First IBL Modaraba
Condensed Interim Statement of Financial Position (Un-audited)
As at December 31, 2024
Note |
Assets |
Current assets |
(Un-audited) (Audited)
December | June 30, |
31, 2024 | 2024 |
Rupees |
Cash and bank balances | 4 |
Short term investments | 5 |
Ijarah rentals receivable | 6 |
Short term Musharakah receivables | 7 |
Advances, prepayments and other receivables | |
Advance income tax | 8 |
Current portion of long term Musharakah receivables | |
Total current assets | |
Non-current assets | 8 |
Long term Musharakah receivables | |
Long term advances and deposits | |
Deferred tax asset | 9 |
Investment property | |
Fixed assets under Ijarah arrangements | 10 |
Fixed assets under own use | 11 |
Total non-current assets | |
Total assets | |
Liabilities | |
Current liabilities | 12 |
Trade and other payables | |
Musharaka finances | |
Current portion of long term security deposits | |
Provision for levies | |
Income tax payable | |
Unclaimed dividend | |
Total current liabilities | |
Non-current liabilities | |
Long term security deposits | |
Deferred taxation | |
Total liabilities | |
Net assets | |
Represented by: | |
Capital and reserves | |
Certificate capital | |
Statutory reserve | |
Fair value reserve | |
Accumulated loss | |
Contingencies and commitments | 9 |
123,684,576
3,562,030
1,803,970
-
1,853,505
2,988,351
19,165,085
153,057,517
34,879,973
20,500
-
39,583,480
21,811,931
35,883
96,331,767
249,389,284
4,900,009
700,000
7,487,949
1,317,823
426,280
10,834,598
25,666,659
1,100,000
4,147,701
5,247,701
30,914,360
218,474,924
216,875,000
51,251,249
1,740,804
(51,392,129)
218,474,924
106,248,946
1,918,105
484,497
44,000,000
6,788,048
2,536,505
20,557,040
182,533,141
4,748,314
20,500
2,027,989
42,083,494
10,323,877
79,162
59,283,336
241,816,477
4,685,071
700,000
3,205,350
-
11,109,714
10,834,598
30,534,733
621,800
-
621,800
31,156,533
210,659,944
216,875,000
49,686,655
1,748,795
(57,650,506)
210,659,944
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
First IBL Modaraba
Condensed interim statement of profit or loss and other comprehensive income (Un-audited) For the half year and quarter ended December 31, 2024
Half year ended | Quarter ended | ||||||||
December 31, | December 31, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Income from operations | Note | Rupees | |||||||
Income from Ijarah | |||||||||
8,725,095 | 7,845,977 | 4,588,400 | 3,819,577 | ||||||
Profit on Musharakah investments | 1,971,870 | 10,983,211 | 860,004 | 5,566,728 | |||||
Other income | 10,696,965 | 18,829,188 | 5,448,404 | 9,386,305 | |||||
Profit on deposits | |||||||||
10,681,135 | 3,072,299 | 5,237,674 | 1,474,443 | ||||||
Income from investment property | 3,747,720 | 3,747,720 | 1,873,860 | 1,873,860 | |||||
Other income | 73,808 | 4,112 | 73,808 | 4,607 | |||||
14,502,663 | 6,824,131 | 7,185,342 | 3,352,910 | ||||||
Total income | |||||||||
25,199,628 | 25,653,319 | 12,633,746 | 12,739,215 | ||||||
Expenses |
Administrative expenses Depreciation on assets under Ijarah
Unrealized gain on re-measurement of investments
Operating profit | |
Modaraba Management Company's fee | |
Worker's welfare fund | |
Profit before levies and income tax | |
Provisions for levies | 14 |
Profit before income tax | |
Income tax expense | 15 |
Profit after taxation for the period |
Other comprehensive income Items that will not be subsequently reclassified in profit or loss:
Unrealized gain on re-measurement of investments through OCI
Related deferred tax
(7,312,959)
(6,517,327)
258,424
(13,571,862)
11,627,766
(1,162,777)
(205,196)
10,259,793
(1,744,103)
8,515,690
(692,719)
7,822,971
1,385,500
(401,795)
983,705
(7,958,083)
(5,673,861)
98,865
(13,533,079)
12,120,240
(1,212,024)
(242,405)
10,665,811
(1,813,188)
8,852,623
(418,905)
8,433,718
385,153
(57,773)
327,380
(3,980,620)
(3,471,076)
258,424
(7,193,272)
5,440,474
(544,048)
(93,825)
4,802,601
(1,548,190)
3,254,411
(692,719)
2,561,692
1,385,500
(401,795)
983,705
(4,123,794)
