Financial Results for the year ended December 31, 2024

FPM/CORP/2025/ 3une 30, 2025

FIRST PUNJAB MODARABA

o »

The Gene raI Manager

Pa kistan Stock Exchange Limited

Dear Sir,

FINANCIAL RESULTS FOR THE YEAR ENDED DECENBER 31. 2024

We have to inform you that the Board of Directors of M/s. Punjab Modaraba Services (Private) Limited, Management Company of First Punjab Mod araba, in its board meeting held on June 30, 2025 at 10: 00 a.m., at Office No. 100, 3rd Floor, National Tower, 28- Egerton Road, Lahore, approved accounts for the year ended Decem ber 31, 2024 and recommended as the following :

Cash Dividend Bonus Certificates Rl9ht Certificates

Any Other Entitlement/ Corporate Action

Any Other Price- Sensitive Informatio n

NIL NIL NIL NIL NIL

The Annual Review Meeting o f tlne Modaraba will be held on July 30, 2025 at 10: 00 a.m. at O(fice No.

100, 3rd Floor, National Tower, 28- Eg erton Road, La hore.

The Certificate Transfe r Books of the Modaraba will be closed from July 24, 2025 to July 30, 2025 (both days inclusive) for the determinatin of names of certificate holders for attendance of Annua! Review Meeting . The Certificate H0lders whose names appear on the Reg ister of the Modaraba as on uly 23, 2025 are elig able to attend the Meeting .

The Financial Statements of the First Punjab Modaraba for the year ended December 31, 2024 will be transmitted throup h PUCARS separately, within the specified time.

The fin ancial results of First Punjab Modaraba are enclosed herewith.

Tha nking you .

Youfs truty,

f•1a hboob Ahmed

Company Secretary

Office No. 00. 3rfi *loor. National Tower. 28 Egerton Road. Lahore PABX '+92 ^2 › 353b5191 36365 192 3 URL www pun abmodaraba com pk

FIRST PUNJAB MODARABA

5TATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

ASSETS

xml cument assets Tangible fixed assets

• ijarah assefs

• Assets in or use

Intangible assets

Lona ten musñankah invesWent - secured Long tern morabaha investment - secured Lon9 tern deposits

Deferred tax asset

Current assets

Short tern morabaha investment - secured Current maturity of Iona term investment liarah rental receivable

Short tern invesWent Development propeñes

Advances, deposits, prepayments and oder receivables Income tax refund due from government - net

Cash and bank balances

fJote

5.1

5.2

6

7

8

9

10

11

12

13

14

15

16

17

December 31, Decembef 31,

2024 2023

R_«pe

982,226,168 735,098,304

The annexed notes 1 to 49 form an Integral part ol these financial statements.

For Punjab Modaraba Services Prlvate) Llmi d (Moda ba Com )

Chle ec«tiveomcer

Dire Di eCt0r

FIRST PUNJAB MODARABA

STATENENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2024

INCOME

Income from ijarah rentals Income from morabaha financing

Income fr0M diminishing musharikah financing Gain from sale of deyeIopment properties Gain on disposal of assets

Other income

2024

Rupees

54,844,805

17,941,705

203,502,965

2,664,589

14,525,417

111,173,438

29

30

31

32

2023

Rupees

EXPENSES

Administrative and general expenses Finance cost

OPERATING LOSS BEFORE PROVISIONS

(Provision) / Reversal of provision against ijarah rentals - net Reversal of provision against morabaha investments - net Reversal of provision against musharikah investments - net Provision against advances and other receivables

OPERATING LOSS AFTER REVERSAL OF PROVISION /(PROVISION) MODARABA MAIJAGEMENT COMPANY'S MANAGEMEIJT FEE

LOSS BEFORE INCOMETAX AND LEVIES LEVIES

LOSS BEFORE INCOMETAX IIJCOMETAX

LOSS AFTER INCOMETAX FOR THE YEAR

OTHER COMPREHENSIVE INCOME FOR THE YEAR

Items that will not be reclassified subsequently to profit or loss Actuarial gain on remeasurement of defined benefit obligation Relatedincometax

