CORPORATE BRIEFING SESSION
First Elite Capital Modaraba
Tuesday, October 28, 2025
INTRODUCTION
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First Elite Capital Modaraba
First Elite Capital Modaraba was floated in 1991 with an authorized capital of Rs.200 million.
The Modaraba offered shares worth Rs.100 million which were over subscribed.
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First Elite Capital Modaraba
Management Company
Crescent Modaraba Management Company Ltd
Shariah Advisor
Mufti Muhammad Umar
Shariah Advisor's report is now part of Annual Accounts.
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First Elite Capital Modaraba
BUSINESS
First Elite Capital Modaraba is a perpetual, multi-purpose and multi-dimensional modaraba formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed there under and is managed by Crescent Modaraba Management Company Limited, a company incorporated in Pakistan under the Companies Ordinance 1984 (now functioning under the Companies Act, 2017).
The Modaraba is primarily engaged in the business of ijarah, musharakah and murabahah financing, investment in marketable securities and other related businesses.
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First Elite Capital Modaraba
PRODUCTS
Ijarah
Murabahah
Musharakah
Trading
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First Elite Capital Modaraba
Board of Directors of Management Company
Mr. Muneeb Ahmed Dar Chairman and Non-Executive Director
Mr. Aamir Iftikhar Khan Chief Executive and Executive Director
Mr. Ghazanfar Farrokh Non-Executive Director
Mr. Muhammad Javed Amin Non-Executive Director
Mrs. Shahana Javed Amin Non-Executive Director
Mr. Ghulam Rasool Independent Director
Sheikh Muhammad Ali Asif Independent Director
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Financial Details
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First Elite Capital Modaraba
Profit or Loss
Rs. in million | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
Income from:
| 37.15 | 32.25 | 29.67 | 34.45 | 38.45 | 33.62 |
Murabaha Financing | 0.02 | 0.01 | - | 0.01 | - | 0.20 |
Return on Investments | 3.20 | 5.73 | 2.90 | 0.40 | 2.33 | 1.40 |
Reversal of Provision for | ||||||
doubtful Receivables | 0.30 | 0.15 | 0.14 | 0.04 | 0.25 | 0.05 |
Fair value gain on investment | ||||||
Properties | 11.1 | 30.92 | - | - | - | - |
Fair value gain on Biological assets | 0.24 | - | - | - | - | - |
Trading Income | - | - | - | 0.09 | 5.90 | 2.57 |
Other income | 0.31 | 0.28 | 1.29 | 1.12 | 1.29 | 0.53 |
Total Income | 52.32 | 69.32 | 34.00 | 36.11 | 48.22 | 38.37 |
Depreciation of Assets leased out | ||||||
under Ijarah contracts | (26.39) | (23.69) | (23.23) | (25.65) | (27.02) | (28.20) |
Admin and general expenses | (19.17) | (18.08) | (17.02) | (17.10) | (15.81) | (15.22) |
Financial charges | (0.02) | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) |
Other Operating Loss | (0.20) | - | - | - | - | - |
Total Expenses | (45.77) | (41.79) | (40.26) | (42.77) | (42.84) | (43.43) |
Profit Before Management | ||||||
Companys's fee | 6.54 | 27.53 | - | - | 5.38 | - |
Profit /(Loss) before taxation | 5.89 | 24.78 | (6.26) | (6.65) | 5.38 | (5.06) |
Taxation and Levy | (1.19) | (1.14) | (0.80) | (0.57) | (1.12) | (0.21) |
Profit /(Loss) after taxation | 4.70 | 23.64 | (7.06) | (7.22) | 4.26 | (5.27) |
Profit /(Loss) per certificate | 0.41 | 2.08 | (0.62) | (0.64) | 0.38 | (0.46) |
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First Elite Capital Modaraba
Statement of Financial Position
Rs. in million | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
Cash & Bank Balances | 8.27 | 6.10 | 2.40 | 15.85 | 15.57 | 19.17 |
Short Term Investments | 15.90 | 11.05 | 8.61 | 9.50 | 11.01 | 11.59 |
Short Term Investment in Mutual Funds | 9.66 | 23.63 | 20.24 | - | - | - |
Short term Musharakah Financing | - | - | - | 0.12 | 0.27 | 0.41 |
Short term Murabahah Financing | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 1.02 |
Stock in Trade | - | - | - | - | 0.85 | 5.17 |
Assets Leased Out (Ijarah) | 113.69 | 98.00 | 98.79 | 87.17 | 92.56 | 108.08 |
Property and Equipment | 5.50 | 1.36 | 1.63 | 1.28 | 2.42 | 26.60 |
Investment Property | 65.55 | 54.45 | 23.53 | 23.53 | 23.53 | - |
Other Assets | 13.76 | 6.72 | 7.67 | 30.49 | 39.58 | 9.03 |
Total Assets | 232.35 | 201.34 | 162.89 | 167.96 | 185.81 | 181.09 |
Equity | 137.90 | 129.24 | 92.54 | 99.28 | 113.39 | 106.90 |
Security Deposits against Ijarah | 67.97 | 54.43 | 49.23 | 48.31 | 53.38 | 54.98 |
Other Liabilities | 27.68 | 24.88 | 21.12 | 20.37 | 19.04 | 19.21 |
Revaluation Surplus | 3.07 | - | - | - | - | - |
Unrealized gain/(loss) on revaluation Of investment | (4.28) | (7.21) | - | - | - | - |
Total Equity & Liabilities | 232.35 | 201.34 | 162.89 | 167.96 | 185.81 | 181.09 |
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First Elite Capital Modaraba
Revenue (Rs. in million)
70 69.32
52.20
60
52.32
50
40
34 36.11
48.22
38.37
69.31
52.2
49.77
30
20
10
0
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
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First Elite Capital Modaraba
Certificate Holder's Equity (Rs.in million)
140
120
100
137.9
129.24
99.28
92.54
113.39
106.90
113.25
127.95 124.94 130.45
80
60
40
20
0
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
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First Elite Capital Modaraba
Break-Up Value per Certificate
14
12.16
12
10
8
11.40
8.16
8.76
10 9.99
9.43
11.28 11.02 11.50
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4
2
0
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
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Future Outlook
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First Elite Capital Modaraba
The Management of the Modaraba is optimistic about the future business prospects and intends to concentrate on small ticket Ijarah financing besides exploring new avenues of profitable business to improve the performance of the Modaraba with the hope that the Government would formulate policies to improve the performance of modaraba sector.
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Thank You
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