Transmission of Quarterly Report for the period ended March 31, 2025

. FIRST

PUNJAB

BA

OUARTERLY

3 1 M A R C H , 2 0 2 5 (UN-AUDITE D)

Corporate Profile 02

Director 's Report 03

Director's Report (Urdu) 04

Statement of Financial Position 05

Statement of Profit and Loss & other 06

Comprehensive income Account

Statement of Changes in Equity 07

Cash Flow Statement 08

Notes to financial Statement 09-18

CORPORATE PROFILE

Board of Directors

Punjab Modaraba Services (Pvt.) Ltd.

Board Risk Management Committee Umer Iqbal Sheikh

Chairman

Ijaz ur Rehman Qureshi Nadeem Amir

Umer Iqbal Sheikh

Imran Bashir Samina Afsar

Chairman

Director Director Director

Director

Asim Jahangir Seth

Auditors of the Modaraba

Kreston Hyder Bhimji & Co. Chartered Accountants

Member

Khawar Shahid Ansari

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 Office

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

The Board of Directors of Punjab Modaraba Services (Private) Limited, the Management Company of First Punjab Modaraba, is pleased to present Financial Statements of First Punjab Modaraba along with Directors' Report for the Quarter ended March 31, 2025.

Despite the impact of fiscal consolidation, monetary tightening, geopolitical tensions and reduced consumer purchasing power, your Modaraba demonstrated resilience in maintaining operational sustainability. However, the high financial cost and post implementation impact of IFRS 9 had an adverse effect on financial performance, resulting in an after -tax loss of Rs. 62.959 million, compared to an after-tax profit of Rs. 3.032 million in the corresponding period of the previous year. Nonetheless, through prudent management and effective internal controls, administrative expenses were successfully reduced by 9.2%.

The reduction in financial cost by way of re-pricing of existing funding arrangements, diversification of business model and induction of quality human resource remain areas of focus going forward. Management remains committed to prudent risk management through rigorous assessment of borrowers' credit profiles and repayment capacities at the time of facility approval. Continuous monitoring and oversight ensure that risk exposures are effectively mana ged and remain within acceptable limits.

The Board extends its sincere appreciation to the Securities and Exchange Commission of Pakistan, the Registrar Modaraba, the State Bank of Pakistan, and the NBFCs & Modaraba Association of Pakistan for their continued support and valuable guidance. The Board also expresses its gratitude to the certificate holders and customers for their trust and confidence.

Lastly, the Board acknowledges and commends the dedication, commitment, and hard work of the management and entire staff of First Punjab Modaraba, whose efforts have been instrumental in navigating the challenges and driving the organization forward.

Chief Executive Officer Director

Lahore: June 30, 2025

62.959

March 31, 2025 December 31, 2024

AS AT 31 MARCH 2025 Un-Audited Audited

ASSETS

Non current assets

Note Rupees Rupees

TOTAL ASSETS 1,860,875,703 1,975,578,056

EQUITY AND LIABILITIES

Authorized certificate capital

50,000,000 (Dec 2024: 50,000,000) modaraba

212,102,699 264,816,920

TOTAL EQUITY AND LIABILITIES 1,860,875,703 1,975,578,056

The annexed notes 1 to 26 form an integral part of these financial statements.

FOR THE PERIOD ENDED MARCH 31, 2025

Mar-25 Mar-24

Un-Audited Un-Audited

Note Rupees Rupees

7,424,501

773,365

50,571,483

643,164

1,696,695

INCOME

26,117,879

5,224,206

47,690,331

-543,305

Income from ijarah rentals 18

Income from morabaha financing Income from diminishing musharikah financing Gain from sale of development properties Gain on disposal of assets

2025

First Punjab Modaraba

Quarterly Accounts March 2025 / Page 07

Issued Capital Reserve Revenue Reserve

The annexed notes 1 to 26 form an integral part of these financial statements.

