FIRST IBL MODARABA
HALF YEARLY REPORT
(Un-Audited)
DECEMBER, 2022
Corporate Information
Modaraba Management Company | IBL Modaraba Management (Pvt.) Limited | |
Board of Directors | Arslan Khan Khakwani | Chairman |
Ibrahim Hassan Murad | Director | |
Iftikhar Hameed Khan | Director | |
Aamir Manzoor | Chief Executive | |
Company Secretary | Hassan Fareed | |
Chief Financial Officer | Zeeshan Ahmed | |
Internal Auditor | Rana Rizwan Tariq | |
Sharia'ah Advisor | Dr. Salman Ahmed Khan | |
Legal Advisor | M/s. Holscott International [Legal services] | |
Bankers | Meezan Bank Limited | |
MCB Islamic Bank Limited | ||
The Bank of Punjab - Taqwa | ||
Auditors to the Modaraba | Crow Hussain Chaudhury | |
Chartered Accountants | ||
Registrar | Corp Tec Associates (Pvt.) Limited | |
503 E, Johar Town, Lahore. | ||
Registered/ Principal Office | Office No.4-L, Main Ferozpur Road, | |
Gulberg3, Lahore. | ||
Telephone No. 042-35969435 & 36 |
Directors' Report
The Board of Directors of M/s. IBL Modaraba Management (Private) Limited [IBLMM], the Management Company of First IBL Modaraba [FIBLM], is pleased to present the Half Yearly Reviewed (un-audited) results of the First IBL Modaraba for the period ended December 31, 2022 along with Directors' Report to its certificate holders.
Threats from high inflation, rising interest rates, lingering supply constraints, all time high fuel prices, political unrest and mounting uncertainties affected the economic forecast of Pakistan. Despite of all factors affecting profitability and sustainability of businesses your Modaraba booked gross profit before tax of Rs.5.554 million as compared to profit of Rs. 1.439 million in the preceding period.
Segment wise contribution of operating income is as follows:
Revenue Segment
5.23 | 4.88 | 4.87 | 3.753.75 | |||
1.89 | 0.43 0.25 | 1.74 | 1.23 | |||
Ijarah | Musharikah | Other | Investment | Profit on | ||
income | property | deposits |
31-Dec-22 | 31-Dec-21 | |
For sustainability and profitability during the period, the management mainly focused on micro financing to quality clients to generate revenue. Hence reported a raise of 176.51% in ijarah income.
During the six month ended December 31, 2022, FIBLM recovered an amount of Rs.1.134 million from its classified portfolio. Also in presence of high inflation, the management reduced its operating expenses by 17.81%.
Asset base highlights are as follows:
Asset Base
213.34 | 208.32 | ||||||
129.74 | 105.83 | 83.59 | 102.49 | ||||
Current assets | Non current assets | Total assets | |||||
31-Dec-22 | 30-Jun-22 | ||||||
Liability base highlights are as follows:
Liability Base
213.34 | 208.32 | ||||||
129.74 | 105.83 | 83.59 | 102.49 | ||||
Current liabilities | Non current liabilities | Total liabilities | |||||
31-Dec-22 | 30-Jun-22 | ||||||
During the tough times of the country, the management is aimed to contribute in economy and to provide the best financial services to its valued clients.
I would like to express my gratitude to the Securities & Exchange Commission of Pakistan, Registrar Modarabas, State Bank of Pakistan and NBFI & Modaraba Association of Pakistan for providing us their usual support and guidance. The board appreciates and pays gratitude to the certificate holders and customers for entrusting their confidence on us and we assure them maintenance of adequate internal controls, providing personalize services and also to maintain an ideal environment of good corporate governance in all areas of the activities.
Finally the board appreciates the dedication and hard work put in by the management and staff of First IBL Modaraba.
For & on behalf of the Board,
_________________________
Aamir Manzoor Chief Executive Officer February 27, 2023
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