Transmission of Annual Report for the year ended December 31, 2024

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31 DECEMBER

2024

CONTENTS

P.2 P.3 P.4

Corporate Profile Our Vission and Our Mission Jama Punji

P.5 P.6

Six Years at a Glance Gender Pay Gap statement

P.7-8

Chairman's Review Chairman's Review (Urdu)

P.9-21 P.22-24 P.25

Director's Report Director's Report (Urdu)

Statement of Compliance with the Code of Corporate Governance

Independant Auditor's Review Report

P.26

Notice of Book Closure & Annual Review Meeting

P.27-28 P.29

Pattern of Certificate Holders Categories of Certificate

Holders

FINANCIAL REPORT

P.30-37 P.38-39 P.40

Auditors'Report

Annual Shari'ah Advisor's Report

Balance Sheet

P.41 P.42 P.43

Profit & Loss and Account

Statement of Changes in Equity

Cash Flow Statement

P.44

Notes to the Unconsolidated Financial Statements

CORPORATE PROFILE

Board of Directors

Punjab Modaraba Services (Pvt.) Ltd.

Ijaz ur Rehman Qureshi Nadeem Amir

Umer Iqbal Sheikh

Imran Bashir

Chairman

Director Director Director

Board Risk Management Committee Umer Iqbal Sheikh

Asim Jahangir Seth

Auditors of the Modaraba

Kreston Hyder Bhimji & Co. Chartered Accountants

Chairman Member

Samina Afsar

Khawar Shahid Ansari

Director Director

Auditors of the Management Company

Asim Jahangir Seth Chief Executive

Chief Financial Officer

Shinewing Hameed Chaudhry & Co. Chartered Accountants

Zeeshan Ahmed Company Secretary Mahboob Ahmed

Audit Committee

Imran Bashir

Ijaz ur Rehman Qureshi Samina Afsar

Human Resource Committee Samina Afsar

Ijaz ur Rehman Qureshi

Umer Iqbal Sheikh Imran Bashir

Asim Jahangir Seth

Chairman Member Member

Chairperson

Member Member Member Member

Bankers

The Bank of Punjab

NRSP Microfinance Bank Limited

BankIslami Pakistan Limited

Registrar

Hameed Majeed Associates (Pvt.) Ltd.

H.M House, 7-Bank Square, The Mall, Lahore

Tel : (+92-42) 37235081 -2

Registered OGce

Office # 100,3rd Floor, National Tower, 28-Egerton Road, Lahore.

Postal Code No. 54600 PABX : (+92-42) 36365191

FAX : (+92-42) 36365193

E-mail : info@punjabmodaraba.com.pk URL : https://www.punjabmodraba.com.pk

OUR MISSION

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Restated

Gender Pay Gap Statement First Punjab Modaraba

Gender Pay Gap statement under Securities and Exchange Commission of Pakistan (SECP) Circular 10 of 2024.

Following is gender pay gap calculated for the year ended December 31, 2024.

1. Mean Gender Pay Gap: 38.64%

2. Median Gender Pay Gap: 27.20%

3. Any other data/details as deemed relevant: The above ratios reflect the overall employee gender pay gap across the organization. The Modaraba ensures equitable compensation for the female members in their respective roles based on experience, qualification, and performance.

   For and on behalf of the Board Directors

   Asim Jahangir Seth
   
   
   

   Chief Executive Officer

   
   
   

   Dear Valued Certificate Holders,

   I am pleased to present this report to our esteemed Certificate Holders, highlighting the affairs and performance of First Punjab Modaraba (FPM) for the financial year ended December 31, 2024.

   During the year under review, the SBP initiated a gradual reduction in its policy rate starting June 2024, bringing it down to a range of 13%-15% by the end of the year, compared to 22% at the close of 2023. The said reduction is expected to be followed by downward repricing of modaraba's funding arrangements.

   During the reporting period, your Modaraba achieved several key milestones aimed at strengthening its financial and operational framework. One of the most significant developments was the successful adoption of International Financial Reporting Standard - 9 (IFRS - 9), which enhances the transparency and accuracy of our financial reporting, particularly in the assessment of credit risk and provisioning. In addition, Modaraba made notable progress in the recovery of chronic non-performing loans, reflecting our firm commitment to asset quality and prudent risk management.

   Throughout the fiscal year 2024, the performance and effectiveness of the Board have been thoroughly evaluated and deemed satisfactory. This assessment covered key areas, including alignment with Modaraba's vision, mission and core values, active participation in strategic planning and vigilant oversight of business operations.