Director

Director

Chief Executive Officer

Chief Financial Officer

FOR THE PERIOD ENDED MARCH 31, 2025

Director

Director

Chief Executive Officer

Chief Financial Officer

FIRST PUNJAB MODARABA NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2025

1. STATUS AND NATURE OF BUSINESS

   First Punjab Modaraba (the Modaraba) was formed under the Modaraba Companies and Modaraba (Flotation and Control) Ordinance, 1980 and rules framed there under and is managed by Punjab Modaraba Services (Private) Limited (the "Modaraba Company") which is a wholly owned subsidiary of The Bank of Punjab. The registered office of the Modaraba is situated at Office No. 100, 3rd floor, National Tower, 28-Egerton Road, Lahore. The Modaraba commenced its operations on December 23, 1992. The Modaraba is listed on Pakistan Stock Exchange.

   The Modaraba is a perpetual and multi-dimensional Modaraba and is primarily engaged in the business of Ijarah, Musharikah and Murabaha financing, equity investment and other related businesses in accordance with the injunctions of Islam. Modaraba has obtained approval of the Securities & Exchange Commission of Pakistan to undertake Building, Construction and Real Estate activity by insertion of a new clause for this purpose in prospectus of the Modaraba on January 13, 2021.

   The Pakistan Credit Rating Agency (PACRA) has assigned long term rating of A- (December 31, 2023: A-) and short term rating of A-2 (December 31, 2023: A-2) to the Modaraba on September 20, 2024 (December 31, 2023: September 20, 2023).

2. BASIS OF PREPARATION

   1. Statement of compliance

      These financial statements have been prepared in accordance with the approved accounting and reporting standards as applicable in Pakistan. The approved accounting standards as applicable in Pakistan comprises of:

      • International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan;

      • Requirements of the Modaraba Companies and Modaraba (Floatation and & Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and the Modaraba Regulations, 2021; and

      • Provisions of and directives issued by the Securities and Exchange Commission of Pakistan (SECP) under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Companies Act, 2017.

        Wherever the requirements of the Modaraba Companies and Modaraba (Floatation and & Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021 and Islamic Financial Accounting Standards (IFAS) and provisions of and directives issued by the Securities and Exchange Commission of Pakistan (SECP) under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Companies Act, 2017 differ from IFRS Standards, the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021, IFAS and provisions of and directives issued by the Securities and Exchange Commission of Pakistan (SECP) under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Companies Act, 2017 have been followed.

        The SECP has issued directive (vide SRO 431 (I) / 2007 dated May 22, 2007) that Islamic Financial Accounting Standard 2 (IFAS 2) shall be followed in preparation of the financial statements by Companies and Modarabas while accounting for Lease Financing transactions as defined by the said standard. The Modaraba has adopted the said standard.

   2. Basis of measurement

      These financial statements have been prepared under the historical cost convention, except for defined benefit obligation i.e. gratuity at the present value of the obligation determined through actuarial valuation and discussed further in the respective policy note.

      Permissible Islamic financial products including Murabaha (as a liability) and Musharikah have been used by the Modaraba, in line with similar industry practices. The accounting and presentation of the same are in line with the substance of the transaction and are limited to the extent of actual amount of facility utilized and mutually agreed mark-up / profit thereon. Accordingly, purchases, sales and Musharikah profits / reserves are not reflected in these financial statements except for Murabaha facility (as an asset) which has been accounted for in line with Islamic Financial Accounting Standard - 1.

   3. Functional and presentation currency

      These financial statements are presented in Pakistani Rupee (Rs.) which is the Modaraba's functional and presentation currency. All financial information presented in Pakistan Rupees has been rounded to the nearest rupee unless otherwise indicated.

