Quarterly Accounts September 30, 2025 (Un-Audited) Managed By:
Popular Islamic Modaraba Management Company (Pvt.) Limited
TABLE OF CONTENTS | ||
• | Corporate Information | 1 |
• | Director's Report - English | 2 |
• | Director's Report - Urdu | 3 |
• | Balance Sheet (Un-Audited) | 4 |
• | Profit or Loss Comprehensive Income (Un-Audited) | 5 |
• | Cash Flow Statement (Un-Audited) | 6 |
• | Statement Of Changes In Equity (Un-Audited) | 7 |
• | Notes to the Interim Financial Statements (Un-Audited) | 8 |
CORPORATE INFORMATION
BOARD OF DIRECTORS | Mr. Imamuddin Shouqeen Mr. Shahbaz Ali Malik Mr. Khurram Abdullah Mr. Abdul Jaleel Shaikh Mr. Malik Junaid Emam Mr. Kamran Hussain Mughal Ms. Aisha Mughal |
|
AUDIT COMMITTEE | Mr. Khurram Abdullah Mr. Shahbaz Ali Malik Mr. Malik Junaid Emam |
|
HR COMMITTEE | Mr. Khurram Abdullah Mr. Malik Junaid Emam Kamran Hussain Mughal |
|
SHARIAH ADVISOR Al-Hamd Shariah Advisory Services (Pvt.) Limited
COMPANY SECRETARY Ms. Aisha Mughal
CHIEF FINANCIAL OFFICER Mr. Ghulam Mustafa
BANKERS Albaraka Bank (Pakistan) Limited
AUDITORS BKR International Muniff Ziauddin & Co.
Chartered Accountant
LEGAL ADVISOR Syed Sikandar Ali Shah - Advocate M/s. Shah Associates
MANAGEMENT COMPANY Popular Islamic Modaraba Management Company (Pvt.) Ltd REGISTERED OFFICE 406-410, 4th Floor, Hasrat Mohani Road, Off. I.I.Chundrigar Road, Karachi. SHARE REGISTRAR Central Depository Company of Pakistan
CDC House, 99-B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal, Karachi
DIRECTORS' REPORT
The Board of Directors of the Popular Islamic Modaraba Management Company (Pvt.) Limited, the Management Company of Popular Islamic Modaraba ("Modaraba"), is pleased to present the unaudited financial statements of the Modaraba for first quarter ended September 30, 2025.
The sumarized financial results for the quarter ended September 30, 2025 are as under:
Un-Audited Sep-25
(Rupees)
Un-Audited Sep-24
Income | 8,199,666 | 11,418,255 | |
Operating expenses | (1,507,921) | (1,927,505) | |
Depreciation of Ijarah Assets | (776,116) | (1,474,267) | |
Profit before management fee | 5,915,629 | 8,016,483 | |
Management Fee | (295,781) | (400,824) | |
Sales tax on management fee | (38,452) | (52,107) | |
Profit before taxation | 5,581,396 | 7,563,552 | |
Taxation | (1,618,605) | (2,193,430) | |
Profit after taxation | 3,962,791 | 5,370,122 | |
Earning per certificate - basic & diluted | 0.20 | 0.27 |
Review of Operations:
During the first quarter the financial performance of Modaraba was quite satisfactory. The Modaraba booked income of Rs. 8.199 million as compared to Rs.11.418 million in the preceeding period. The profit after tax amounted to Rs. 3.962 million reflecting a decline primarily due to a reduction in the KIBOR rate. The EPC stood at Re.0.20 per certificate.
Future Outlook:
The KIBOR Rate has significantly reduced from last year, Modaraba's management is responding to the situation by taking proactive measures and implementing cutting-edge business practices. The management's primary goal is to increase profitability so that it can offer its Certificateholders a greater return. We continue to strive for the most effective and efficient use of our own resources while also carefully leveraging the balance sheet to record and gradually grow a portfolio of high-quality assets.
Acknowledgement:
The Modaraba has enjoyed the valuable guidance and support of Registrar Modarabas, Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange for their cooperation, support and guidance from time to time, and wishes to enjoy the same in future as well.
For and on behalf of the Board
Kamran Hussain Mughal Chief Executive Officer
October 24, 2025 Karachi.