(2,709,441)
98,865
(6,734,370)
6,004,845
(598,663)
(119,733)
5,286,449
(1,619,203)
3,667,246
-
3,667,246
590,121
(171,135)
418,986
Total comprehensive income for the period | 8,806,676 | 8,761,098 | 3,545,397 | 4,086,232 | ||||
Earnings per Certificate - Basic and Diluted | 16 | 0.36 | 0.39 | 0.12 | 0.17 | |||
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
First IBL Modaraba
Condensed Interim Statement of Changes in Equity (Un-audited)
For the half year ended December 31, 2024
Certificate | Statutory | Fair value | Accumulated | Total equity | |
capital | reserve | reserve | loss | ||
Rupees | |||||
Balance as at June 30, 2023 | 216,875,000 | 47,395,690 | 1,336,131 | (66,814,365) 198,792,456 |
Profit for the period
Other comprehensive income for the period Total comprehensive income for the period
Transferred to statutory reserve
- | - | 327,380 | 9,271,528 | 9,598,908 |
- | - | - | - | - |
- | - | 327,380 | 9,271,528 | 9,598,908 |
- | 1,854,306 | - | (1,854,306) | - |
Balance as at December 31, 2023 | 216,875,000 | 49,249,996 | 1,663,511 | (59,397,143) | 208,391,364 |
Balance as at June 30, 2024 | 216,875,000 | 49,686,655 | 1,748,795 | (57,650,506) | 210,659,944 |
Profit for the period | |||||
- | - | - | 7,822,971 | 7,822,971 | |
Other comprehensive income for the period | - | - | 983,705 | - | 983,705 |
Total comprehensive income for the period | - | - | 983,705 | 7,822,971 | 8,806,676 |
Transferred to statutory reserve | - | 1,564,594 | - | (1,564,594) | - |
Adjustments/transfers | - | - | (991,696) | - | (991,696) |
Balance as at December 31, 2024 | |||||
216,875,000 | 51,251,249 | 1,740,804 | (51,392,129) | 218,474,924 | |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
First IBL Modaraba
Condensed Interim Statement of Cash Flows (Un-audited)
For the half year ended December 31, 2024
Note |
Cash flows from operating activities |
Half year ended
December 31,
2024 2023
Rupees
Profit before levies and income tax | |
Adjustments for non-cash charges / items: | 11 |
Depreciation of fixed assets under own use | |
Depreciation of investment property | 9 |
Depreciation of fixed assets under Ijarah arrangements | 10 |
Revaluation gain on investment at fair value through profit or loss | |
Gain on termination of Ijarah arrangements | |
Profit on bank deposits | |
Operating cash flows before working capital changes | |
Effect on cash flows due to working capital changes: | |
(Increase) / decrease in operating assets | |
Advances, prepayments and other receivables | |
Ijarah rentals receivables - net | |
Increase / (decrease) in operating liabilities | |
Security deposits against Ijarah assets | |
Trade and other payables | |
Cash used in working capital changes | |
Cash generated from operating activities | |
Income tax / levies paid | |
Profit received on bank deposits | |
Net cash generated from operating activities | |
Cash flows from investing activities | 10 |
Purchase of assets under Ijarah arrangements | |
Long term Musharakah receivables | |
Short term Musharakah receivables | |
Proceeds from disposal of assets on termination / completion of Ijarah | |
Net cash (used in) investing activities | |
Cash flow from financing activities | |
Net increase/(decrease) in cash and cash equivalents | |
Cash and cash equivalents at the beginning of the period | |
Cash and cash equivalents at the end of the period | 4 |
10,259,793
43,279
2,500,014
6,517,327
(258,424)
(70,683)
(10,681,135)
8,310,171
4,934,543
(1,319,473)
4,760,799
214,938
8,590,807
16,900,978
(7,472,080)
10,681,135
20,110,033
(19,879,299)
(28,739,704)
44,000,000
1,944,600
(2,674,403)
-
17,435,630
106,248,946
123,684,576
10,665,811
99,900
2,500,014
5,673,861
(98,865)
(988)
(3,072,299)
15,767,434
(6,676,831)
(407,518)
(91,106)
1,497,713
(5,677,742)
10,089,692
(2,260,140)
3,072,299
10,901,851
(2,709,400)
17,383,693
(60,000,000)
724,360
(44,601,347)
-
(33,699,496)
82,104,089
48,404,593
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.