Transmission of Half Yearly Financial Report for the period ended December 31, 2025.

Trust Modaraba

Managed By:

Al-Zãmin Modaraba Management (Private) Limited.

REPORT

https://www.trustmodaraba.com

4 CORPORATE INFORMATION

5 DIRECTOR'S REPORT

7 DIRECTOR'S REPORT (URDU)

9 REPORT OF SHARIAH ADVISOR

10 INDEPENDENT AUDITOR'S REVIEW REPORT

11 CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

12 CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS

13 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

14 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

15 CONDENSED INTERIM CASH FLOW STATEMENT

16 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

MODARABA COMPANY

AL-ZAMIN MODARABA MANAGEMENT (PRIVATE) LIMITED

BOARD OF DIRECTORS

Mr. Mian Sheikh Arshad Farooq Chairman

*Mr. Basheer Ahmed Chowdry Chief Executive

Dr. Mrs. Namoos Baquar Non Executive Director

Mr. Syed Etrat Hussain Rizvi Independent Director

**Mr. Muhammad Yasin Independent Director

Mr. Muhammad Sami Ullah Independent Director

Mr. Imran Iqbal Independent Director

Subsequent development in the board.

*Mr. Basheer Ahmed Chowdry has resigned as the CEO, effective 28th February 2026.

**Mr. Muhammad Yasin has been appointed as the CEO, subject to the approval of the Registrar Modaraba.

MANAGEMENT

Mr. Basheer Ahmed Chowdry Chief Executive

Ms. Hamida Aqeel Chief Operating Officer/Company Secretary

Mr. Muhammad Wajid Chief Financial Officer

AUDIT COMMITTEE

Mr. Syed Etrat Hussain Rizvi Chairman

Mr. Imran Iqbal Member

Mr. Muhammad Yasin Member

Mr. Muhammad Sami Ullah Member

Ms. Hamida Aqeel Secretary to the committee

HUMAN RESOURCE COMMITTEE

Mr. Muhammad Yasin Chairman

Mr. Muhammad Sami Ullah Member

Mr. Basheer Ahmed Chowdry Member

Dr. Mrs. Namoos Baquar Member

Ms. Hamida Aqeel Secretary to the committee

INTERNAL AUDITORS

Bilal & Co.

Chartered Accountants

AUDITORS OF THE MODARABA

Grant Thornton Anjum Rahman Chartered Accountants

BANKER

Meezan Bank Limited

LEGAL ADVISORS

Holscott International

S&B Durrani Law Assoicates

REGISTERED OFFICE/PRINCIPAL PLACE OF BUSINESS

104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi-75600 Telephone: 021-35876651, 35876652, 35873373, 35873369, 35867102

Fax: 021-35870408 Web: trustmodaraba.com Email: info@trustmodaraba.com

REGIONAL OFFICE

320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore Telephone: 042-35941957-8 Fax: 042 35866513

REGISTRARS

Hameed Majeed Associates (Private) Limited

1stFloor, H.M. House, 7-Bank Square, Lahore Telephone: 042- 37235081-2 Fax: 042-37358817

DIRECTORS' REPORT

The Board ofDirectors of Al-Zamin Modaraba Management (Private) Limited, the management company of Trust Modaraba is pleased to present financial statements of Trust Modaraba for the half year ended on 31" December, 2025. A limited scope review of the said financial statements has been conducted by the external auditors in compliance of the regulatory requirements.

ECONOMIC OUTLOOK

The outlook for Pakistan's economy remains broadly positive supported by sustained growth in industrial activity with continued momentum in key sectors such as textiles, automobiles, cement and food processing. The decline in inflationary pressures, easing policy rates and stable commodity prices have created a favourable environment for investment. Large scale manufacturing sector is expected to maintain its trajectory of recovery supported by ongoing structural reforms aimed at enhancing industrial competitiveness. On the external front, the current account is expected to remain within the targeted range. Remittances inflows are expected to maintain their upward trend contributing to amore stable external account. Fiscal consolidation is expected to continue supporting macro economic stability with goverriment efforts in expenditure management, enhanced tax collection and structural reforms contributing to sustainable growth. With sustained reforms and prudent fiscal management, Pakistan's economy is poised to move towards greater stability and enhanced prosperity.