   The Board continues to diligently discharge its responsibilities in accordance with the Modaraba Ordinance, the Companies Act and applicable Corporate Governance Regulations. It plays an active role in guiding strategic direction, monitoring management performance and overseeing key risk areas. All Directors, including Independent Directors, demonstrate strong engagement and make meaningful contributions to the decision-making process.

   Looking ahead, the Board remains fully prepared to navigate future challenges and capitalize on emerging opportunities for sustainability. Re-strategizing to explore new, niche avenues where Modaraba can play a more prominent role as compared to other modaraba companies will be area of focus; where different revenue streams are generated based upon providing services rather than increasing its financing book.

   I would like to express my sincere gratitude to our parent company The Bank of Punjab, valued customers and all stakeholders for their continued support. A special acknowledgment is extended to the Registrar Modaraba for his continued guidance and support. I also commend each member of the Board for their unwavering dedication and commitment in upholding the vision and values of Modaraba.

   
   
   

   Yours Sincerely,

   _________________

   _

   Ijaz Ur Rehman Qureshi June 30, 2025

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   The Board of Directors of Punjab Modaraba Services (Private) Limited, the Management Company of First Punjab Modaraba, takes great pleasure in presenting Audited Financial Statements of First Punjab Modaraba for fiscal year ended on December 31, 2024, accompanied by the Auditors' Report.

   Economic Outlook & Prospects

   In 2024, Pakistan's economy showed significant improvement. Headline inflation dropped to 4.1% in December, down from 38% in May 2023, that eventually prompted the SBP to reduce interest rates from June 2024.

   Pakistan's GDP growth for FY 2024 rebounds to 2.5% from a contraction of 0.22% in 2023. The agriculture sector grew by 6.2% the highest in 2 decades was pivotal to economic recovery, supported by 3% growth in the manufacturing and 2 % growth in the services sectors. The SBP reduced the policy rate from 22% to 13% by the end of 2024, supporting investor confidence and a surge in stock market activity, with the KSE 100 Index gaining 84%.

   Financial Highlights

   The summarized financial results of your modaraba are as follows:

   Particulars FY 2024 FY 2023 Rupees in million
   Gross Revenue	404.652	331.319
   Administrative Expenses	(98.462)	(79.992)
   Finance costs	(370.612)	(358.390)
   Provisions for doubtful receivables	(9.326)	(46.241)
   Loss before income tax and levies	(73.657)	(153.305)
   Income tax and levies	(20.708)	41.744
   Loss after tax	(94.366)	(111.561)
   Other comprehensive income	0.201	2.206
   Total income	(94.165)	(109.355)
   Earnings per certificate (Rupee)	(2.77)	(3.28)

   The year under review was full of challenges such as exorbitant financial cost tied with long term placements, resumption of business from previous year, portfolio management in high profit rate scenario and implementation of International Financial Reporting Standard - 9, Financial Instruments. While economy, in general, benefitting reducing interest rate scenarios, the Modarba was adversely affected. By the Grace of God, the Modaraba was successful in handling all challenges, however, the impact of steep financial cost and implementation of IFRS-9 remained major contributors towards negative bottom line. As fully explained in note 4.22 to financial statements, new forward-looking approach of the said standard has given rise to a substantial amount of provision expense for the year under review as well as negative impact in retained earnings.

   The total assets base stood at Rs. 1,975.578 million, reflecting stability, while efforts to streamline operations are evident in controlled administrative expenses and focused resource allocation. Overall, while challenges remain, the upward trend in revenue and reduction in core losses highlight a positive shift in financial direction, laying the foundation for improved performance in the coming years.

   Profit distribution and transfer to reserves:

   Owing to loss during the year, no dividend was declared and accordingly, no amount was transferred to reserves by the Board.

   Future Strategy

   The Management being cognizant of challenges on hand, has devised comprehensive strategy going forward as follows:

   Increase level of Support Via Subordinated Funds

   Given the current situation, the Management has convinced its sponsoring bank to replace and further increase the subordinated fund amount on terms more beneficial for the Modaraba. We are confident that the Modaraba will also be able to draw benefit in reduced interest rate scenario not only on its funding side but will also be able to transfer such benefit to our valued customers, going forward.

   Recovery from Non-Earning Assets

   The major portion of non-remunerative assets comprises chronic NPLs. The Management is making all out efforts for recoveries through litigation, as well as settlement efforts outside Courts. These strenuous efforts resulted in cash recovery of PKR 96 million during year under review, while further recoveries are expected in coming years.

