensed interim financial information are the same as those applied in preparation of the preceding published financial statements of the Modaraba for the year ended June 30, 2025. |
4 | USE OF ESTIMATES |
Judgments and estimates made by the management in the preparation of the condensed interim financial information was same as those that were applied to the financial statements as at and for the year ended June 30, 2025. |
FIRST EQUITY MODARABA |
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
Page 11
5 | CERTIFICATE CAPITAL |
Fully paid modaraba certificates of Rs. 10 each.
December 31, | June 30, |
2025 | 2025 |
(Number of certificates) | |
Unaudited | Audited |
December 31, | June 30, |
2025 | 2025 |
Rupees | Rupees |
46,220,000 | 46,220,000 |
Issued for cash 462,200,000 462,200,000
6,220,000 | 6,220,000 | Issued as bonus certificates | 62,200,000 | 62,200,000 |
52,440,000 | 52,440,000 | 524,400,000 | 524,400,000 | |
6 | CONTINGENCIES AND COMMITMENTS |
Modaraba has filed a suit against Samba Bank Ltd. for the recovery of deposit amounting to Rs. 21 million alongwith mark up. The matter is pending before the Honourable High Court of Sindh. Management of the Modaraba and its legal advisor are of the opinion that Modaraba has reasonable chance and it appears unlikely that Modaraba may suffer any loss from the same.
7 | TANGIBLE FIXED ASSETS |
Unaudited | Audited |
December 31, | June 30, |
2025 | 2025 |
Rupees | Rupees |
Opening WDV | 1,631,066 | 2,288,587 |
Additions during the period | 441,388 | 114,460 |
Disposal during the period | - | - |
Depreciation for the period | (386,712) | (771,981) |
Closing WDV | 1,685,742 | 1,631,066 |
Unaudited | Audited |
December 31, | June 30, |
2025 | 2025 |
Rupees | Rupees |
8 | INTANGIBLE FIXED ASSETS | ||
Trading right entitlement certificate (TREC) | 10,000,000 | 10,000,000 | |
Advance against TREC | (10,000,000) | (10,000,000) | |
- -
8.1 | The Modaraba has received Rs.10 million against the sale of Trading Right Entitlement Certificate (TREC) to wholly owned subsidiaries (Capital Financial Services (Private) Limited and Apex Financial Services (Private) Limited) in pursuance of the agreement dated April 18, 2017.The process of the sale of TREC is pending with PSX. |
FIRST EQUITY MODARABA |
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
9 | INVESTMENT | ||
Wholy Owned Subsidaries | 350,000,000 | 350,000,000 | |
Un-listed securities | 76,292,286 | 72,119,707 | |
9.1 | Breakup value of wholly owned subsidiary is Rs. 27.29 (June 30 2025: Rs. 34.24) per share as per unaudited accounts as at December 31, 2025. | ||
(Unaudited | (Unaudited | ||
December 31, | December 31, | ||
2025 | 2023 | ||
10 | EARNINGS PER CERTIFICATE- BASIC | Rupees | Rupees |
AND DILITED | |||
Profit / (Loss) for the period | 15,430,125 | 2,556,058 | |
Weighted average number of certificates | Number | Number | |
outstanding during the period | 52,440,000 | 52,440,000 | |
Rupees | Rupees | ||
Earnings per certificate - basic and diluted | 0.294 | 0.049 | |
10.1 | There is no dilution effect on the basic earnings per share of the modaraba as the modaraba has no such commitments. |
FIRST EQUITY MODARABA |
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
Page 13
11 | SEGMENT INFORMATION | ||||
The modaraba determines the operating segments based on the services provided by it, further their segment analysis are used internally by the management to make strategic decision. | |||||
The modaraba has three primary source of revenue i.e. musharaka facility, brokerage operations and capital market based on the nature of business and related risk associated with each type of business segment which are not deemed by the management to be sufficiently significant to disclose as separate items are reported. | |||||
Segment assets and liabilities include all assets and liabilities related to the segment relevant proportion of the assets and liabilities allocated to the segment on reasonable basis. | |||||
Segment revenue and expenses include all revenue and expenses related to the segment and relevant proportion of the revenue and expenses allocated to the segment on reasonable basis. | |||||
December 31, 2025 | December 31, 2024 | ||||
Brokerage | Capital | Others | TOTAL | TOTAL | |
operation | market | ||||
--------------------------------------------Rupees----------------------------------------- | ---Rupees--- | ||||
Segment revenues | 2,197,058 | 25,155,622 | 1,651,453 | 29,004,133 | 14,239,073 |
Segment result | (958,513) | 25,155,622 | 1,651,453 | 25,848,562 | 11,226,508 |
Unallocated cost Operating expenses | (9,198,436) | (7,865,056) | |||
Loss before income tax | 16,650,126 | 3,361,452 | |||
Income tax & Levy | (1,220,001) | (805,394) | |||
Loss for the period | 15,430,125 | 2,556,058 | |||
December 31, 2025 June 30 2025 | |||||
Brokerage | Capital | Others | TOTAL | TOTAL | |
operation | market |
Other information
--------------------------------------------Rupees-----------------------------------------
---Rupees---
Segment assets 23,302,676 238,336,193 - 261,638,869 215,421,575
Unallocated assets 473,289,439 449,776,100
Total assets | 23,302,676 | 238,336,193 | 734,928,308 | 665,197,675 | ||
Segment liabilities | - | 27,341,677 | - | - | 27,341,677 | 9,267,833 |
Unallocated liabilities | 42,710,547 | 43,115,655 | |||
Total liabilities | - | 27,341,677 | - | 70,052,224 | 52,383,488 |
FIRST EQUITY MODARABA |
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
Page 14
12 | TRANSACTIONS WITH RELATED PARTIES |
The related parties of the modaraba comprise management company, staff retirement funds, directors of the management company and key management personnel. Transactions with related parties other than remuneration and benefits to officers and employees under the terms of their employment are as follows:
12.1 | Balance payable at end of the period / year |
Unaudited |
December 31 |
2025 |
Rupees |
Audited |
June |
2025 |
Rupees |
12.2 | Transactions during the period |
December 31, |
2025 |
Rupees |
December 31, |
2024 |
Rupees |
Modaraba management Company 42,630 58,053 Relationship
Services acquired |
Brokerage commission |
Associated company | 288,267 |
Associated company | 761,648 |
147,127 |
1,087,091 |
13 | AUTHORIZATION FOR ISSUE |
The condensed interim financial information was authorized for issue in accordance with a resolution of the Board of Directors on February 25 2026.
