April 23, 2026
The General Manager
Pakistan Stock Exchange Limited Karachi.
Dear Sir,
FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2026
We have to inform you that the Board of Directors of M/s. IBL Modaraba Management (Private) Limited, Management Company of First IBL Modaraba (FIBLM), in its board meeting held on April 23, 2026 at 11:00 a.m., at the Registered Office at 4-L, Gulberg-III, Main Ferozepur Road, Lahore, approved accounts for the period ended March 31, 2026 and recommended as the following:
Cash Dividend NIL
Bonus Certificates NIL
Right Certificates NIL
Any Other Entitlement/ Corporate Action NIL
Any Other Price- Sensitive Information NIL
The financial results of First IBL Modaraba are enclosed herewith.
The Financial Statements of the First IBL Modaraba for the period ended March 31, 2026 will be transmitted through PUCARS separately, within the specified time.
Thanking you.
Yours truly,
____________________ Muhammad Ibrahim Qazi Chief Executive
4-L, G, Gulberg-III, Main Ferozepur Road, Lahore: Ph: 042-35969435-36
FIRST IBL MODARABACONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-audited) AS AT MARCH, 2026
March 2025 | June 2025 Restated |
ASSETS | Note | Rupees | Rupees |
Current Assets | |||
Cash & Bank balances | 184,307,167 | 182,027,614 | |
Short term investments | 3 | 3,217,793 | 3,217,793 |
Ijarah rentals receivable | 4 | 4,727,552 | 2,215,680 |
Advances, prepayments and other receivables | 5 | 3,997,557 | 1,671,134 |
Advance tax | 6,715,303 | 4,193,736 | |
Current portion of Musharakah receivable | 43,670,136 | 16,706,050 | |
246,635,507 | 210,032,007 | ||
Non-Current Assets | |||
Long term Musharakah receivables | 14,492,172 | 31,772,278 | |
Long term advances and deposits | 3,000 | 3,000 | |
Deferred Tax Assets | 5,324,684 | 5,324,684 | |
Fixed assets under Ijarah arrangements | 6 | 15,680,077 | 20,669,211 |
Fixed assets under own use | 7 | 32,933 | 32,933 |
35,532,866 | 57,802,106 | ||
Total Assets | 282,168,373 | 267,834,113 | |
LIABILITIES | |||
Current Liabilities | |||
Creditors, accrued and other liabilities | 4,413,509 | 5,664,698 | |
Musharaka finances payable | - | - | |
Current portion securities deposits | 8,623,749 | 8,106,249 | |
Income Tax payable | 7,382,592 | 4,410,169 | |
Presented profit warrants | 10,727,750 | 10,727,750 | |
31,147,600 | 28,908,866 | ||
Non-Current Liabilities | |||
Long term security deposits | 1,100,000 | 733,000 | |
Deferred tax liability | - | - | |
1,100,000 | 733,000 | ||
Total Liabilities | 32,247,600 | 29,641,866 | |
NET ASSETS | 249,920,774 | 238,192,247 | |
REPRESENTED BY: | |||
Certificate capital | 216,875,000 | 216,875,000 | |
Statutory Reserves | 56,199,464 | 53,853,759 | |
Fair value reserve | 2,384,236 | 2,384,236 | |
Accumulated loss | (25,537,926) | (34,920,748) | |
249,920,774 | 238,192,247 | ||
Contingencies and commitments | |||
The annexed notes form an integral part of these financial statements. |
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
DIRECTOR
DIRECTOR
CHIEF EXECUTIVE
CHIEF FINANCIAL OFFICERFIRST IBL MODARABA
6,030,340 | 5,692,760 | 14,897,390 | 14,417,855 |
2,103,128 | 3,620,275 | 7,183,797 | 5,592,145 |
- | 1,488,172 | - | 1,561,980 |
- | - | - | 3,747,720 |
1,875 | 4,375 | 1,875 | 4,375 |
- | - | - | 258,424 |
4,149,971 | 2,391,267 | 12,660,829 | 13,072,402 |
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS AND QUARTER PERIOD ENDED MARCH 31, 2026
Quarter ended | Nine months ended | ||||
March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||
INCOME FROM OPERATIONS | "Rupees" | ||||
Income from Ijarah Profit on Musharaka investments | |||||
OTHER INCOME | 8,133,468 | 9,313,035 | 22,081,187 | 20,010,000 | |
Other income Income from investment property Income from short term investments Gain on re-measurement of investments Profit on deposits | |||||
4,151,846 | 3,883,814 | 12,662,704 | 18,644,901 | ||
TOTAL INCOME | 12,285,314 | 13,196,849 | 34,743,891 | 38,654,901 | |
EXPENSES | |||||
Administrative expenses Depreciation on assets under Ijarah | |||||
3,516,979 | 3,980,475 | 16,014,806 | 17,810,761 | ||
Operating Profit | 8,768,334 | 9,216,374 | 18,729,084 | 20,844,140 | |
Charge of Modaraba management fee | (831,674) | (921,637) | (1,872,908) | (2,084,414) | |
Workers' welfare fund | (67,430) | (169,999) | (337,124) | (375,195) | |
Profit before taxation | 7,869,231 | 8,124,738 | 16,519,053 | 18,384,531 | |
Taxation - Provision for levies | - | - | - | 4,089,480 | |
- Current Period | (3,133,771) | - | (4,790,525) | (1,744,103) | |
- Deferred Tax | - | 2,754,210 | - | (2,027,989) | |
Profit for the period | 4,735,459 | 10,878,948 | 11,728,527 | 18,701,919 | |
Profit per Modaraba Certificate - Basic and Diluted | 0.22 | 0.50 | 0.54 | 0.86 | |
1,245,340 | (303,064) | 5,051,272 | 7,009,895 |
2,271,639 | 4,283,539 | 10,963,534 | 10,800,866 |
The annexed notes form an integral part of these condensed interim financial information (un-audited).