   Diversification Of Business Model On Long Term Basis

   The Management is working to shift its focus towards financing lesser riskier assets / clients. At the same time, the Management is exploring new niche avenues where Modaraba can play a more prominent role as compared to other modaraba companies. Going forward, the Management would prefer that Modaraba's business model should evolve from a traditional Islamic Financing Company into a multi-functional and impact-driven modaraba, where different revenue streams are generated based upon providing services rather than increasing its financing book.

   Financial Strength Rating

   We are pleased to share that the Pakistan Credit Rating Agency (Pvt.) Limited (PACRA) has reaffirmed the Modaraba's long-term rating of "A-" and short-term rating of "A2" with a "Stable" outlook. This rating assessment stems from PACRA's thorough annual and interim reviews, which analyze a range of factors and indicators concerning Modaraba's financial strength, performance, and outlook.

   Corporate & Financial Reporting Framework

   The Modaraba has complied with all the requirements of the Code of Corporate Governance as required by the listing regulations. Accordingly, the Directors are pleased to confirm the following:

   1. The financial statements, prepared by the management of the Modaraba, present its state of affairs fairly, the result of its operations, cash flow and changes in equity;

   2. Proper books of account of the Modaraba have been maintained;

   3. Appropriate accounting policies have been consistently applied in preparation of financial statements and accounting estimates are based on reasonable and prudent judgment;

   4. International Financial Reporting Standards, as applicable in Pakistan, have been followed in preparation of financial statements and any departures there from have been adequately disclosed and explained;

   5. The system of internal control is sound in design and has been effectively implemented and monitored;

   6. There are no significant doubts upon the Modaraba's ability to continue as a going concern.

   7. There were no principal risks or uncertainties facing the Modaraba.

   8. There were no significant changes concerning the nature of business of the Modaraba.

   9. There has been no material departure from the best practices of corporate governance as detailed in Listed Companies (Code of Corporate Governance) Regulations, 2019 (the Regulations) expect for those mentioned in the statement of compliance.

   10. There were no material changes and commitments affecting the financial position of the Modaraba which have occurred between the end of the financial year of the Modaraba to which the financial statement relates and the date of the report.

   11. The Board of directors and its management team are fully determined to move the Modaraba from present situation of uncertainties and for this a strategic plan has been developed, which is expected to bring positive improvements in the foreseeable future.

   12. Key operating and financial data for last six years, Pattern of holding by the certificate holders and additional related information is annexed.

   13. During the year, six meetings of the Board of Directors and four meetings of Audit Committee were held separately. Attendance by each Director and member of Audit Committee is annexed.

   14. Majority of the members of the Audit Committee are independent, while all are non-executive directors.

   15. There are no outstanding demands of statutory payments on account of taxes, duties, levies and charges as at 31 December 2024, except for those disclosed in financial statements.

   16. The value of investments of the staff provident fund, based on management accounts, was Rs. 9,179,305 as at December 31, 2024.

Compliance with Code of Corporate Governance

The Company has diligently adhered to the requirements outlined in the Listed Companies (Code of Corporate Governance) Regulations, 2019, during the year ending on December 31, 2024. Any exceptions to these requirements have been transparently disclosed in the Statement of Compliance with the Best Practices of Corporate Governance.

Composition of the Board The seven-member Board of Directors ensures statutory representation across director categories, as mandated by the Listed Companies (Code of Corporate Governance) Regulations, 2019. They make strategic decisions on vital management matters, executing important business activities while adhering to established criteria and assessing risks. The Board also oversees guidelines to ensure compliance.

1. The total number of directors was seven (07) comprising of six (06) male and one (01) female director.

2. The Board included one (01) executive, and six (06) non-executive directors out of whom two (02) were independent directors.

3. The composition of Board of directors (the Board) is as follows:

*The service contract of Mr. Amir Malik expired on April 28, 2024.

**Mr. Mudassar Kasier Pal was appointed on October 22, 2024 and subsequently resigned on February 10, 2025

***Mr. Asim Jahangir Seth was appointed on March 10, 2025.

Board Meetings & Atendance

During the year six meetings of the Board of Directors were held, attendance by each director is as follows:

*The service contract of Mr. Amir Malik expired on April 28, 2024.

**Mr. Mudassar Kasier Pal was appointed on October 22, 2024 and subsequently resigned on February 10, 2025

The Board of Directors has established Audit Committee, Human Resource Committee and Risk Management Committee in compliance with the Code of Corporate Governance.