   4. Critical accounting estimates, judgments and assumptions

The preparation of financial statements in conformity with the accounting and reporting standards as applicable in Pakistan requires the use of certain critical accounting estimates. In addition, it requires management to exercise judgment in the process of applying the Modaraba's accounting policies. The areas involving a high degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are documented in the following accounting policies and notes, and relate primarily to:

3

3.1

3.2

The revisions to accounting estimates (if any) are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

NEW STANDARDS, INTERPRETATIONS OF AND AMENDMENTS TO PUBLISHED APPROVED ACCOUNTING STANDARDS

Standards, interpretations of and amendments to published approved accounting standards that are effective in the current year:

There are certain amendments to the published approved accounting standards that are effective in the current year. However, these do not have any significant impact on the Modaraba's operations and, therefore, have not been detailed in these financial statements.

New accounting standards, amendments and interpretations that are not yet effective

There are certain other new and amended standards, interpretations and amendments that are mandatory for the Modaraba's accounting periods beginning on or after January 01, 2025 but are considered not to be relevant or will not have any significant effect on the Modaraba's operations and are, therefore, not detailed in these financial statements.

1. MATERIAL ACCOUNTING POLICY INFORMATION

   The accounting policies adopted in the preparation of these financial statements are consistent with those of the previous year except for the changes, if any, explained below:

   1. Assets in own use Measurement

      These are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes all expenditures that are directly attributable to the acquisition of the items. Subsequent costs are included in the assets' carrying amounts or recognized as separate assets, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the Modaraba and the cost of the items can be measured reliably. All other repairs and maintenance expenses are charged to the statement of profit and loss and other comprehensive income as and when incurred.

      Depreciation

      Depreciation on all operating fixed assets is charged to statement of profit and loss and other comprehensive income by applying the straight line method so as to write off the depreciable amount of the assets over their estimated useful lives at the rates given in Note 5.2. The residual values and useful lives are reviewed by the management at each financial year end and adjusted if impact on depreciation is significant. Depreciation on additions is charged from the date on which the assets are available for use and on disposals up to the date on which the assets are disposed off.

   2. Intangible assets Measurement

Intangible assets having a finite useful life are stated at cost less accumulated amortization and accumulated impairment losses, if any. Subsequent costs are included in the assets' carrying amounts or recognized as separate assets, as appropriate, only where it is probable that the future economic benefits associated with the assets will flow to the Modaraba and the cost of the items can be measured reliably. The useful lives and amortization method are reviewed and adjusted, as appropriate, at each reporting date. Amortization is charged when the asset is available for use as intended by management.

Research and development expenditure, if any, is charged to 'administrative and general expenses' in the statement of profit and loss and

other comprehensive income, as and when incurred.

Intangible assets having an indefinite useful life are stated at cost less accumulated impairment losses, if any. Gain or loss on disposal of intangible assets, if any, is recognized in the statement of profit and loss and other comprehensive income.

4.11 Taxation

Income tax comprises of current tax and deferred tax. Income tax expense is recognized in the statement of profit and loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity (if any), and in which case the tax amounts are recognized directly in other comprehensive income or equity.

First Punjab Modaraba

March, 2025 Dec, 2024

COST DEPRECIATION NET BOOK VALUE

Description

As at

Additions Disposal

As at As at Charge

Disposal

As at As at Life

1 January 2025 31 March 2025 1 January 2025 for the 31 March 2025 31 March 2025 Years

period

------------------------------------------------------------------------------------------------------------------------- (Rupees) ----------------------------------------------------------------------------------------------

0

COST DEPRECIATION NET BOOK VALUE

Quarterly Accounts March 2025 / Page 12

Description

As at

Additions Disposal

As at As at Charge

Disposal

As at As at Life

1 January 2024 31 December 2024 1 January 2024 for the Year 31 December 2024 31 December 2024 Years

------------------------------------------------------------------------------------------------------------------------- (Rupees) ----------------------------------------------------------------------------------------------

Note March, 2025 Un Audited

Dce 2024

Audited

Rupees Rupees

1. LONG TERM MUSHARIKAH INVESTMENT - SECURED

   Long term musharikah investment 1,080,329,199 1,147,396,206

   Less: Expected credit loss against muhsarikah investment on adoption of IFRS 9 (49,563,900) (32,229,102)