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
CHIEF EXECUTIVE DIRECTOR DIRECTOR Chief Financial Officer
FIRST IBL MODARABACONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026
Particulars | Certificate Capital | Statutory reserve | Fair Value Reserve | Accumulated loss | Total Equity |
Rupees | |||||
Balance as at June 30, 2024 Comprehensive income for the year | 216,875,000 | 49,686,655 | 1,748,795 | (51,589,164) | 216,721,286 |
Net profit for the year | - | - | 20,835,520 | 20,835,520 | |
Total comprehensive income for the year | - | - | - | - | |
Transferred to statutory reserve | - | 4,167,104 | 635,441 | (4,167,104) | 635,441 |
Balance as at June 30, 2025 | 216,875,000 | 53,853,759 | 2,384,236 | (34,920,748) | 238,192,247 |
Balance as at July 1, 2025 Comprehensive income for the period | 216,875,000 | 53,853,759 | 2,384,236 | (34,920,748) | 238,192,247 |
Net profit for the period | - | - | - | 11,728,527 | 11,728,527 |
Other comprehensive loss for the period | - | - | - | - | |
Total comprehensive loss for the period | - | - | - | 11,728,527 | 11,728,527 |
Transferred to statutory reserve | 2,345,705 | (2,345,705) | - | ||
Balance as at March 31, 2026 | 216,875,000 | 56,199,464 | 2,384,236 | (25,537,926) | 249,920,774 |
The annexed notes form an integral part of these | |||||
For IBL Modaraba Management (Private) Limited (Modaraba Management Company) |
DIRECTOR
DIRECTOR
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER
FIRST IBL MODARABA CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026March 31, 2026 | June 30, 2025 | ||
Rupees | Rupees | ||
Net profit for the period | 11,728,527 | 23,661,310 | |
Adjustments for: | |||
Depreciation of fixed assets under own use | - | 46,229 | |
Depreciation of investment properties | - | 2,500,014 | |
Depreciation of fixed assets under Ijarah arrangements | 10,963,534 | 15,301,964 | |
Loss/(gain) on short term investments | - | (404,700) | |
Credit balances written back | - | (700,061) | |
Debit balances written off | - | 18,166 | |
Dividend income | 1,875 | - | |
Workers' Welfare fund | 337,124 | - | |
Gain on termination of Ijarah arrangements | - | (239,650) | |
Gain on disposal of investment properties | - | (3,916,520) | |
Profit on bank deposits | (12,660,829) | (18,781,561) | |
(1,358,296) | (6,176,119) | ||
Operating profit before working capital changes | 10,370,231 | 17,485,191 | |
Effect on cash flows due to working capital changes: (Increase) / decrease in operating assets | |||
Advances, prepayments and other receivables | (2,326,423) | 5,098,750 | |
Ijarah rentals receivables - net Increase / (decrease) in operating liabilities Security deposits against ijarah assets | (2,511,872) 884,500 | (1,731,183) 5,012,098 | |
Musharakah finances | - | (700,000) | |
Trade and other payables | 1,251,189 | 1,679,688 | |
Cash used in working capital changes | (2,702,606) | 9,359,353 | |
Cash generated from operating activities | 7,667,625 | 26,844,544 | |
Income tax / levies paid | (4,790,525) | (8,677,466) | |
Profit received on bank deposits | (12,660,829) | 18,781,561 | |
Net cash generated from operating activities | (9,783,729) | 36,948,639 | |
Cash flows from investing activities Purchase of assets under ijarah arrangements | (5,974,400) | (30,044,698) | |
Long term Musharakah receivables | 18,066,864 | (23,172,974) | |
Short term Musharakah receivables | - | 44,000,000 | |
Long term deposits | - | 17,500 | |
Proceeds from disposal of investment property | - | 43,500,000 | |
Proceeds from disposal of assets on termination / completion of Ijarah | - | 4,637,050 | |
Net cash generated from / (used in) investing activities | 12,092,464 | 38,936,878 | |
Cash flow from financing activities Unclaimed dividend paid | - | (106,848) | |
Net cash (used in) financing activities | - | (106,848) | |
Net increase in cash and cash equivalents during the year | 2,308,735 | 75,778,669 | |
Cash and cash equivalents at the beginning of the period | 182,027,614 | 106,248,945 | |
Cash and Cash Equivalents at the end of the Period | 184,336,349 | 182,027,614 |
The annexed notes form an integral part of these condensed interim financial information (un-audited).
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
DIRECTOR
DIRECTOR
CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER