QUARTERLY REPORT (UN-AUDITED) MARCH, 2025 FIRST IBL MODARABA
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Corporate InformationModaraba Management Company IBL Modaraba Management (Pvt.) Limited
Board of Directors | Mr. Ibrahim Hasan Murad Mr. Salman Ahmad Ms. Faiza Jabeen Mr. Muhammad Ibrahim Qazi | Chairman Independent Director Female director Chief Executive |
Company Secretary | Mr. Hassan Fareed | |
Chief Financial Officer | Mr. Muhammad Ibrahim Butt | |
Shari'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 Rizwan & Company Chartered Accountants
Share Registrar Corp Tec Associates (Pvt.) Limited 503 E, Johar Town, Lahore.
Telephone No. 042-35170335 - 37
Registered/ Principal Office Office No.4-L, Main Ferozepur Road,
Gulberg3, Lahore.
Telephone No. 042-35969435 & 36 https://www.firstibl.com
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 quarterly results of First IBL Modaraba for the nine month's period ended March 31, 2025 along with directors' report to its certificate holders.
Between July 2024 and March 2025, Pakistan's economy exhibited signs of stabilization and gradual recovery, real GDP growth for fiscal year 2024-25 is projected between 2.5% and 3.5%, driven primarily by improvements in agriculture and modest gains in private consumption and investment. The World Bank estimates growth at 2.6%, while the IMF projects 3.0% for 2025. Inflation saw a significant decline, reaching 1.5% in February 2025, the lowest in nearly a decade, primarily due to base effects and declining global commodity prices. However, it is anticipated to rise slightly to 2.0-3.0% in April 2025. The State Bank of Pakistan (SBP) reduced the policy rate from a peak of 22% in June 2024 to 12% by early 2025, marking an aggressive easing cycle to stimulate economic activity. In March 2025, the SBP paused further cuts, citing potential inflationary pressures and external vulnerabilities
We are pleased to report that your Modaraba has demonstrated significant progress by booking a pre-tax profit of Rs.18.384 million, as compared to Rs.
16.303 million in the preceding period. This achievement is noteworthy given the current circumstances.
Total assets of FIBLM during the period were maintained at Rs.257.133 million as compare to Rs. 241.816 million reported in audited financial statements for the period ended June 30, 2024.
Total liabilities of FIBLM during the period stood at Rs.25.286 million as compare to Rs.30.534 million reported in audited financial statements for the period ended June 30, 2024.
The Modaraba management is striving to invest its funds in more secure and income generating financing options in order to enhance the profitability of the Modaraba.
The board expresses its appreciation and gratitude towards the certificate holders and customers for placing their trust in us. The Board also appreciates team of the Modaraba for their dedication and hard work for the growth of the Modaraba in all areas of its activities.
for & On behalf of
The Board of Directors of
IBL Modaraba Management (Pvt.) Limited
Muhammad Ibrahim Qazi Chief Executive
April 24, 2025
ٹروپرزرٹکیرئاڈ
لیا یب یئآٹسرفہکوج(ڈٹیملٹیویئارپ(ٹنمجنیمہبراضملیایبیئآٹسرفزرٹکیرئاڈ فآڈروب ٹڈآریغ(ےکہامونےک 2025 چرام13ےک ہبراضملیایبیئآٹسرفےہینپمکٹنمجنیمیکہبراضم ۔ےہاترکسوسحمرخفرپےنرکشیپوکزرڈلوہٹیکفیٹرسےکساٹروپرزرٹکیرئاڈہعمبجئاتن(ہدش
رہا ررااےکیلاحبجیردتب روا ماکحتسا ےنتشیعمیکناتسکاپ،نایمردےک 2025چرامروا2024یئالوج ںیمتعارزرپروطیداینب،ےہعقوتمنایمردےک٪3.5روا٪2.5ومنیپیڈیجیقیقحےئلےک2024-25لاسیلام،ےیک دصیف2.6ہنیمختاککنیبیملاع.ےہےسہجویکدئاوفیلومعمںیمیراکہیامرسرواتپھکیجنروایرتہب ںیمرزطارفاںیم2025یرورف ۔ےہیکیئوگشیپیکدصیف3.0ںیم2025ےنفیامیایئآہکبجےہ روا3اارایداینبہجویداینبیکس ،ےہم ےسب ںیمیئئادک ابا یرقوج،یئگیھکیدیمکںایامن دصیف2.0-3.0رکھڑباساڑوھتہیںیم2025لیرپاہکےہعقوت،مہات۔ےہیمکںیمںوتمیقیکسانجایملاع م ےسحطسنیرتدنلبیکدصیف22ںیم2024نوجوکٹیریسیلاپےنناتسکاپفآکنیبٹیٹسا ۔اگےئاجوہ رواؤابدےکرزطارفاہنکممےنکنیبٹیٹساںیم2025چرام۔ےہایدرکدصیف12ںیملئاواےک2025ےکرک ۔یدکوریتوٹکدیزمےئوہےتیدہلاوحاکںویروزمکینوریب
عفانمسکیٹ زا لبق اک ےپور نیلم 18.384 ےن ہبرادم ےک پآہک ےہ یہر وہ یشوخ ےئوہ ےتاتبہیںیمہ ۔اھتےپور نیلم 16.303 ںیم 3دمہتشزگ وج ،ےہ ایک ہراظماک تفرشیپ ںایامنےکرک لصاح ںیمںوراوشوگیلامےلاوےنوہمتخوکء2024نوج30 ۔ےہرکذلباقیبایماکہیےئوہےتھکیدوک3الاحہدوجوم نیلم257.133ےثاالےکمیالیایبیئآفیانارودےکےصرعساںیمےلباقمےکےپورنیلم241.816 ساںیمےلباقمےکےپورنیلم30.534ںیمںوراوشوگیلامےلاوےنوہمتخوکء2024نوج30 ۔ےہرےپور
۔ےھتےپورنیلم25.2863ابجاولےکمیالیایبیئآفیانارودےکےصرع
یراکہیامرسںیمزنشپآگن. س.نانفےلاوےنرکادیپیندمآرواظوفحمہدایزوکزڈنفےنپاہیماظتناہبراضم رپ ےنرک دامتعا رپ مہ ڈروب ۔ےکساج ایک ہفاضا ںیم عفانم ےک ابرادم ہکات ےہ یہر رک ششوک یک ےنرک ںںویمررسیکساوکمیٹیکابرادمڈروب۔ےہاترکاداہیرکشروافیرعتیکنیفراصروازرڈلوہٹیکفیٹرس ۔ےہاتہارسیھبےئلےکتنحمتخسروانگلیکناےئلےکیقرتیکابردومںیمںوبعشمامتےک
ہبراضملیایبیئآٹسرفمظتنم
یضاق میہاربا دمحم 2025 لیرپا 24
FIRST IBL MODARABA | |||||||
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-audited) | |||||||
AS AT MARCH, 2025 | |||||||
March 2025 | June 2024 | ||||||
Note | Rupees | Rupees | |||||
ASSETS | |||||||
Current Assets | |||||||
Cash & Bank balances | 172,245,448 | 106,248,945 | |||||
Short term investments | 3 | 3,562,030 | 1,918,105 | ||||
Ijarah rentals receivable | 4 | 1,523,442 | 484,497 | ||||
Short term Musharaka receivables | - | 44,000,000 | |||||
Advances, prepayments and other receivables | 5 | 2,668,837 | 6,788,048 | ||||
Advance tax | 3,547,236 | 2,536,506 | |||||
Current portion of Musharakah receivable | 24,129,611 | 20,557,040 | |||||
207,676,604 | 182,533,141 | ||||||
Non-Current Assets | |||||||
Long term Musharakah receivables | 29,211,443 | 4,748,314 | |||||
Long term advances and deposits | 20,500 | 20,500 | |||||
Deferred Tax Assets | - | 2,027,989 | |||||
Investment property | 6 | - | 42,083,494 | ||||
Fixed assets under Ijarah arrangements | 7 | 20,192,473 | 10,323,877 | ||||
Fixed assets under own use | 8 | 32,517 | 79,162 | ||||
49,456,933 | 59,283,336 | ||||||
Total Assets | 257,133,537 | 241,816,477 | |||||
LIABILITIES | |||||||
Current Liabilities | |||||||
Creditors, accrued and other liabilities | 4,119,175 | 4,685,071 | |||||
Musharaka finances payable | 700,000 | 700,000 | |||||
Current portion securities deposits | 7,888,299 | 3,205,350 | |||||
Income Tax payable | 1,744,103 | 11,109,714 | |||||
Presented profit warrants | 10,834,598 | 10,834,598 | |||||
25,286,175 | 30,534,733 | ||||||
Non-Current Liabilities | |||||||
Long term security deposits | 1,100,000 | 621,800 | |||||
Deferred tax liability | 991,696 | - | |||||
2,091,696 | 621,800 | ||||||
Total Liabilities | 27,377,871 | 31,156,533 | |||||
NET ASSETS | 229,755,667 | 210,659,944 | |||||
REPRESENTED BY: | |||||||
Certificate capital | 216,875,000 | 216,875,000 | |||||
Statutory Reserves | 53,427,039 | 49,686,655 | |||||
Accumulated loss | (40,188,028) | (57,650,506) | |||||
230,114,011 | 208,911,149 | ||||||
Unrealized gain on revaluation of investments - Available for sale | (358,344) | 1,748,795 | |||||
229,755,667 | 210,659,944 | ||||||
Contingencies and commitments | |||||||
The annexed notes form an integral part of these financial statements. | |||||||
For IBL Modaraba Management (Private) Limited | |||||||
(Modaraba Management Company) | |||||||
CHIEF EXECUTIVE DIRECTOR DIRECTOR | CHIEF FINANCIAL OFFICER | ||||||
FIRST IBL MODARABA
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS AND QUARTER PERIOD ENDED MARCH 31, 2025
Quarter ended | Nine months ended | ||||
March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||
INCOME FROM OPERATIONS | "Rupees" | ||||
Income from Ijarah | 5,692,760 | 3,976,504 | 14,417,855 | 11,822,481 | |
Profit on Musharaka investments | 3,620,275 | 4,995,049 | 5,592,145 | 15,978,260 | |
9,313,035 | 8,971,553 | 20,010,000 | 27,800,741 | ||
OTHER INCOME | |||||
Other income | 1,488,172 | - | 1,561,980 | 1,338 | |
Income from investment property | - | 1,873,860 | 3,747,720 | 5,621,580 | |
Income from short term investments | 4,375 | 3,749 | 4,375 | 3,749 | |
Profit on deposits | 2,391,267 | 2,304,875 | 13,072,402 | 5,379,948 | |
3,883,814 | 4,182,484 | 18,386,477 | 11,006,615 | ||
TOTAL INCOME | 13,196,849 | 13,154,038 | 38,396,477 | 38,807,357 | |
EXPENSES | |||||
Administrative expenses | (303,064) | 3,772,043 | 7,009,895 | 11,730,126 | |
Depreciation on assets under Ijarah | 4,283,539 | 3,016,866 | 10,800,866 | 8,690,727 | |
Unrealized loss on re-measurement of investments | - | 811 | (258,424) | (98,054) | |
3,980,475 | 6,789,720 | 17,552,337 | 20,322,799 | ||
Operating Profit | 9,216,374 | 6,364,318 | 20,844,140 | 18,484,558 | |
Charge of Modaraba management fee | (921,637) | (636,432) | (2,084,414) | (1,848,456) | |
Workers' welfare fund | (169,999) | (90,317) | (375,195) | (332,722) | |
Profit before taxation | 8,124,738 | 5,637,569 | 18,384,531 | 16,303,380 | |
Taxation | |||||
- Prior Year | - | (822,789) | 4,089,480 | (822,789) | |
- Current Period | - | (958,387) | (1,744,103) | (2,771,575) | |
- Deferred Tax | 2,754,210 | - | (2,027,989) | 418,905 | |
Profit for the period | 10,878,948 | 3,856,393 | 18,701,919 | 13,127,921 | |
Profit per Modaraba Certificate - Basic and Diluted | 0.50 | 0.18 | 0.86 | 0.61 | |
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 MODARABA
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
Particulars | Certificate Capital | Statutory reserve | Accumulated loss | Total Equity |
Rupees | ||||
Balance as at June 30, 2023 | 216,875,000 | 47,395,690 | (66,814,365) | 197,456,325 |
Comprehensive income for the year | ||||
Net profit for the year | - | - | 10,007,190 | 10,007,190 |
Total comprehensive income for the year | - | - | 11,454,824 | 11,454,824 |
Transferred to statutory reserve | - | 2,290,965 | (2,290,965) | - |
Balance as at June 30, 2024 | 216,875,000 | 49,686,655 | (57,650,506) | 208,911,149 |
Balance as at June 30, 2024 | 216,875,000 | 49,686,655 | (57,650,506) | 208,911,149 |
Comprehensive income for the period | ||||
Net profit for the period | - | - | 18,701,919 | 18,701,919 |
Other comprehensive loss for the period | - | - | - | - |
Total comprehensive loss for the period | - | - | 18,701,919 | 18,701,919 |
Transferred to statutory reserve | 3,740,384 | (3,740,384) | - | |
Adjustments | 2,500,943 | 2,500,943 | ||
Balance as at March 31, 2025 | 216,875,000 | 53,427,039 | (40,188,028) | 230,114,011 |
The annexed notes form an integral part of these financial statements.
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
DIRECTOR
DIRECTOR
CHIEF EXECUTIVE
FIRST IBL MODARABA | ||||||||||
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) | ||||||||||
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025 | ||||||||||
March 31, 2025 | June 30, 2024 | |||||||||
Rupees | Rupees | |||||||||
Net profit for the period | 18,701,919 | 21,423,706 | ||||||||
Adjustments for: | ||||||||||
- | Depreciation of fixed assets under own use | 46,645 | 159,537 | |||||||
- | Depreciation of investment properties | - | 5,000,028 | |||||||
- | Depreciation of fixed assets under Ijarah arrangements | 10,800,866 | 11,231,011 | |||||||
- | Loss on short term investments | - | (61,094) | |||||||
- | Dividend income | - | (3,749) | |||||||
Management Fee | 2,084,414 | 2,434,992 | ||||||||
- | Revaluation loss/ (gain) on investment at fair value through profit or loss | (258,424) | - | |||||||
- | Workers' Welfare fund | 375,195 | 490,655 | |||||||
- | Gain on termination of Ijarah arrangements | (145,467) | (2,267) | |||||||
- | Gain on sale investment properties | (1,416,506) | - | |||||||
- | Profit on bank deposits | (13,072,402) | (9,217,038) | |||||||
(1,585,679) | 10,032,075 | |||||||||
Operating profit before working capital changes | 17,116,240 | 31,455,781 | ||||||||
Decrease / (increase) in current assets: | ||||||||||
- | Advances, prepayments and other receivables | 565,896 | (3,098,254) | |||||||
- | Ijarah rentals receivable | (1,038,945) | (259,629) | |||||||
- | Short term Musharaka receivable | 42,000,000 | (30,446,517) | |||||||
Decrease in current liabilities: | ||||||||||
- | Creditors, accrued and other liabilities | 565,896 | 407,593 | |||||||
42,092,847 | (33,396,807) | |||||||||
Cash(used in)/generated from operations | 59,209,087 | (1,941,026) | ||||||||
Increase in non-current assets - Long term Musharaka | 27,931,700 | 30,133,304 | ||||||||
Purchase of fixed assets under Ijarah arrangements | (21,697,699) | (6,977,200) | ||||||||
Proceeds from disposal of assets on terminating Ijarah | - | 3,937,321 | ||||||||
Management fee paid | (2,434,992) | (1,533,515) | ||||||||
Income taxes paid | (3,772,092) | (4,972,899) | ||||||||
Net Cash generated from Operating Activities | 59,236,004 | 18,645,985 | ||||||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||
Dividend received | - | 4,668 | ||||||||
Profit received on bank deposits | 13,072,402 | 7,995,964 | ||||||||
Customers' security deposit | (6,311,903) | (2,501,761) | ||||||||
Net Cash Generated From / (Used in) Investing Activities | 6,760,499 | 5,498,871 | ||||||||
CASH FLOW FROM FINANCING ACTIVITIES | - | - | ||||||||
Net Increase in Cash & Cash Equivalents | 65,996,503 | 24,144,856 | ||||||||
Cash and cash equivalents at the beginning of the period | 106,248,945 | 82,104,089 | ||||||||
Cash and Cash Equivalents at the end of the Period | 172,245,448 | 106,248,945 | ||||||||
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 OFFICER | DIRECTOR | DIRECTOR | CHIEF FINANCIAL OFFICER | |||||||
FIRST IBL MODARABA | ||||||
NOTES TO THE CONDENSED INTERIM | ||||||
FINANCIAL STATEMENT (UN-AUDITED) | ||||||
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025 | ||||||
Note 1 | ||||||
The accounting policies adopted for the preparation of these financial statements are consistent with those applied for the preparation of preceding annual publishing accounts. | ||||||
Note 2 | ||||||
These unaudited financial statements have been prepared and circulated under the directives of Securities and Exchange Commission of Pakistan. | ||||||
Note 3 | (Un-audited) | (Audited) | ||||
Short Term Investment | March | June | ||||
Note | 2025 | 2024 | ||||
Available for sale | 3.1 | 3,057,230 | 1,671,730 | |||
At fair value through profit or loss | 3.2 | 504,800 | 246,375 | |||
3,562,030 | 1,918,105 | |||||
3.1 | Available for sale | |||||
(Un-audited) | (Audited) | |||||
March 31, | June 30, | Name of entity | ||||
2025 | 2024 | |||||
No. of shares/ Certificates | ||||||
Holdings are in ordinary certificates / shares of Rupees 10 each. | ||||||
29,267 | 29,267 | The Searle Company Limited | 3,057,230 | 1,671,730 | ||
29,267 | 29,267 | 3,057,230 | 1,671,730 | |||
3.2 | At fair value through profit or loss | |||||
(Un-audited) | (Audited) | |||||
March 31, | June 30, | Name of entity | (Un-audited) | (Audited) | ||
2025 | 2024 | March | June | |||
2025 | 2024 | |||||
No. of shares/ Certificates | ||||||
Holdings are in ordinary certificates / shares of Rupees 10 each. | ||||||
"Rupees" | ||||||
250 | 250 | Attock Refinery Limited | 177,831 | 10,478 | ||
100,000 | 100,000 | First Punjab Modaraba | 313,000 | 148,000 | ||
239 | 239 | IBL Healthcare | 13,969 | 87,897 | ||
100,489 | 100,489 | 504,800 | 246,375 | |||
Note 4 | ||||||
Ijarah Rentals Receivable | (Un-audited) | (Audited) | ||||
March | June | |||||
2025 | 2024 | |||||
Note | ||||||
Considered good | 1,523,442 | 224,868 | ||||
Considered doubtful | 4.1 | 3,004,088 | 3,004,088 | |||
4,527,530 | 3,228,956 | |||||
Accumulated impairment | (3,004,088) | (3,004,088) | ||||
1,523,442 | 224,868 | |||||
4.1 | This represent rentals receivable against assets leased out under Ijarah arrangements. | |||||
4.2 | Movement in accumulated impairment is as follows: | |||||
As at the beginning of the period / year | 3,004,088 | 3,004,088 | ||||
Recognized during the period / year | - | - | ||||
Reversed during the period / year | - | - | ||||
Provision written off during the period | - | - | ||||
- | - | |||||
As at end of the period / year | 3,004,088 | 3,004,088 | ||||
Note 5 | ||||||
Advances, Prepayments and Other Receivables | ||||||
Advance against employees | - | 174,405 | ||||
Prepayments | 292,771 | 154,455 | ||||
Accrued profit: | ||||||
- Profit receivable on Musharaka receivables | 3,984,012 | 3,079,206 | ||||
- Less: Profit held in suspense account | (1,607,947) | (1,607,947) | ||||
2,376,065 | 1,471,259 | |||||
Accrued profit receivable on saving account | - | 467,337 | ||||
Dividend receivables | - | 919 | ||||
Other receivables | - | 201,266 | ||||
2,668,837 | 2,469,641 | |||||
Note 6 | March | June | |||||||||
Investment Property | 2025 | 2024 | |||||||||
Note | (Un-audited) | (Audited) | |||||||||
Cost | "Rupees" | ||||||||||
Opening balance | - | 100,000,465 | |||||||||
Additions | - | - | |||||||||
Closing balance | - | 100,000,465 | |||||||||
Accumulated Depreciation | |||||||||||
Opening balance | - | (52,916,943) | |||||||||
Charged during the period / year | 6.1 | - | (5,000,028) | ||||||||
Closing balance | - | (57,916,971) | |||||||||
- | 42,083,494 | ||||||||||
6.1 | The Modaraba depreciates its investment property on straight line basis @ 5% per annum. | ||||||||||
Note 7 | (Un-audited) | (Audited) | |||||||||
Fixed Assets Under Ijarah Arrangements | March | June | |||||||||
2025 | 2024 | ||||||||||
Written down value at the beginning of the period / year | 10,323,877 | 18,512,742 | |||||||||
Additions at cost | 21,905,699 | 6,977,200 | |||||||||
Less: Written down value of assets disposed off | (1,236,237) | (3,935,054) | |||||||||
30,993,339 | 21,554,888 | ||||||||||
Less: Depreciation charged/adjusted during the period / year | (10,800,866) | (11,231,011) | |||||||||
20,192,473 | 10,323,877 | ||||||||||
Note 8 | |||||||||||
Fixed Assets Under Own Use | |||||||||||
Written down value at the beginning of the period / year | 79,162 | 238,699 | |||||||||
Additions at cost | - | - | |||||||||
Less: Written down value of assets disposed off | - | - | |||||||||
79,162 | 238,699 | ||||||||||
Less: Depreciation charged during the period / year | (46,645) | (159,537) | |||||||||
32,517 | 79,162 | ||||||||||
Note 9 | |||||||||||
Contingencies and Commitments | |||||||||||
9.1 | Contingencies | ||||||||||
There were no known contingencies as at March 31, 2025 (June 30, 2024: Nil). | |||||||||||
9.2 | Commitments | ||||||||||
The Modaraba has not made any capital commitments as at March 31, 2025 (June 30, 2024 : Nil). | |||||||||||
Note 10 | |||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||
The related parties of the Modaraba comprise of its Management Company, major certificate holders of the Modaraba and their close family members, directors of the management company and their close family members and entities with common directors or under common management. | |||||||||||
Transactions during the period | Relationship | March 31, 2025 | March 31, 2024 | ||||||||
IBL Modaraba Management (Private) Limited | |||||||||||
Management fee paid during the period | Management Company | 2,434,992 | 1,533,515 | ||||||||
Management fee accrued during the period | 2,084,414 | 1,212,024 | |||||||||
University of Management & Technology | |||||||||||
Rent of library building accrued | Common Management | 3,747,720 | 5,621,580 | ||||||||
Rent of library building received | 3,747,720 | 5,621,580 | |||||||||
March 31, 2025 | March 31, 2024 | ||||||||||
Outstanding Balance: | |||||||||||
Payable to Management company | 2,084,414 | 1,212,024 | |||||||||
Note 11 | |||||||||||
Date of Authorization for Issue | |||||||||||
These condensed interim financial statements (un-audited) have been approved by the Board of Directors of IBL Modaraba Management (Private) Limited and authorized for issuance on April 24, 2025. | |||||||||||
Note 12 | |||||||||||
General | |||||||||||
Corresponding figures have been rearranged, wherever necessary during the period. No material rearrangements were made in these financial statements. | |||||||||||
For IBL Modaraba Management (Private) Limited | |||||||||||
(Modaraba Management Company) | |||||||||||
CHIEF EXECUTIVE | DIRECTOR | DIRECTOR | CHIEF FINANCIAL OFFICER | ||||||||