Quarterly Accounts |
FOR THE QUARTER |
ENDED SEPTEMBER 30, 2022 |
First Habib Modaraba
A n I s l a m i c F i n a n c i a l I n s t i t u t i o n
Contents
Corporate Information | 3 |
Directors' Report | 4 |
Condensed Interim Balance Sheet | 6 |
Condensed Interim Profit and Loss Account (unaudited) | 7 |
Condensed Interim Statement of Comprehensive Income (unaudited) | 8 |
Condensed Interim Cash Flow Statement (unaudited) | 9 |
Condensed Interim Statement of Changes In Equity (unaudited) | 10 |
Notes To The Condensed Interim Financial Statements (unaudited) | 11 |
- QUATERLY REPORT 2022
HabibMetro
Modaraba Management
Corporate Information
MODARABA MANAGEMENT COMPANY
Habib Metropolitan Modaraba Management Company (Private) Limited
BOARD OF DIRECTORS | ||
Syed Rasheed Akhtar | - Chairman (Non-Executive | BANKERS |
Independent Director) | ||
Mr. Muhammad Shoaib Ibrahim | - Chief Executive Officer | Habib Metropolitan Bank Limited (Islamic Banking) |
Mr. Usman Nurul Abedin | - Non-Executive Director | Meezan Bank Limited |
Mr. Saeed Uddin Khan | - Non-Executive | Al Baraka Bank Pakistan Limited |
Independent Director | Bankislami Pakistan Limited | |
Mr. Mohammad Shams Izhar | - Non-Executive Director | Dubai Islamic Bank Pakistan Limited |
Dr. Irum Saba | - Non-Executive Director | Soneri Bank Limited (Islamic Banking) |
Habib Bank Limited (Islamic Banking) | ||
LEGAL ADVISOR |
Mohsin Tayebaly & Company
Ahmed & Qazi Advocates & Legal Consultants
AUDIT COMMITTEE | |
Mr. Saeed Uddin Khan | - Chairman |
Syed Rasheed Akhtar | - Member |
Mr. Mohammad Shams Izhar | - Member |
Mr. Muhammad Babar | - Secretary |
REGISTERED OFFICE
6th Floor, HBZ Plaza (Hirani Centre) I.I. Chundrigar Road, Karachi.
Tel : 021-32635949-51
UAN : 111-346-346
Web : www.habibmodaraba.com
Email : fhm@habibmodaraba.com
HUMAN RESOURCE COMMITTEE | |
Mr. Saeed Uddin Khan | - Chairman |
Syed Rasheed Akhtar | - Member |
Mr. Mohammad Shams Izhar | - Member |
Mr. Muhammad Jehanzeb | - Secretary |
SHARES REGISTRAR
CDC Share Registrar Services Limited
Share Registrar Department
CDC House, 99-B, Block "B",
S.M.C.H.S
Main Shahrah-e-Faisal,
Karachi,
Pakistan. Tel: 111-111-500
AUDITORS
EY Ford Rhodes
Chartered Accountants
COMPANY SECRETARY
Ms. Aeraj Abeer
SHARIAH ADVISOR
Mufti Faisal Ahmed
GEOGRAPHICAL PRESENCE - BRANCH OFFICES
Karachi Branch:
3rd Floor, Al-Manzoor Building,
Dr. Ziauddin Ahmed Road. Karachi.
Tel : 021-32635949-51
Lahore Branch:
1st Floor, 5-Z Block, Phase III, Defence Housing
Authority, Lahore.
Tel : 042-35693074-76
Islamabad Branch:
Office No. 508, 5th Floor, ISE Towers, Jinnah Avenue Blue Area, Islamabad.
Tel : 051-28994571-73
Multan Branch:
Mezzanine Floor, Abdali Tower,
Abdali Road, Multan.
Tel : 061-4500121-3
QUATERLY REPORT 2022 3
First Habib Modaraba
A n I s l a m i c F i n a n c i a l I n s t i t u t i o n
Directors' Report
On behalf of the Board of Directors, it is our great pleasure to present the un-audited accounts of the First Habib Modaraba for the period ended September 30, 2022
Performance of the first quarter of current year remained slightly under pressure due to several issues on the economic front of Pakistan. Disbursement of Rs. 2.132 billion as compared to Rs. 2.379 billion was made in the same quarter of last year. However, the profitability of the quarter was not only maintained but also increased with good margins.
Presently, the economy of Pakistan is passing through with difficult time due to some external and internal shocks. Worries are rising again over the health of Pakistan's economy as foreign reserves are not on a sufficient level, the local currency weakens and inflation stands at decades-high levels despite the renewal of International Monetary Fund funding support in August. The global prices of Oil and other commodities are still on higher side and which is pushing inflation as well.
The recent floods due to torrential rain have also impacted growth and disrupted several crops including supply chain. The economy of Pakistan has been affected by widespread destruction due to extreme flooding. This will have negative impact on the government's fiscal situation from both the revenue and expenditure sides. Besides, global and domestic uncertainties diluted the economic prospects. High inflation, aggressive monetary tightening, and uncertainty from the Ukraine war have hampered the economic outlook.
Pakistan's trade deficit minimized in the first quarter of current fiscal year due to decrease in imports. Trade deficit showing good improvement in Q1 as compared to same period of last year. Recently, Monetary Policy Committee (MPC) of State Bank of Pakistan, has decided to maintain policy rate at 15%. According to MPC, the post flood macroeconomic outlook reflects the further dilution of projected GDP to 2% in FY23, compared to the previous forecast between 3 to 4%.
We expect that keeping in view of present economic situation, businesses will be remained in slow pace in next few months and this will impact our overall disbursements and collection of financing instalments. In present circumstances we will be more vigilant and will focus on our recoveries.
The Merger of Habib Metro Modaraba with and into First Habib Modaraba is on advance stage and few updates/approval from relevant authorities are in process which are expected to be completed within one to two months and we will be able to complete the amalgamation by the end of 31st December, 2022.
In conclusion, we would like to express our sincere thanks and gratitude for the continued support and guidance provided by the Securities & Exchange Commission of Pakistan and Registrar Modaraba, customers of the Modaraba for their patronage and Certificate holders who have remained committed to FHM. We also appreciate dedication, high level of professionalism and hard work of the employees of FHM for smooth operations and achieving better results.
For and on behalf of Board of Directors
Syed Rasheed Akhtar | Muhammad Shoaib Ibrahim |
Director | Chief Executive Officer |
Karachi: 27th October, 2022
- QUATERLY REPORT 2022
HabibMetro
Modaraba Management
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QUATERLY REPORT 2022 5
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