FINANCIAL HIGHLIGHTS

A snapshot of key operating data is presented hereunder:

PERFORMANCE REVIEW

Despite challenging business environment associated with steep reduction in policy rates, it is encouraging to report that your Modaraba maintained sustainability in business operations during the first half of the current financial year ended on 31* December, 2025. Income from core business operations comprising of diminishing musharakah, murabahah and ijarah stood at Rs.30.47 million as compared to Rs.31.85 million of the previous comparable period registering reduction of 4% though the policy rates declined by 11% since June, 2024. In line with the management policy, major financing was undertaken by way of diminishing musharakah mode primarily for vehicle financing.

Financing portfolio is prudently built around carefully selected clients after detailed evaluation of their repayment capacity and satisfactory track record of payment. As a result of improvement in credit quality of the portfolio, minimum provision ofRs.0.26 million had to be recorded in the financial statements. Income from equity portfolio added Rs. 3.37 million to the revenue translating into a return of 26-28% on the investment portfolio. Net revenue after incorporating provisions and unrealized gain worked out to Rs.36.04 million for the half year ended on 31' December, 2025. Operating expense at Rs.23.17 million remained at the same level of the previous comparable period despite increase in costs across the board. Profit before tax worked out to Rs. 11.16 million. After accounting for tax liability of Rs.3.14 million for the period, PAT ofRs.8.02 million was achieved for the period ended on 31* December, 2025.

Financing dufing the period was mainly conducted under diminishing mode and the major segment comprised of vehicle financing, Thorough due diligence of each client was conducted to ensure compliance with the regulations and norms of prudence. Repayments from the clients are satisfactory and vigorous follow up remains at the core to ensure timely receipt of due instalments. Your management is also making utmost efforts of recovery from the litigated accounts and every effort is being made to materialize early settlement from cases in court.

EARNINGS PER CERTIFICATE

Earnings per certificate for the period under review stood at Rs.0.27 as against Rs.0.50 of the previous comparable period.

Going forward your management remains committed to achieve further excellence in the operations of the Modaraba for the benefit of all the stake holders.

SIGNIFICANT DEVELOPMENT:

Mr. Basheer A. Chowdry has resigned from his position as the Chief Executive of the Company due to his health concerns. His resignation is effective 28* February, 2026.

The Board of Directors express its sincere appreciation and gratitude to Mr. Chowdry for his role and exceptional efforts in leasing the organization successfully even in the most challenging times. The members and the entire team wish him sound health and pray for his well being.

Further, the Board has appointed Mr. Muhammad Yasin as the CEO of the Company to take charge with effect from 1* March, 2026 subject to the approval of the Registrar Modaraba. Mr. Yasin holds a Bachelors degree in engineering from NED University and a Masters degree in Business Administration from the Institute ofBusiness Administration, Karachi. He has over 35 years of professional experience of working in diversified positions to his credit. He has been engaged with the Development Finance Institutions, Real Estate Company and Mutual Fund. He has also served as the Chief Executive of a Capital Management Company. Mr. Yasin has been on the Board of the Management Company since 2019 and is well versed with the affairs of the organization.

The Board ofDirectors wish Mr. Yasin success in leading the organisation to achieve its vision and goals of growth and success.

ACKNOWLEDGEMENT

The Board wishes to place its appreciation for the continued support of the SECP, certificate holders, commitment and hard work of staff members and their valuable support for the Modaraba.

For and on behalf of the Modaraba

17* February, 2026

DIRECTOR

CHIEF EXECUTIVE

REPORT OF SHARIAH ADVISOR

I have reviewed the operations of Trust Modaraba managed by Al-Zamin Modaraba Management (Private) Limited for the half year ended December 31, 2025, in accordance with the requirements of the applicable regularities. In my opinion:

1. The Modaraba has introduced a mechanism which has strengthened the Shariah compliance, in letter and spirit and the systems, procedures and policies adopted by the Modaraba are in line with the Shariah principles:

1. The agreements entered into by the Modaraba are Shariah compliant and the financing agreements have been executed on the formats as approved by the Religious Board and all the related conditions have been met.

2. To the best of my information and according to the explanations given to me. the business transactions undertaken by the Modaraba and all other matters incidental thereto are in conformity with the Shariah requirements Islamic Financial Accounting Standards as applicable in Pakistan and the Shariah Regulations for Modarabas.