BALANCE SHEET (UN-AUDITED) | ||
AS AT SEPTEMBER 30, 2025 | Un-audited | Audited |
Sep-25 | Jun-25 | |
(RUPEES) | ||
ASSETS | ||
NON CURRENT ASSETS | ||
Property and equipment - owned | 14,528 | 15,902 |
Property and equipment - ijarah | 4,872,762 | 6,475,296 |
Diminishing Musharaka | 115,108,229 | 112,433,767 |
Deferred tax asset-net | 5,395,763 | 5,395,763 |
125,391,282 | 124,320,728 | |
CURRENT ASSETS | ||
Morabaha finance | 34,745,872 | 31,228,831 |
Current portion of Diminishing Musharakah | 52,110,519 | 56,502,625 |
Advances and other receivables | 29,847,743 | 22,097,507 |
Cash and bank balances | 16,335,902 | 3,933,087 |
133,040,036 | 113,762,050 | |
TOTAL ASSETS | 258,431,318 | 238,082,778 |
EQUITY AND LIABILITIES | ||
Authorized certificate capital | ||
20,000,000 (2025: 20,000,000) modaraba | ||
certificates of Rs. 10 each
Certificate holders' equity
200,000,000 200,000,000
Certificate capital | 200,000,000 | 200,000,000 | |
Statutory reserve | 28,982,350 | 28,982,350 | |
Accumulated profit | (5,679,133) | (9,641,924) | |
NON-CURRENT LIABILITIES | 223,303,217 | 219,340,425 | |
Security deposits against Ijarah | 1,299,279 | 1,299,279 | |
Deferred liability | 2,830,002 | 2,830,002 | |
CURRENT LIABILITIES | 4,129,281 | 4,129,281 | |
Accrued and other liabilities | 1,419,409 | 1,367,724 | |
Current portion of security deposits Charity payable Advance Rentals Received | 674,220 -1,826,741 | 1,095,620 -2,024,116 | |
Provision for taxation | 6,770,261 | 5,151,656 | |
Unclaimed profit distribution | 3,205,011 | 3,205,011 | |
Loan from management company | 15,000,000 | - | |
Management fee payable | 1,833,994 | 1,538,213 | |
Sales tax on management fee | 269,184 | 230,732 | |
TOTAL LIABILITIES | 30,998,820 | 14,613,072 | |
CONTINGENCIES & COMMITMENTS | - | - | |
258,431,318 | 238,082,778 |
For Popular Islamic Modaraba Management Company (Private) Limited (Management Company)
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
Un-Audited Un- Audited
Sep-25 Sep-24
(RUPEES) (RUPEES)
Income 8,056,503 9,164,044
(1,927,505)
(1,474,267)
(1,507,921)
(776,116)
Operating expenses Depreciation of Ijarah Assets
Operating profit 5,772,466 5,762,272
Other Income 143,163 2,254,211
Profit before management fee 5,915,629 8,016,483
(400,824)
(52,107)
(295,781)
(38,452)
Management fee
Sales tax on management fee
(334,233) (452,931)
Profit before taxation 5,581,396 7,563,552
Taxation (1,618,605) (2,193,430)
Profit after taxation 3,962,791 5,370,122
Other comprehensive income - -
Total comprehensive income 3,962,791 5,370,122
Earnings per certificate - basic & diluted 0.20 0.27
For Popular Islamic Modaraba Management Company (Private) Limited (Management Company)
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
CASH FLOW STATEMENT (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
Un-audited Un-audited
Sep-25 | Sep-24 | |||
(RUPEES) | ||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||
Profit before taxation | 5,581,396 | 7,563,551 | ||
Adjustments for: | ||||
Depreciation expense | 1,374 | 10,410 | ||
Depreciation of assets leased out under ijarah | 776,116 | 1,474,267 | ||
777,490 1,484,677 | ||||
Operating profit before working capital changes | 6,358,886 | 9,048,228 | ||
Decrease / (Increase) in current assets | ||||
Current portion of morabaha finance | (3,517,041) | 134,461 | ||
Current portion of long term investment D.M | 4,392,106 | 6,598,156 | ||
Advances and other receivabls | (7,750,236) | 4,553,900 | ||
Increase/(decrease) in current liabilities | (6,875,171) | 11,286,517 | ||
Accrued and other liabilities | 48,644 | 42,043 | ||
Management fee payable | 295,781 | 400,824 | ||
Sales tax on management fee | 38,452 | 52,107 | ||
382,877 494,974 | ||||
Net cash generated from operation | (133,409) | 20,829,719 | ||
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Ijarah assets transfer-net | 4,149,126 | - | ||
Security deposit from ijarah | (421,400) | - | ||
Investment in murabaha finance | (3,517,041) | - | ||
Investment in diminishing musharakah | (2,674,462) | (43,375,125) | ||
Net cash generated / (used in) investing activities | (2,463,777) | (43,375,125) | ||
CASH FLOW FROM FINANCING ACTIVITIES | - | - | ||
Loan from management co. | 15,000,000 | - | ||
- | - | |||
15,000,000 - | ||||
Net increase in cash & cash equivalent | 12,402,814 | (22,545,404) | ||
Cash and cash equivalents at the beginning of the year | 3,933,088 | 54,080,582 | ||
Cash and cash equivalents at the end of the year | 16,335,902 | 31,535,177 | ||
For Popular Islamic Modaraba Management Company (Private) Limited (Management Company)