   Less: Current portion of long term musharikah investment (431,587,453) (424,717,327)

   599,177,847 690,449,778

2. LONG TERM MORABAHA INVESTMENT - SECURED

   70,590,483	61,001,309
   5,815,862	4,634,330

   143,878,659	143,878,659
   (36,315,684)	(36,922,428)

   54,421,869	49,379,352
   3,016,570	3,016,570
   (10,988,799)	(16,184,108)

   Long term morabaha investment

   Add: Unearned morabaha income Less: Expected credit loss against long term moarabaha investment on adoption of IFRS 9	76,406,345 (3,388,895)	65,635,639 (40,306)
   	73,017,450	65,595,333
   Less: Current portion of long term morabaha investment (66,805,958) (55,651,727) 6,211,492 9,943,606
   Less: Current portion of unearned morabaha income	(3,016,570)	(3,016,570)
   	3,194,922	6,927,036
   8 SHORT TERM MORABAHA INVESTMENT-SECURED
   Short term morabaha investment	389,245,278	349,426,355
   Less: Expected credit losses against short term morabaha investment	(211,415,591)	(213,374,252)
   	177,829,687	136,052,103
   9 CURRENT MATURITY OF LONG TERM INVESTMENTS
   Current portion of long term musharikah investment	287,708,794	280,838,667
   Principal due but not received
   Less: Expected credit losses against musharikah investment
   	107,562,975	106,956,231
   	395,271,769	387,794,898
   Current portion of long term morabaha investment	12,384,089	6,272,375
   Principal due but not received
   Add: Unearned morabaha income
   Less: Expected credit losses against morabaha investment
   	46,449,640	36,211,814
   	454,105,498	430,279,088
   10 IJARAH RENTAL RECEIVABLES
   Ijarah rental receivable	153,057,170	157,298,808
   Less: Expected credit losses against ijarah rental receivable	(80,299,596)	(80,304,753)
   	72,757,575	76,994,055
   11 ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES
   Profit receivable
   - Morabaha investment	310,449	414,536
   - Musharikah investment	13,333,790	19,153,437
   Prepayments	13,644,239 7,716,940	19,567,973 3,482,491
   Advances	3,293,286	1,137,766
   Non-banking assets	21,060,000	21,060,000
   Other receivables	201,366,261	204,053,383
   	247,080,726	249,301,612
   Less: Expected credit losses against advances and other receivables	(89,502,803)	(89,502,803)
   	157,577,923	159,798,809

   Note March, 2025 Un Audited

   Dce 2024

   Audited

   1. CASH AND BANK BALANCES Rupees Rupees

      8,682,800	9,128,894
      9,195	206,038
      61,774,982	13,681,403
      117,201	17,201

      Cash at banks

      • Current accounts

      • Deposit account

      • Savings accounts

      • Current account with State Bank of Pakistan

      70,584,178 23,033,536

      Cash in hand 594,520 46,564

      71,178,698 23,080,100

   2. AUTHORIZED, ISSUED, SUBSCRIBED AND PAID-UP MODARABA CERTIFICATE CAPITAL

      Authorized certificate capital

      50,000,000 modaraba certificates of Rs.10 each 500,000,000 500,000,000

      1. Issued, subscribed and paid-up certificate capital

         March, 2025 Un Audited

         Dce 2024

         Audited

         March, 2025 Un Audited

         Dce 2024

         Audited

         Numbers Numbers Rupees Rupees

         20,000,000 20,000,000

         14,020,000 14,020,000

         Modaraba certificates of Rs. 10 each fully paid in cash

         Modaraba certificates of Rs. 10 each issued as fully paid bonus certificates

         200,000,000 200,000,000

         140,200,000 140,200,000

         34,020,000 34,020,000 340,200,000 340,200,000

      2. Following certificates held by associated companies of the Modaraba:

March, 2025 Dec, 2024

Number of

Rupees Number of

Rupees

March, 2025 Un Audited

Dce 2024

Audited

Note Rupees Rupees

Note March, 2025 Un Audited

Dce 2024

Audited

Rupees Rupees

1. TRADE AND OTHER PAYABLES

   Accrued expenses	633,500	633,500
   Tax deducted at source	779,284	177,559
   Advances against ijarah / morabaha / musharikah	34,609,423	43,730,458
   Other payables	48,999,841	44,489,330