Audit Commitee Meetings & Atendance

During the year four meetings of the Audit Committee were held, attendance by each director is as follows:

Human Resource Commitee Meetings & Atendance

During the year one meeting of the Human Resource Committee was held, attendance by each director is as follows:

Related Party Transactions

All transactions with related parties during the financial year ended December 31, 2024, were meticulously presented to the Audit Committee and the Board for comprehensive review and

approval. The Audit Committee thoroughly evaluated these transactions to ensure compliance with the approved transfer pricing methods and the Board-endorsed policy for related parties.

Role of Certificate Holders

With a strong commitment to transparency and accountability, the Board ensures that the Modaraba's esteemed certificate holders are well-informed about significant developments affecting the Modaraba's overall state of affairs. To achieve this, comprehensi ve information is provided to the certificate holders through quarterly, half -yearly, and annual reports.

The Board high values the active participation of certificate holders during the annual review meeting, as it serves as a crucial platform for fostering high level of accountability and ensuring that their valuable insights are taken into consideration.

Statutory Auditors

The retiring auditors M/s. Kreston Hyder Bhimji & Co., Chartered Accountants are eligible for re-appointment for the year ending December 31, 2025.

Statement of Ethics & Business Practice

The Board has adopted a Code of Conduct that defines essential values related to lawful and ethical business practices. Each employee has received a copy of this code and is expected to maintain the highest standards of integrity and fairness when dealing with customers, colleagues, and regulatory authorities. This Code of Conduct is a key part of the Modaraba's compliance framework, fostering a culture of ethical behavior across the organization.

Social Ethics & Environmental Responsibilities

The Board is highly conscious of social, ethical, and environmental issues, recognizing their importance in the public interest. Committed to corporate responsibility, the Board actively plans for continued involvement in these areas. By proactively addressing social, ethical, and environmental concerns, the Board aims to positively impact society and the environment while

.upholding the Modaraba's values and principles

Chairman Review

The enclosed Chairman's review offers a detailed evaluation of the Modaraba's performance for the year ending December 31, 2024, along with future outlook insights. The Board of Directors fully supports the review's content, confirming it reflects the Board's assessment of the Modaraba's performance and its vision for the future.

Diversity Diversity is one of the core values of the Company on which we put our strong belief along with the continuous collaboration & communication among the employees, while respecting the differences of the diverse workforce that includes but is not limited to people of varying gender, ethnicity, national origin, caste, creed, age, religion, cultural background, languages, educational background, abilities, and etc. In favor of ethical practice, we emphasis on the fair treatment of employees irrespective of their background and restrict discrimination. Further, the management ensures that talent hunt programs must reflect that we are an equal opportunity employer in all areas that strives to embrace a work environment constructed on the premise of gender and diversity equity. There is no gender-based pay gap. Our vision to promote Diversity, Equity and Inclusion is as under:

Creating a work environment and impacting communities where Diversity Thrives, Equity Prevails and Inclusion Unites, Nurturing a work culture that embraces all generations, values a broad spectrum of ideas and integrates them within the organization

The management of the Company has always remained committed to promoting diversity in the workplace and female representation in all departments and has taken several initiatives to progress.

Relationship with Stake Holders

The Modaraba is committed to fostering mutually beneficial relationships with all stakeholders, including the Pakistan Stock Exchange, the Securities and Exchange Commission of Pakistan (SECP), and other valued business partners. We are pleased to report that, Alhamdulillah, our relationships with all stakeholders have remained positive and harmonious throughout the period. This ongoing collaboration and support play a crucial role in the Modaraba's success and growth.

Subsequent Events

There have been no significant changes or commitments that have impacted the financial position of the Modaraba between the end of the financial year and the date of this report. The Modaraba's financial position remains consistent during this period.

Operating data for six years

The operating data for six (06) years is annexed to this report.

Patern of certificate holding

The detailed pattern of certificate holding as required under the Code of Corporate Governance is annexed to this report.

There has been no trading in the certificates of Modaraba by any of its Directors, CEO, CFO, Company Secretary or their spouses and minor children unless specified in the financial statements.

Acknowledgement

The Board remains thankful to Securities and Exchange Commission of Pakistan, Registrar Modaraba, State Bank of Pakistan, and NBFCs & 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 to maintain adequate internal controls, providing personalized services and also 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 all staff members of First Punjab Modaraba.

For and on behalf of the Board Asim Jahangir Seth



Imran Bashir

Chief Executive Officer Director

Lahore: June 30, 2025

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