3. No earnings have been realized by any means prohibited by Shariah.

   In my opinion, the operations of Trust Modaraba are in conformity with the Shariah Compliance and Audit Mechanism for Modarabas.

   Signature

   1 February 2026, Karachi. Muhammad Zubair Usmani

   Jamia Darul Uloom Karachi

   
   
   

   Shariah Advisor

   INDEPENDENT AUDITORS' REVIEW REPORT

   
   
   

   REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

   Introduction

   We have reviewed the accompanying condensed interim statement of financial position of Trust Modaraba (the Modaraba) as at December 31, 2025, and the related condensed interim statement of profit and loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the condensed interim financial statements for the half year then ended (here-in-after referred to as "the condensed interim financial statements"). The Modaraba Management Company [Al Zamin Modaraba Management (Private) Limited] is responsible for the preparation and presentation of the condensed interim financial statements in accordance with approved accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

   Scope of review

   We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim financial statements Performed by the Independent Auditor of the Entity". A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

   Conclusion

   Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements is not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting.

   Emphasis of matters

   1. DHA land case

      We draw attention to note 5.1.1 to the condensed interim financial statements for the half year ended December 31, 2025, which inter alia states the details of land which is owned but not in the possession of the Modaraba.

   2. Unclaimed dividend

      We further draw attention to note 15 to the condensed interim financial statements for the half year ended December 31, 2025, which states the details of unclaimed dividend for which management has maintained separate saving account of Rs. 4.78 million against unclaimed profit distribution of Rs. 13.64 million. This shortage of funds of Rs.

      8.85 million relates to unclaimed profit distribution when modaraba was managed by Trust management services (previous management company) from incorporation till 2009 when change of management took place.

   3. Restatement of financial information

We further draw attention to note 3 to the financial information for the half year ended December 31, 2024 that were restated for a correction in an accounting error relating to the provision of sales tax payable on management fee (refer note 3) of the financial statement. The 2024 financial information has been updated to correct this error.

Our conclusion is not modified in respect of the above matters.

Other matter

1. Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the six month period, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the company. Accordingly, the figures of the condensed interim profit and loss and condensed interim statement of comprehensive income for the three months period ended December 31, 2025 have not been reviewed by us.

2. The engagement partner on the review resulting in this independent auditors' review report is Muhammad Shaukat Naseeb.

   Grant Thornton Anjum Rahman

   Chartered Accountants Karachi

   Date: 20th February, 2026

   UDIN: AR2025101262sAbnQF9o

   CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

   AS AT DECEMBER 31, 2025

   (Un-audited) (Audited)

   December 31, June 30,

   2025 2025

   ASSETS Non-current assets	Note	----------Rupees----------
   Ijarah assets	4	20,738,051	31,484,673
   Fixed assets	5	26,567,797	24,559,177
   Intangible asset		349,059	541,612
   Murabaha finances	6	4,698,818	7,156,581
   Diminishing musharakah financing	7	133,377,255	144,117,878
   Long term deposits		294,662	294,662
   Deferred taxation - net	8	1,498,308	1,416,970

   Total non-current assets 187,523,950 209,571,553

   Current assets

   Current portion of long term murabaha finances	6	35,170,950	40,282,404
   Current portion of diminishing musharakah finances	7	76,896,561	74,237,249
   Murabaha finances - secured	9	25,360,000	25,380,000
   Ijarah rental receivables - secured	10	2,973,340	3,387,715
   Musharakah finances	11	20,473,330	10,178,689
   Short term investments	12	18,926,805	14,287,295
   Income tax refundable		4,733,941	5,280,459
   Advances, prepayments and other receivables	13	16,460,068	10,291,497
   Cash and bank balances	14	13,112,156	9,066,363
   Total current assets		214,107,151 192,391,671
   Total assets		401,631,101	401,963,224
   EQUITY AND LIABILITIES
   LIABILITIES
   Non-current liabilities
   Deferred income on murabaha		461,185	1,009,498
   Customers' long term security deposits		2,657,930	11,179,368
   Lease liabilities against right of use assets		6,274,805	7,269,660
   Total non-current liabilities		9,393,920	19,458,526
   Current liabilities
   Current portion of deferred income on murabaha		1,323,014	2,043,402
   Current portion of customers' security deposits		10,829,238	5,840,750
   Current portion of lease liabilities against right of use assets		2,209,321	2,730,428
   Unclaimed profit distributions	15	13,639,008	13,697,088
   Creditors, accrued and other liabilities		7,409,279	9,328,475
   Charity payable		51,304	108,608
   Total current liabilities		35,461,164 33,748,751
   Total liabilities		44,855,084 53,207,277
   NET ASSETS		356,776,017 348,755,947
   REPRESENTED BY
   CAPITAL AND RESERVES
   Certificate capital		298,000,000	298,000,000
   Reserves		58,776,017 50,755,947
   Total equity		356,776,017 348,755,947
   Contingencies and commitments	16
   The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.