   85,022,048 89,030,847

   Note March, 2025 Un Audited

   March, 2024 Un Audited

   Rupees Rupees

   Ijarah income	20,168,301	38,024,769
   Less: Depreciation on ijarah assets	(12,743,800)	(11,906,890)
   	7,424,501	26,117,879
   19 OTHER INCOME
   Profit on bank deposits	9,417,456	28,870,139
   Processing fee	163,502	218,110
   Documentation charges	220,550	-
   Cheque return charges	412,500	183,500
   Gain on settlement of musharikah	899,729	4,290,011
   Miscellaneous income	4,581	390,677
   	11,118,318	33,952,437
   20 ADMINISTRATIVE AND GENERAL EXPENSES
   Salaries and benefits	10,229,427	10,623,143
   Traveling and conveyance	-	293,138
   Legal and professional	42,000	162,393
   Printing and stationary	190,925	327,676
   Insurance	656,681	350,620
   Fee and subscription	199,870	870,116
   Repair and maintenance	680,067	334,422
   Vehicle running and maintenance	113,165	287,607
   Power and utilities	531,869	558,665
   Entertainment	641,028	406,833
   Advertisement	44,260	30,000
   Telephone and postage	151,874	204,581
   Corporate expenses	29,405	70,132
   Rent, rates and taxes	1,685,923	1,353,205
   Selling and marketing expenses	72,777	746,992
   Depreciation - assets in use	115,765	316,705
   Amortization of intangible assets	166,819	165,095
   Miscellaneous expenses	447,979	581,673
   	15,999,834	17,682,996
   21 FINANCE COST
   Financial charges on redeemable capital	68,143,192	68,900,338
   Financial charges on subordinated funds	22,943,836	23,198,767
   Bank charges	13,265	25,314
   	91,100,292	92,124,419

2. INCOME FROM IJARAH RENTALS

1. LEVIES Note March, 2025

   Un Audited

   March, 2024 Un Audited

   Minimum tax	Rupees	Rupees
   - For the period	724,950	1,071,439
   - Prior period	-	83,759
   	724,950	1,155,198

   This represents portion of minimum tax paid under section 113, final tax on builders & developers under section 100D and final tax on dividend income under section 150 of Income Tax Ordinance, 2001 (ITO, 2001), representing levy in terms of requirements of IFRIC 21/IAS 37.

2. LOSS PER CERTIFICATE - BASIC AND DILUTED

   1. Basic loss per certificate

      March, 2025 Un Audited

      Dce 2024

      Audited

      Loss after taxation for the year (Rupees) (62,959,260) 3,032,757

      Weighted average number of ordinary certificates outstanding during the year (Numbers) 34,020,000 34,020,000

      Loss per certificate - basic and diluted (Rupees) (1.85) 0.09

   2. Diluted

      No figure for diluted earnings per certificate has been presented as the Modaraba has not issued any instruments which would have an impact on loss / earnings per certificate when exercised.

      
      
      

3. RELATED PARTIES AND TRANSACTIONS WITH RELATED PARTIES

   First Punjab Modaraba

   1. Transactions with the related parties March, 2025

      Un-Audited

      March, 2024 Audited

      Names of related parties Relationship Nature of transactions Rupees Rupees

      The Bank of Punjab

      Holding Company of Modaraba Company Redeemable capital - participatory and unsecured - -

      received during the year

      Redeemable capital - participatory and unsecured rolled - -over during the year

      Redeemed during the year - -

      Subordinated funds received during the year - -

      Profit paid on certificates of musharikah 139,297,126 92,099,105 Profit earned from bank accounts maintained with BOP - -