TOTAL COMPREHEIJSIVE LOSS FOR THE YEAR LOSS PER CERTIFICATE • BASIC AUD DILUTED

33

34

35

35

16.7

36

37

24.4

404,652,919 331,319,350

98,462,810

370,612,005

79,992,200

358,390 896

40,518,318

8,008,867

195,830,229

2,587,377

5,224,014

79 150,545

469,074,815 438,383,096 (64,421,896) (107,063,746)

(1,723,382)

4,430,833

14,168,710

(26,112,216)

408,563

9%44,500

1,666,373

(57,360,693)

(9,236,055) (46,241,257)

(73,657,951) (153,305,003)

(73,657,951) (153,305,003)

(5,372,086) (7,769,876)

(79,030,037) (161,074,879)

(15,336,569) 49,513,360

(94,366,606) (111,561,519)

284,089 3,108,447

(82,386] (90),450)

201,703 2,206,997

(94,164,903) (109,354,522)

2.77) 3.21)

The annexed notes 1 to 49 form an integral part of these financial statements.

For Punjab Modaraba Services (Private) Limited

(M dar ba Company)

Financial Officer

Chlef Ex utive Officer

F9Ct0

FIRST PUNJAB MODARABA

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31 2024

Issued Capital Reserve

loss

subscribed and statutory Subordinated paid up

Certificate

Revenue Reserve Accumulated

Total equity

Balance as at January 01, 2023

Loss after income tax for the year

Other comprehensive income for the year Total comprehensive loss for the year

340,200,000

218,176,678

(570,903,001)

(111,561,519)

2,206,997

(109,354,522)

(12,526,323)

(111,5o1,519) 2.206,997 (109,3S4,522)

Subordinated funds received from parent company Balance as at December 31, 2023

340,200,000

500,000,000

218,176,678 - 500,000,000 (680,257,523)

500,000,000

378,119,155

First time adoption of IFRS 9 (Note no 4.22)

- - (75,951,260)

{75,951,260)

Balance as at January 1, 2024 after adoption of IFRS 9

340,200,000

218,176,678

500,000,000 (75o,208,783)

302,167,895

Profit after income tax for the year

Other comprehensive income for the year Total comprehensive income for the year

Balance as at December 31, 2024

340,200,000

218,176,678

500,000,000

(94,366,606)

201,703

(94,164,903)

(850,373,686)

(94,366,606)

201,703

(94,164,903)

208,002,992

The annexed notes 1 to 49 form an integral part of these financial statements.

Dire or

Ir tar

For Punjab Modaraba Services (Private) Limited (Modaraba Company)

Ch nancial Officer

Chlef Executive Officer

FIRST PUNJAB MODARABA

CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2024

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from operations

Disbursements under Ijarah arrangements Proceeds from transfer of ijarah assets l0orabahafnandng-net

Musharikah financing - net Long term deposits Development properties

Security deposits against ijarah assets - net

Profit paid on redeemable capital - participatory and unsecured Bank charges paid

Gratuity paid Income tax paid

Net cash (used in) / generated from operating activities CASH FLOW FROM INVESTING ACTIVITIES

Purchase of assets in own use

Proceeds from disposal of assets in own use Proceeds from disposal of subsidiary company Profit received on bank deposits

Changes in short term investments made during the year - net Net cash generated from / (used in) investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Subordinated funds received from parent company

Changes in redeemable capital - participatory and unsecured (net) Profit distributed among the certificate holders

Net cash (used in) I generated from financing activities

NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS CASH ABD CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

47

5.1

8

7

22

24.2

5.2

52.3

20

17

2024

Rupees

255,415,810

(189,275,421)

114,226,993

41,882,528

(341,040,039)

(1,219,050)

27,070,801

(50,973,169)

(369,997,392)

(191,426)

(3,843,429)

(21,987,159)

(795,346,763)

(854,556)

2,650,829

87,562,775

240,183,492

(539,930,953)

329,542,V0

23,080,100

2023

Rupees

268,473,192

(28,003,913)

35,111,408

20,310,770

66,983,392

3,673,114

(17,737,89?› (282,873,91L; i (312,93d) I

(68.608,

(8,816,218)

(211,734,792)

56,738,400

(2,632,500)

1,000,000

85487000,

56,27706

(150,000,OOO)

(9,868,439t

500,000,000

Dkec

The annexed notes 1 to 49 form an integral part of these financial statements.

For Punjab Modaraba Services (Private) Limited Mo raba Company)

Chlef FI

Chlef ExectJ ive Officer

tOl'