   For Al-Zamin Modaraba Management (Private) Limited

   
   
   

   (Modaraba Management Company)

   CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

   FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2025

   Half Year Ended Quarter Year Ended

   		December 31,	December 31, December 31,		December 31,
   2025			2024	2025	2024
   			(Restated)		(Restated)
   Note ----------Rupees---------- ----------Rupees----------
   Income from ijarah - net	17	2,413,744	4,600,462	1,289,018	1,982,872
   Profit on murabaha finances	18	1,840,006	2,106,924	1,132,289	1,047,633
   Profit on diminishing musharakah/musharakah finances	19	26,216,451	25,140,319	13,402,782	12,449,314
   Dividend income on equity investments		205,514	429,000	216,500	216,500
   Gain/(loss) on sale of short term investments		3,162,915	3,210,301	2,710,830	2,710,830
   Other income		2,378,537	4,632,653	1,951,038	1,010,905
   		36,217,167	40,119,659	20,702,457	19,418,054
   Provision for doubtful receivables		(261,494)	(325,589)	(261,494)	(325,589)
   Unrealized gain on revaluation of financial assets at fair value through
   profit or loss		79,613	3,391,483	(918,898)	4,673,660
   		36,035,286	43,185,553	19,522,065	23,766,125
   Operating expenses 20 (23,167,843) (23,250,753) (11,457,073) (12,379,000)
   		12,867,443	19,934,800	8,064,992	11,387,125
   Modaraba Management Company's fee		(1,286,744)	(1,993,480)	(672,730)	(1,138,713)
   Services sales tax on the Management Company's fee		(193,012)	(299,022)	(100,910)	(170,807)
   Workers' Welfare Fund		(231,614)	(352,846)	(122,934)	(204,968)
   Profit before taxation and levy		11,156,073	17,289,452	7,168,418	9,872,637
   Levy, minimum tax and final taxes		(18,000)	(2,335,616)	(18,000)	(1,090,103)
   Profit before taxation		11,138,073	14,953,836	7,150,418	8,782,534
   Taxation		(3,118,003)	-	(1,573,654)	-
   Profit for the period		8,020,070 14,953,836		5,576,764	8,782,534
   Earnings per certificate - basic and diluted	21	0.27 0.50		0.19	0.29

   The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.

   For Al-Zamin Modaraba Management (Private) Limited

   
   
   
   
   

   (Modaraba Management Company)

   
   
   

   CHIEF EXECUTIVE

   DIRECTOR

   DIRECTOR

   CHIEF FINANCIAL OFFICER

   CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

   FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2025

   Half Year Ended Quarter Ended

   December 31, December 31, December 31, December 31,

   2025		2024	2025	2024
   		(Restated)		(Restated)
   ------------------Rupees-------------------
   Profit for the period	8,020,070	14,953,836	5,576,764	3,780,994
   Other comprehensive income for the period:
   Items that will not be reclassified to profit and loss account
   - Net change in fair value of investments classified as
   'fair value through other comprehensive income - net of tax	-	2,676,246	-	2,683,046
   Other comprehensive income for the period	-	2,676,246	-	2,683,046

   Total comprehensive income for the period 8,020,070 17,630,082 5,576,764 6,464,040 The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.

   For Al-Zamin Modaraba Management (Private) Limited

   
   
   

   (Modaraba Management Company)

   
   
   

   TRUST MODARABA Half Yearly Report Decemeber 31, 2025

   CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025

   Particulars	Certificate capital	Capital reserves	Revenue reserves	Total reserves	Total equity
   		Statutory reserve	Accumulated losses

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

   Balance as at June 30, 2024 - as previously stated (Audited)	298,000,000	88,032,069	(38,294,494)	49,737,575		347,737,575
   Effect of restatement (note 3)	-	(75,321)	(2,396,405)	(2,471,726)		(2,471,726)
   Balance as at June 30, 2024 - restated (Audited)	298,000,000	87,956,748	(40,690,899)	47,265,849		345,265,849
   Profit for the period - restated	-	-	14,953,836	14,953,836		14,953,836
   Other comprehensive income for the period	-	-	2,676,246	2,676,246		2,676,246
   Total comprehensive income for the period - restated	-	-	17,630,082	17,630,082		17,630,082
   Transactions with owners Profit distribution for the year ended June 30, 2024 @ Rs. 0.50 per certificate	-	-	(14,900,000)	(14,900,000)		(14,900,000)
   Balance as at December 31, 2024 - restated (Un-audited)	298,000,000	87,956,748	(37,960,817)	49,995,931		347,995,931
   Balance as at June 30, 2025 (Audited)	298,000,000	91,634,768	(40,878,821)	50,755,947		348,755,947
   Net profit for the period	-	-	8,020,070	8,020,070		8,020,070
   Other comprehensive income for the period	-	-	-	-		-
   Total comprehensive income for the period	-	-	8,020,070	8,020,070		8,020,070
   Balance as at December 31, 2025 (Un-audited)	298,000,000 91,634,768 (32,858,751)			58,776,017	356,776,017

   The annexed notes from 1 to 29 form an integral part of these condensed interim financial statements.

   14

   For Al-Zamin Modaraba Management (Private) Limited

   
   
   
   
   

   (Modaraba Management Company)

   
   
   

   CHIEF EXECUTIVE

   DIRECTOR

   DIRECTOR

   CHIEF FINANCIAL OFFICER

   CONDENSED INTERIM STATEMENT OF CASH FLOW (UN-AUDITED)

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025
   December 31,			December 31,
   2025			2024
   CASH FLOWS FROM OPERATING ACTIVITIES Note ----------Rupees----------
   Cash generated from operations
   Cash (used in) / generated from operations	22	(3,611,378)		14,832,813
   Decrease / (Increase) in non-current assets:
   - Long term murabaha finances		7,569,217		2,828,685
   - Long term musharakah finances		7,674,018		(26,879,867)
   (Decrease) / Increase in non-current liabilities:
   - Deferred income on murabaha		(1,268,701)		(931,563)
   Proceeds from disposal of ijarah assets		2,680,233		10,012,256
   Income tax paid / deducted		(2,560,516)		(2,974,745)
   Net cash generated from / (used in) operating activities		10,482,873		(3,112,421)
   CASH FLOWS FROM INVESTING ACTIVITIES
   Purchase of owned assets		(4,592,592)		(569,778)
   Proceeds from disposal of owned assets		1,225,500		1,175,000
   Disposal of investments - net		(899,563)		14,980,438
   Dividends received		206,815		429,000
   Net cash (used in) / generated from investing activities		(4,059,840)		16,014,660
   . .
   CASH FLOWS FROM FINANCING ACTIVITIES
   Payment made against lease liability		(2,319,160)		(3,634,094)
   Profit distributed to certificate holders		(58,080)		(13,958,862)
   Net cash used in financing activities		(2,377,240)		(17,592,956)
   Net increase / (decrease) in cash and cash equivalents		4,045,793		(4,690,717)
   Cash and cash equivalents at the beginning of the year		9,066,363		10,384,061
   Cash and cash equivalents at the period	14	13,112,156		5,693,344
   The annexed notes from 1 to 29 form an integral part of these
   condensed interim financial statements.

   For Al-Zamin Modaraba Management (Private) Limited

   
   
   

   (Modaraba Management Company)

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025

   1. LEGAL STATUS AND NATURE OF BUSINESS

      Trust Modaraba (the Modaraba) was formed in Pakistan under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is being managed by Al-Zamin Modaraba Management (Private) Limited (AZMML). The Modaraba commenced its business operations on November 12, 1991.

      The Modaraba is perpetual, multi-purpose and multi-dimensional, engaged in the business of murabaha, musharakah and ijarah arrangement, investment in marketable securities, trading and other permissible businesses. The affairs, activities and transactions, performed by the Modaraba during the year comply with the rules and principles of Islamic sharia in the light of guidance and directives given by sharia advisor and are in accordance with the guideline issued by advisor of the registrar modaraba, SECP.

