Transmission of Quarterly Report for the Period Ended Mar 31, 2025

https://www.olpmodaraba.com

MARCH 2025

NINE MONTHS REPORT

YOUR TRUSTED PARTNER IN

ISLAMIC FINANCE

SOLUTIONS

Modaraba Information 01

Directors' Review 02

Condensed Interim Statement of Financial Position 08

Condensed Interim Statement of Profit and Loss Account and

Other Comprehensive Income (Un-audited) 09

Condensed Interim Statement of Cashflows (Un-audited) 10

Condensed Interim Statement of Changes in Equity 11

Notes to and Forming Part of the Condensed

Interim Financial Statements (Un-audited) 12

Contents

Modaraba

Information

Modaraba Company

https://www.olpmodaraba.com

OLP Services Pakistan (Pvt) Limited

Directors of Modaraba Company

Mr. Naveed Kamran Baloch Chairman

Mr. Raheel Qamar Ahmad Managing Director

/ Chief Executive Officer

01

Mr. Ramon Alfrey Director

Mr. Nausherwan Adil Independent Director Mian Faysal Riaz Director

Mr. Nadim D. Khan Director

Ms. Naila Hasan Female Independent Director

Company Secretary Mr. Muhammad Siddique Audit Committee

Mr. Nausherwan Adil Chairman

Mr. Ramon Alfrey Member

Mian Faysal Riaz Member

Human Resource and Remuneration (HR&R) Committee

Ms. Naila Hasan Chairperson

Mr. Ramon Alfrey Member

Mr. Raheel Qamar Ahmad Member

Risk Committee

Mian Faysal Riaz Chairman

Mr. Nausherwan Adil Member

Mr. Raheel Qamar Ahmad Member

Mr. Ramon Alfrey Member

Shariah Advisor

Mufti Faisal Ahmed

Auditors

KPMG Taseer Hadi & Co. Chartered Accountants

Bankers/ Financial Institutions

Standard Chartered Bank (Pakistan) Limited (Saadiq) Meezan Bank Limited

United Bank Limited (UBL Ameen) Bank Alfalah Limited (Islamic banking) Allied Bank Limited (Islamic banking) Bank Al Habib Limited (Islamic banking) Habib Bank Limited (Islamic banking)

Al-Baraka Bank (Pakistan) Limited

Pakistan Mortgage Refinance Company Limited MCB Islamic Bank Limited

Legal Advisors

Haider Ali Khan

Advocate High Court , Partner, Fazle Ghani Advocates

Modaraba Company Registered Office

OLP Building, Plot no. 16, Sector no. 24, Korangi Industrial Area Karachi.

Modaraba Head Office

Office No. 601, 6th Floor,

Syedna Tahir Saifuddin Memorial Foundation Building, Beaumont Road, Civil Lines, Karachi. Phone: (021) 38341168

Email:askus@olpmodaraba.com

Lahore Branch

Office No-08, 1st floor,

Park Lane Tower (Mall Of Lahore) 172-Tufail Road, Lahore Cantt. Phone: (042) 38017006

Islamabad Branch

Ground Floor, Phase 1, State Life Building No. 5, Nazimuddin Road, Blue Area, Islamabad.

Registrars & Share Registration Office

Famco Share Registration Service (Private) Limited 8-F, Next to Hotel Faran, Nursery,

Block 6, P.E.C.H.S., Shahra-e-Faisal, Karachi. Tel: (92-21) 34380101-5

Fax: (92-21) 34380106

Email: info.shares@famco.com.pk

Directors'

For the period ended March 31, 2025

Review

For the period ended March 31, 2025

The Board of Directors of OLP Services Pakistan (Private) Limited, the management company of OLP Modaraba is pleased to present the unaudited accounts of OLP Modaraba for the nine months period ended March 31, 2025.

1. Economic Outlook

   Pakistan's economy continues to stabilize, supported by the IMF's $7 billion Extended Fund 02

   Facility and improved fiscal and external balances. Inflation has declined sharply to 2%

   
   
   

   year-on-year as of January 2025, down from 24% in FY2024, due to tighter monetary policy, exchange rate stability, and fading subsidy-related base effects. The State Bank of Pakistan has cut its policy rate to 12%, reflecting confidence in inflation control while supporting growth. Asian development Bank projects GDP growth of 2.5% in FY25 and projected to tick up to 3.0% in FY2026.