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
Certificate Capital
Statutory Reserve
Accumulated profit
Advance against equity
Total
--------------------------- (Rupees) -----------------------------
Balance as at June 30, 2024 | 140,000,000 | 29,225,542 | (15,593,849) | 60,000,000 | 213,631,692 | |
Profit for the Year Additional in paidup capital Dividend on profit | - - | -(243,192) | 25,708,733 -(19,756,808) | - - - | 25,708,733 -(20,000,000) | |
Further issue of shares | 60,000,000 | - | 60,000,000 | - | ||
Balance as at June 30, 2025 | 200,000,000 | 28,982,350 | (9,641,924) | - | 219,340,425 | |
Profit for the Period Additional in paidup capital Advance against equity | - - - | - - | 3,962,791 - - | - - - | 3,962,791 - - | |
Dividend on profit | - | - | - | - | - | |
Balance as at September 30, 2025 | 200,000,000 28,982,350 | (5,679,133) | - | 223,303,217 | ||
For Popular Islamic Modaraba Management Company (Private) Limited (Management Company)
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
NOTES TO THE FINANCIAL STATEMENTS (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
LEGAL STATUS AND NATURE OF BUSINESS
Popular Islamic Modaraba is a multipurpose, perpetual Modaraba formed under the Modaraba and Modaraba (floatation and control) Ordinance, 1980 and the rules framed there under and is managed by the Popular Islamic Modaraba Management Company (Private) Limited (formerly by Islamic Investment Bank Limited - under liquidation), a company incorporated in Pakistan under the Companies Ordinance, 1984 and registered with Registrar of Modaraba Companies. The registered office of the modaraba is situated at 406-410,4th Floor, Chapal Plaza, Hasrat Mohani Road, Off I.I.Chundrigar Road, Karachi. The Modaraba is listed on the Pakistan Stock Exchange.
The Modaraba is engaged in various Islamic modes of financing and business including Ijarah, Diminishing Musharakah, Murabahah, also considering for trading in listed securities and other commodities.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Act, 2017. The requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance,1980. Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan (SECP). Wherever the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, the Modaraba Rules 1981 and directives issued by the SECP differ with the requirements of IFRS, the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, the Modaraba Rules 1981 or directives issued by the SECP prevail.
BASIS OF MEASUREMENT
These financial statements have been prepared under the historical cost convention except for certain financial assets which are stated at fair value.
These Condensed interim financial statements are unaudited and being submitted to Certificate Holders as required under Rule 10 of Modaraba Companies and Modaraba Rules 1981.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted by the Modaraba in the preparation of these condensed interim financial information are the same as those applied in preparation of the preceding published financial statements of the Modaraba for the year ended June 30, 2025.
Un-audited September 30,2024
Audited June 30,2024
(Rupees)
PROPERTY & EQUIPMENTS - (OWNED)
Book value at the beginning of the period/year 15,902 89,151 Depreciation charged (1,374) (73,249)
Book value at the end of the period/year 14,528 15,902
PROPERTY & EQUIPMENTS - (IJARAH)
Book value at the beginning of the period/year 6,475,296 31,066,500
Deletion - net (826,418) (8,356,119)
Depreciation charged (776,116) (16,235,085)
Book value at the end of the period/year 4,872,762 6,475,296
CONTINGENCIES & COMMITMENTS
Contingencies and commitments are those as disclosed in the audited financial statements for the year ended June 30,2025.
RELATED PARTY TRANSACTIONS
The related parties comprise of associated undertakings, directors of the Modaraba Management Company. The Modaraba, in the normal course of business carries out transactions with these related parties. Significant transactions with related parties are as follows:
Nature of Transaction Relationship with the Company
Management fee Management company 295,781 1,538,213
295,781 1,538,213
DATE OF AUTHORISATION FOR ISSUE
These condensed interim financial statements were authorized for issue on October 24, 2025 by the Board of Directors of Popular Islamic Modaraba Management Company (Private) Limited.
General
Figures have been rounded off to the nearest Rupee.
The annexed notes from 1 to 10 form an integral part of theses condensed interim financial information.
CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR
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