      Punjab Modaraba Services (Pvt.) Limited Modaraba Management Company Rent expense of head office premises 1,578,448 1,340,955

      Sale of office chair & laptop - -Key Management Personnel Key Management Personnel Remuneration of key management personnel 2,005,989 2,550,510

      Staff loans disbursed during the year 1,325,000 75,000

      First Punjab Modaraba Employees Provident Fund Trust Associate Provident fund contributions paid to the fund 337,634 304,309

      Quarterly Accounts March 2025 / Page 17

   2. Balances with the related parties

      March, 2025 Un audited

      Dec, 2024

      Audited

      Names of related parties Relationship Nature of balances Rupees Rupees

      The Bank of Punjab

      Holding Company of

      Redeemable capital - participatory and unsecured 1,485,000,000 1,485,000,000

      Modaraba's Management Company

      Profit payable on redeemable capital - participatory and unsecured

      46,795,226 95,005,325

      Subordinated funds / loans 500,000,000 500,000,000

      Profit payable on subordinate funds / loans 8,718,658 8,718,658

      Outstanding Modaraba certificates 47,880 47,880

      Bank accounts maintained with BOP 69,753,467 19,235,341

      The Bank of Punjab Employees Gratuity Fund

      Associate Outstanding Modaraba certificates 50,995,000 50,995,000

      Punjab Modaraba Services (Pvt.) Limited Modaraba Management Company Outstanding Modaraba certificates 133,206,940 133,206,940

      Key Management Personnel Key Management Personnel Outstanding loan under Musharikah and ijarah

      arrangements during the period

      7,838,100 6,117,635

      First Punjab Modaraba Employees Provident Fund Trust Associate Advance against monthly contribution - -

      First Punjab Modaraba

      
      
      

      March, 2025 Un audited

      March , 2024 Un audited

      Note Rupees Rupees

4. CASH GENERATED FROM OPERATIONS

   Profit / (loss) for the period before income tax (47,790,117) 4,187,955

   12,743,800	11,906,890
   115,765	385,327
   166,819	165,095
   (1,696,695)	(543,305)
   (899,729) (643,164)	(4,290,011)
   (5,157)	(87,300)
   16,728,054	(379,912)
   (3,805,380)	-
   (9,417,456)	(28,870,139)
   91,087,027	92,099,105
   104,903,510	70,385,750
   57,113,393	74,573,705
   13,085,996	24,418,768

   Adjustments for non cash other items:

   Depreciation of ijarah assets Depreciation of assets in own use Amortization of intangible assets (Gain) / loss on disposal of Ijarah assets (Gain) / loss on disposal of Musharikah investment (Gain) / loss on disposal of development property (Reversal) / Provision for Ijarah rental receivables (Reversal) / Provision for musharikah investment (Reversal) / Provision for morabaha investment Profit on bank deposits Financial charges on redeemable capital and subordinated funds

   Operating profit before working capital changes Working capital changes:

   4,241,638	17,243,655
   8,844,359	7,175,113

   (Increase)/decrease in operating assets:

   Ijarah rental receivables - net Advances, deposits, prepayments and other receivables

   Increase / (decrease) in operating liabilities:

   Trade and other payables (4,008,800) 4,344,748

   Net changes in operating assets and operating liabilities 9,077,196 28,763,516

   Cash generated from operations 66,190,589 103,337,221

5. DATE OF AUTHORIZATION FOR ISSUE

The financial statements of Modaraba were approved by the Board of Directors of Modaraba Management Company and authorized for issue on June 30, 2025.

Director

Director

Chief Executive Officer

Chief Financial Officer

Quarterly Accounts March 2025 / Page 18

Managed By:

Punjab Modaraba Services (Pvt) Ltd.

PABX : +(92-42)36365191 - 93

Add : Office No.100, 3rd Floor, National Tower, 28-Egerton Road, Lahore-Pakistan

Website : https://www.punjabmodaraba.com.pk