   External sector performance has strengthened, with the current account recording a surplus of USD 0.7 billion for the period July-February of the fiscal year 2025 (FY25), a significant turnaround from the USD 1.7 billion deficit reported during the same period last year, though this remains low relative to upcoming debt maturities. Pakistan faces public external debt repayments including USD 22 billion in public external debt repayments in FY25, including USD 13 billion in bilateral deposits expected to be rolled over. New financing is increasingly tied to reforms, as seen in recent Saudi investment discussions and deferred oil payment agreements.

   While progress has been made, structural reforms remain critical. Delays in implementing key conditions, such as agricultural and income tax reforms, highlight ongoing challenges. Federal tax revenue growth has lagged IMF targets, though the primary fiscal surplus has outperformed. Sustained reform momentum particularly in SOE privatization, energy sector efficiency and revenue mobilization will be essential to secure continued IMF and bilateral support. Furthermore, partnerships in climate resilience and sustainable development are crucial for advancing shared global goals.

2. Financial Highlights

   Financial results are summarized as under:

   Statement of Financial Position

   June 30,

   (PKR '000')

   March 31,

   2025

   2024

   Certificate capital	453,835	453,835
   Total equity	1,291,426	1,243,593
   Total assets	8,783,208	7,738,335
   Investment in Ijarah finance and Ijarah Assets	1,006,562	1,259,654
   Investments in Diminishing Musharika	6,432,786	5,284,579
   Short term Investments	156,840	350,918
   Redeemable capital	5,408,955	4,287,535

   Nine months ended March 31,

   2025

Nine months ended March 31,

2024

STATEMENT OF PROFIT AND LOSS ACCOUNT

1. Review of Operations

   
   
   

   By the Grace of Allah, your Modaraba's performance during the period under review continued to be very strong. Modaraba's gross revenue (net of Ijarah assets depreciation and including other income) increased by 3.17% from PKR 1,193.64 million to PKR 1,231.45 million compared to the corresponding period of last year. The main reason behind this was better spreads and an increase in disbursements, even though he benchmark rates reduced substantially over the year. Financial and other charges decreased from PKR 794.1 million to PKR 761.72 million showing a reduction of 4.08% compared to last year's nine-month period due to efficient liquidity management practice and a reduction in borrowing rates. There is net provision of PKR 29.23 million which was due to the pro-actively and subjectively downgrading of a stressed customer. Administrative and operating expenses marginally increased by 1.28% from PKR 203.71 million to PKR. 206.30 million. Profit before taxation and levy increased by 20.81% from PKR 168.13 million to PKR 203.12 million in line with the increase in gross profit. Similarly, Net profit for the period increased by 18.36% from PKR

   117.10 million to PKR 138.60 million compared to the corresponding period last year.

   Modaraba's income includes alignment profit through IFRS-9.

   
   
   

   The portfolio of Ijarah finance and Diminishing Musharika finances and short-term investments stood at PKR 7,596 million compared to PKR 6,895 million as of June 30, 2024, showing an increase of 10.17% during the nine months period. Furthermore, total assets increased by 13.50% to PKR 8,783 million compared to PKR 7,738 million as of June 30, 2024, funded by a substantial increase in the Redeemable capital portfolio from PKR 4,288 million to PKR 5,409 million. During the period under review, the Modaraba booked fresh disbursements to the tune of PKR 2,466 million as compared to PKR 2,123 million during the corresponding period last year.

   The business has been driven mainly by deepening relationships with selective clientele and initiating relationships with good names. The asset portfolio has a good mix of multinationals, large and medium-sized local corporates, selective SME relationships and an excellent housing and consumer portfolio.

   OLP Modaraba manages and monitors risk exposure very prudently. The evaluation of the borrower's credit profile including repayment ability is made at the time of grant of the facility and regular oversight is carried out thereon. Further, there are Portfolio Management and Early Alert committees which are responsible for ensuring portfolio monitoring and timely alerts for possible untoward scenarios.