14 | GENERAL |
14.1 | Figures in the condensed interim financial information have been rounded off to the nearest of rupee. |
Qazi Obaid Ullah |
Chief Financial Officer |
Adil A. Ghaffar |
Chief Executive Officer |
Premier Financial |
Services (Private) Limited |
Nadeem Maqbool |
Director |
Premier Financial |
Services (Private) Limited |
Alizeh Bashir |
Director |
Premier Financial |
Services (Private) Limited |
Page 15
EQUITY TEXTILES LIMITEDWholly Owned Subsidiary of |
First Equity Modaraba |
half yearly ended |
December 31, 2025 |
EQUITY TEXTILES LIMITED | |
BALANCE SHEET AS AT DECEMBER 31 2025 | |
UN-AUDITED | |
Dec 2025 | |
Rupees | |
ASSETS | |
NON CURRENT ASSETS | |
Property, plant and equipment | 14,384,079 |
Intangibles | 7,005,104 |
Long Term Investment | 16,476,782 |
37,865,965 | |
CURRENT ASSETS | |
Stores and spares | 36,012,729 |
Stock in trade | 36,372,344 |
250,000,000 | |
Trade debts | 44,456,476 |
Loans and advances | 5,402,104 |
Trade deposits and short term prepayments | 81,203,871 |
Other receivables | 93,768,390 |
Tax refund due from government | 38,106,891 |
Tax net | 4,630,464 |
Cash and bank balances | 48,613,584 |
638,566,853 | |
Assets clasified as held for sale | 1,118,249,555 |
TOTAL ASSETS | 1,794,682,373 |
Page 16 |
AUDITED |
June 2025 |
Rupees |
71,896,414 |
7,373,793 |
10,600,116 |
89,870,323 |
38,896,486 |
42,633,230 |
- |
- |
3,014,060 |
59,331,605 |
115,930,697 |
34,014,098 |
5,873,711 |
7,050,244 |
306,744,131 |
1,371,951,175 |
1,768,565,629 |
EQUITY AND LIABILITIES | |
SHARE CAPITAL AND RESERVES | |
Authorized share capital | |
25,000,000 shares of Rs. 10/- each | 250,000,000 |
Issued, subscribed and paid-up share capital | 250,000,000 |
Unappropriated profit | (102,403,467) |
Unrealized loss on investments | 4,233,726 |
Surplus on revaluation of property, plant and equipment | 526,248,034 |
Surplus on revaluation of fixed assets | 678,078,293 |
250,000,000 |
250,000,000 |
(67,060,743) |
(1,642,940) |
674,639,525 |
855,935,842 |
- |
104,695,413 |
104,695,413 |
93,037,289 |
93,037,289 |
728,454,928 |
200,293 |
- |
294,911,570 |
- |
1,023,566,791 |
1,794,682,373 |
Deferred taxation
CURRENT LIABILITIES |
Trade and other payables |
Accrued Markup |
Short term borrowings |
GIDC Payable |
Current portion of lease liability |
TOTAL EQUITY AND LIABILITIES |
441,538,395 |
14,804,653 |
52,883,889 |
294,911,570 |
3,795,867 |
807,934,374 |
1,768,565,629 |
CHIEF EXECUTIVE | DIRECTOR |
Page 17 |
EQUITY TEXTILES LIMITED |
PROFIT AND LOSS ACCOUNT |
FOR THE HALF YEAR ENDED DECEMBER 31, 2025 |
UN-AUDITED |
Dec 2025 |
Rupees |
UN-AUDITED |
Dec 2024 |
Rupees |
Sales |
Cost of Sales |
Gross profit |
Administrative and general expenses |
Distribution and selling expenses |
Operating profit/(loss) |
- |
(36,350,705) |
(36,350,705) |
(29,270,348) |
- |
(65,621,053) |
307,927,031 |
(404,867,518) |
(96,940,487) |
(33,074,905) |
(3,681,181) |
(133,696,573) |
Financial charges |
Other charges |
(6,043,973) |
(127,104,390) |
(133,148,363) |
(198,769,416) |
3,377,082 |
(195,392,334) |
- |
- |
(15,546,397) (15,546,397) |
(149,242,970) |
5,909,664 |
(143,333,306) |
(3,839,338) |
Operating Profit/ (loss) |
Other income |
Profit / (Loss) before taxation and Levy |
Minimum Tax |
Fixed Tax |
Profit / (Loss) before taxation and Levy |
Provision for taxation |
Current |
Prior |
Deferred |
- |
- |
11,658,119 |
11,658,119 |
(183,734,215) |
- |
- |
51,961,506 |
51,961,506 |
(95,211,138) |
(195,392,334) (147,172,644)
Profit / (Loss) after taxation
Loss per share - basic and diluted (7.349) (3.808)
CHIEF EXECUTIVE DIRECTOR