   For the period ended March 31, 2025

2. Credit Rating

   The Pakistan Credit Rating Agency Limited (PACRA) has maintained the ratings of your Modaraba as AA (Double A) and A1+ (A one plus) for long-term and short-term respectively. These ratings indicate a low expectation of credit risk and a very strong capacity for timely payment of financial commitments.

3. Acknowledgement

The Board appreciates the support of regulatory authorities, certificate-holders, customers and business partners and looks forward to their support in the future.

04

Karachi: April 22, 2025

SD

Raheel Qamar Ahmad

Managing Director/ CEO

SD

Ramon Alfrey

Director

https://www.olpmodaraba.com

05

202@v31

202@?30

For the period ended March 31, 2025

2024 v 31

06

07

SD

SD

https://www.olpmodaraba.com

Financial Position

Condensed Interim Statement of

For the period ended March 31, 2025

As at March 31, 2025

ASSETS

Non-current assets

Note

(Rupees)

Long-term portion of diminishing musharaka 5.4

Ijarah assets 6

Property and equipment 7

Intangible assets 8

Deferred tax assets

Total non-current assets

Current assets

Current portion of diminishing musharaka 5.4

Ijarah rentals receivable 10

Advances, deposits, prepayments and other receivables

Short-term investments 11

Cash and bank balances 9

Total current assets TOTAL ASSETS

EQUITY AND LIABILITIES CERTIFICATE HOLDERS' EQUITY

Certificate capital Authorised certificate capital

50,000,000 (June 30, 2024: 50,000,000) certificates of Rs. 10 each

amounting to Rs. 500,000,000 (June 30, 2024: Rs. 500,000,000)

Issued, subscribed and paid-up certificate capital

28,500,000 (June 30, 2024: 28,500,000) certificates of Rs. 10 each fully paid in cash

16,883,530 (June 30, 2024: 16,883,530) bonus certificates of Rs. 10 each

Capital reserve Revenue reserve

Non-current liabilities

Long-term portion of term finance arrangements 12

Long-term portion of security deposits Long-term portion of lease liability

Long-term portion of redeemable capital

Total non-current liabilities

Current liabilities

Current portion of redeemable capital Running Musharaka

Current portion of term finance arrangements 12

Current portion of security deposits Current portion of lease liability Accrued and other liabilities Advance ijarah rentals received Unclaimed profit distribution Provision for taxation - net

Total current liabilities Total liabilities

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES AND COMMITMENTS 13

The annexed notes from 1 to 25 form an integral part of these condensed interim financial statements.

For OLP Services Pakistan (Private) Limited (Management Company)

3,807,621,307

1,259,654,374

14,746,223

3,768,937

21,695,041 5,107,485,882

08

2,630,849,326

7,738,335,208

285,000,000

168,835,300 453,835,300

578,888,037

210,869,362 1,243,592,699

6,494,742,509

7,738,335,208

SD Chief Executive

SD Director

SD Director

SD Chief Financial Officer

Condensed Interim Statement of Profit and Loss Account and

Other Comprehensive Income (Un-audited)

For The Nine Months Period Ended March 31, 2025

https://www.olpmodaraba.com

Note (Rupees) (Rupees)

0

The annexed notes from 1 to 25 form an integral part of these condensed interim financial statements.

For OLP Services Pakistan (Private) Limited (Management Company)

SD Chief Executive

SD Director

SD Director

SD Chief Financial Officer

Condensed Interim Statement of

Cash Flows (Un-audited)

For the period ended March 31, 2025

For The Nine Months Period Ended March 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period before taxation and levy

Adjustments for non-cash and other items: Depreciation on property and equipment Amortisation on intangible assets

Gain on disposal of property and equipment Depreciation on ijarah assets

(Gain) / loss on disposal of ijarah assets

Reversal of impairment on assets under ijarah arrangements

(Reversal of provision) / provision against ijarah rentals receivable - net Provision / (reversal of provision) against diminishing musharaka - net Profit on bank balances

Financial charges on:

Note (Rupees)

168,129,524

6,453,531

1,357,045

(92,061)

395,335,708

613,706

(13,424,240)

23,106,866 10

(7,267,277)

(65,629,970)

• Redeemable capital

  
  
  

• Lease Liability

• Term finance arrangements

  Provision for services sales tax on the Management Company's remuneration Provision for Sindh Workers' Welfare Fund

  (Increase) / decrease in assets

  Advances, deposits, prepayments and other receivables Ijarah rentals receivable

  Diminishing musharaka Short-term investments

  Purchase of assets under ijarah arrangements

  Proceeds from disposal of assets under ijarah arrangements

  Increase / (decrease) in liabilities

  Accrued and other liabilities Advance ijarah rentals received Security deposits

  Financial charges paid on:

• Redeemable capital

• Term finance arrangements

  Payment against Workers' Welfare Fund Taxes and levy paid

  Net cash used in operating activities

  CASH FLOWS FROM INVESTING ACTIVITIES

  Capital expenditure of property, equipment and intangible assets Proceeds from disposal of property and equipment in own use Profit received on bank deposits

  Net cash generated from investing activities

  CASH FLOWS FROM FINANCING ACTIVITIES

  Redeemable capital less repayments Payment of Lease rentals

  Running Musharaka

  Term finance less repayments

  Profit distribution to the certificate holders

  Net cash generated from financing activities

  Net increase in cash and cash equivalents during the period

  Cash and cash equivalents at the beginning of the period 23

  Cash and cash equivalents at the end of the period

  The annexed notes from 1 to 25 form an integral part of these condensed interim financial statements.

  For OLP Services Pakistan (Private) Limited (Management Company)

  507,826,658

  -229,074,443

  2,514,419

  3,431,215

  1,083,300,043 1,251,429,567

  (173,331,157)

  2,297,050

  (543,382,622)

  (16,856,189)

  (213,052,624)

  124,444,039

  (819,881,503)

  30,734,457

  10,246,886

  (48,766,631)

  (7,785,288) 423,762,776

  (530,195,489)

  (251,346,172)

  (781,541,661)

  (1,999,202)

  (40,141,522)

  (399,919,609)

  (8,513,078)

  98,000

  65,647,978

  57,232,900

  1,089,180,000

  -

  -(536,413,466)

  (88,185,475)

  464,581,059

  121,894,350

  400,254,200

  522,148,550

  SD Chief Executive

  SD Director

  SD Director

  SD Chief Financial Officer

  Condensed Interim Statement of

  Changes In Equity

  For The Nine Months Period Ended March 31, 2025

  Issued,	Capital reserve			Revenue reserve	Sub-total	Total
  subscribed	Premium on issue of modaraba certificates	Statutory reserve	Sub-total	Unappropria-ted profit
  and paid-up certificate capital

  https://www.olpmodaraba.com

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

  Balance as on July 01, 2023 (audited) 453,835,300 55,384,700 523,503,337 578,888,037 143,899,235 722,787,272 1,176,622,572

  117,104,389

  -

Total comprehensive income for the period

• Profit for the nine months period ended

  11 March 31, 2024

• Other comprehensive income for the nine months

  period ended March 31, 2024

  - - - - 117,104,389 117,104,389 117,104,389

  
  
  

  Transactions with owners Contributions and distributions

  Profit distribution for the year ended June 30, 2023 @ Rs. 2 per certificate declared subsequent to

  the year ended June 30, 2023 - - - - (90,767,060) (90,767,060) (90,767,060)

  Balance as at March 31, 2024 (un-audited) 453,835,300 55,384,700 523,503,337 578,888,037 170,236,564 749,124,601 1,202,959,901

  Balance as on July 01, 2024 (audited) 453,835,300 55,384,700 523,503,337 578,888,037 210,869,362 789,757,399 1,243,592,699

  Total comprehensive income for the period

• Profit for the nine months period ended

  March 31, 2025 - - - - 138,600,685 138,600,685 138,600,685

• Other comprehensive income for the nine months

period ended March 31, 2025 - - - - - - -

- - - - 138,600,685 138,600,685 138,600,685

Transactions with owners

Contributions and distributions

Profit distribution for the year ended June 30, 2024 @ Rs. 2 per certificate declared subsequent to

the year ended June 30, 2024 - - - - (90,767,060) (90,767,060) (90,767,060)

453,835,300 55,384,700 523,503,337 578,888,037 258,702,987 837,591,024 1,291,426,324

Balance as at March 31, 2025 (un-audited)

The annexed notes from 1 to 25 form an integral part of these condensed interim financial statements.

For OLP Services Pakistan (Private) Limited (Management Company)

SD Chief Executive

SD Director

SD Director

SD Chief Financial Officer

Notes to And Forming Part of the Condensed

Interim Financial Statements (Un-audited)

For the period ended March 31, 2025

For The Nine Months Period Ended March 31, 2025

1. STATUS AND NATURE OF BUSINESS

   OLP Modaraba ('the Modaraba') was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by OLP Services Pakistan (Private) Limited ('the Management Company'). The Management Company is a wholly owned subsidiary of OLP Financial Services Pakistan Limited.

   The registered office of the Management Company is situated at OLP Building, Plot No. 12

   16, Sector No. 24, Korangi Industrial Area, Karachi.

   
   
   

   The Modaraba is operated through a head office in Karachi which is situated at 6th Floor, Syedna Tahir Saifuddin Trust Building, Beaumont Road, Civil Lines and two branches which are located in Lahore and Islamabad. The Lahore branch office is situated at office no. 08, Park Lane Tower, 172-Tufail road, Lahore Cantonment. The Islamabad branch is situated at Ground Floor, Phase 1, State Life Building No. 5, Nazimuddin Road, Blue Area, Islamabad.

   The Modaraba is a perpetual Modaraba and is primarily engaged in financing of plant and machinery, motor vehicles (both commercial and private), computer equipment and housing under the modes of ijarah (Islamic leasing) and diminishing musharaka. The Modaraba may also invest in commercial and industrial ventures suitable for the Modaraba. The Modaraba is listed on the Pakistan Stock Exchange Limited.

   The Pakistan Credit Rating Agency (PACRA) Limited has assigned long term rating of AA (2024: AA) and short term rating of A1+ (2024: A1+) to the Modaraba on February 28, 2025 (2024: March 01, 2024).

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting. The approved accounting standards applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, 'Interim Financial Reporting', issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

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

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act 2017; 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.

      https://www.olpmodaraba.com

      Wherever the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021, IFAS, the Companies Act, 2017 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 IAS 34, the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021, IFAS, the Companies Act, 2017 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.
      
      

      13

      
      
      

   2. The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of IAS 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required for a full set of financial statements and should be read in conjunction with the annual published audited financial statements of the Modaraba for the year ended June 30, 2024.

   3. These condensed interim financial statements are unaudited.

   4. Functional and presentation currency

      These condensed interim financial statements are presented in Pakistani Rupees which is also the Modaraba's functional currency. All financial information presented has been rounded off to the nearest Rupee, unless otherwise stated.

3. MATERIAL ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS

   
   
   

   1. The accounting policies and accounting estimates adopted and the methods of computation of balances used in the preparation of these condensed interim financial statements are the same as those that were applied in the preparation of the annual published audited financial statements of the Modaraba for the year ended June 30, 2024 except for those mentioned in the note 3.3 and 3.4.

   2. The preparation of these condensed interim financial statements in conformity with the approved accounting standards as applicable in Pakistan requires the management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgements in application of the Modaraba's accounting policies. The estimates, judgements and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both the current and future periods. In preparing these condensed interim financial statements, the significant judgements made by the management in applying the Modaraba's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied in the annual published audited financial statements of the modaraba for the year ended June 30, 2024.

   3. Change in accounting policy - Revenue recognition on credit impaired contracts

      For the period ended March 31, 2025

      In the year 2024, the Securities and Exchange Commission of Pakistan (SECP) vide S.R.O. 67 (I)/2024 dated January 24, 2024 amended the Modaraba Regulations, whereby after adoption and implementation of IFRS 9 by the Modaraba, the requirements of IFRS 9 will be applicable for the recognition of provision against diminishing musharaka and ijarah receivable, which were previously recognized on the basis of "Accounting Guidelines Application of IFRS 9 by Modarabas", issued by Institute of Chartered Accountant of Pakistan (ICAP).

      As per the requirement of IFRS 9, mark-up is accrued by applying effective interest rate to the amortized cost (i.e., principal outstanding less provision) of the diminishing musharaka / ijarah receivable. Accordingly, the Modaraba has calculated its revenue on

      credit impaired contracts based on IFRS 9. 14
      
      
      
      
      

      Previously, as per the requirements of the Modaraba Regulations, mark-up was suspended when the principal or mark-up of borrower / lessee is overdue by more than 90 days as disclosed in financial statements for the year ended June 30, 2024.

      Accordingly, the mark-up has been accrued which was previously suspended, as the impact of change was immaterial i.e., net of tax of Rs. 4.49 million, therefore the same has been accounted for in the current period.

      The impact of June 30, 2024 and before has been recognised in current period which is as follows:

      Rupees

      Mark-up income 7,640,844

      Management Company's remuneration (764,084) Provision for services sales tax on the Management

      Company's remuneration (114,613)

      Provision for Sindh Workers' Welfare Fund (152,817) 6,609,330

      Taxation (2,114,986)

      4,494,344

   4. Classification of taxes and levies

      The Institute of Chartered Accountants of Pakistan (ICAP) vide circular 07/2024 dated 15 May 2024 issued the application guidance on accounting for minimum taxes and final taxes. As per the guidance, minimum and final taxes paid should be classified as 'levies' and not income tax in the statement of profit or loss. As per the abovesaid guide and IAS 8 'Accounting Policies', changes in accounting estimates and others', the changes are to be applied retrospectively. Accordingly, the Modaraba has restated its comparative information by reclassifying levies amounting to Rs. 2.975 million from taxation to final taxes in the statement of profit or loss.

      1. The following table summarizes the impact of restatement on the Modaraba's statement of profit or loss:

         https://www.olpmodaraba.com

         For the period ended March 31, 2024

         Statement of profit or loss

         As previously reported

         Adjustments increase/ (decrease)

         (Rupees)

         As restated

         
         
         
         Profit for the period before taxation and levy 168,129,524 - 168,129,524
         
         

         Levy - final tax	- (2,974,622) (2,974,622)
         Profit for the period before taxation	168,129,524 (2,974,622) 165,154,902
         Taxation	(51,025,135) 2,974,622 (48,050,513)
         Profit for the period after taxation	117,104,389 - 117,104,389

         15

         
         
         

         The aforementioned restatement has no impact on statement of financial position and statement of cashflows.

         There is no impact on earnings per share that needs to be disclosed in these financial statements.

   5. Standards, interpretations and amendments to the published accounting and reporting standards that are effective in the current period

      There are certain amendments to the standards and new interpretations that are mandatory for accounting periods beginning on or after July 1, 2024 but are considered not to be relevant or do not have any significant effect on the Modaraba's operations and are, therefore, not detailed in these unconsolidated condensed interim financial statements except the following:

      
      
      

      Non-current Liabilities with Covenants (amendment to IAS 1 in October 2022) aims to improve the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with conditions. The amendment is also intended to address concerns about classifying such a liability as current or non-current. Only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which the company must comply after the reporting date (i.e. future covenants) do not affect a liability's classification at that date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities could become repayable within 12 months after the reporting date. The amendments apply retrospectively for annual reporting periods beginning on or after 1 January 2024, with earlier application permitted.

   6. Standards, interpretations and amendments to the published accounting and reporting standards 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 condensed interim financial statements.

      For the period ended March 31, 2025

4. FINANCIAL RISK MANAGEMENT

   The financial risk management objectives and policies adopted by the Modaraba are consistent with those disclosed in the annual published audited financial statements of the Modaraba for the year ended June 30, 2024.

5. DIMINISHING MUSHARAKA

   Staff - considered good

   • Housing finance

     
     
     

   • Motor vehicles

   • Others

     Others - considered good

   • Housing finance

   • Motor vehicles

   • Plant, machinery and equipment

     Note

     5.1 & 5.2

     June 30,

     March 31,

     2025

     (Un-audited)

2024

(Audited)

(Rupees)

16

Others - considered bad or doubtful

• Housing finance

• Motor vehicles

• Plant, machinery and equipment

Less: provision in respect of diminishing musharaka 5.3

2024: Rs. 9.20 million) and Rs. 0.346 million (June 30, 2024: Rs. 0.25 million) respectively. These are secured against diminishing musharaka assets.

June 30,

https://www.olpmodaraba.com

2024

(Audited)

(9,974,874)

57,586,643