      The principal place of business and registered office is located at 104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi - 75600 whereas regional office is located at 320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore.

      The VIS Credit Rating Company Limited has maintained long term rating of BBB+ and short term rating of A-2 to the Modaraba. Outlook on the assigned rating is 'Stable'.

   2. Basis of Preparation

      1. Statement of compliance

         These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as 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;

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

         • Provisions of and directives issued by securities and exchange commission of Pakistan (SECP), requirement of Modaraba Companies and Modarabas (Flotation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulations, 2021 and Companies Act, 2017.

         Where the provisions of relevant laws differ with the requirements of IAS 34, IFASs and Companies act, 2017, the provisions of and directives of relevant laws have been followed.

      2. These condensed interim financial statements is un-audited and is being submitted to the members as required by section 237 of the Companies Act, 2017 (the 'Act'). The figures for the half year ended December 31, 2025 have, however, been subjected to limited scope review by the auditors.

         These condensed interim financial statements do not include all of the disclosures required for full annual financial statements and should therefore be read in conjunction with the annual financial statements for the year ended June 30, 2025, and any public announcements made by the Modaraba during the interim reporting period. Selected explanatory notes have been included to explain events and transactions that are significant to an understanding of the changes in the Modaraba's financial position and performance since the last annual financial statements. However, the primary financial statements is presented in a format consistent with the financial statements that is required to be presented in the annual financial statements under IAS 1.

      3. MATERIAL ACCOUNTING POLICY INFORMATION

         1. Critical accounting estimates and judgments

            The preparation of these condensed interim financial statements is in conformity with the approved accounting standards as applicable in Pakistan requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgments in application of the Modaraba's accounting policies. The estimates, judgments 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 judgments 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 for the year ended June 30, 2025.

      4. Functional and presentation

         These condensed interim un-audited financial statements is presented in Pak Rupees, which is the Modaraba's functional and presentational currency. All the figures have been rounded off to the nearest rupees, unless otherwise stated.

      5. Initial application of standards, amendments or interpretations to existing standards

         The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual financial statements for the year ended 30 June 2025. Amendments to published standards that became effective during the period did not have any material impact on the Modaraba's condensed interim financial statements.

   3. RESTATEMENT IN THE CONDENSED INTERIM FINANCIAL STATEMENTS

      Accounting error related to provision of Management fee

      The December 31, 2024 condensed interim financial statements was restated for a correction in an accounting error relating to the provision of sales tax payable on management fee.

      The 2024 financial statements has been updated to correct for this error, as follows:

      Effect of prior period error adjustment on the condensed interim financial statements for the period ended December 31, 2024

      As previously reported

      Correction of error

      As corrected

      ---------------------------- Rupees ----------------------------

      STATEMENT OF PROFIT AND LOSS
      Profit net of operating expenses	19,934,800	-	19,934,800
      Modaraba Management Company's fee	(1,993,480)	-	(1,993,480)
      Services sales tax on the Management Company's remuneration	-	(299,022)	(299,022)
      Workers' Welfare Fund	(358,826)	5,980	(352,846)
      Profit before taxation and levy	17,582,494	(293,042)	17,289,452
      Levy, minimum tax and final taxes	-	(2,335,616)	(2,335,616)
      Profit before taxation	17,582,494	(2,628,658)	14,953,836
      Taxation	(2,335,616)	2,335,616	-
      Profit for the year after taxation	15,246,878	(293,042)	14,953,836

      CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

      Certificate capital	Capital reserves	Revenue reserves	Total reserves	Total equity
      	Statutory reserve	Accumulated losses

      Effect of prior period error adjustment on the condensed interim statement of changes in equity as at June 30, 2024

      Note ---------------------------- Rupees ----------------------------

      Balance as at June 30, 2024 - as previously stated (Audited) 298,000,000 88,032,069 (38,294,494) 49,737,575 347,737,575

      Effects of restatements:

      Sales tax on management fee payable 3.1 - - (2,396,405) (2,396,405) (2,396,405)

      Change in transfer to statutory reserves due to sales tax adjustment

      3.2

      - (75,321) - (75,321) (75,321)

      Balance as at June 30, 2024 - restated (Audited) 298,000,000 87,956,748 (40,690,899) 47,265,849 345,265,849

      1. This represents the cumulative effect of the correction of a prior period error pertaining to sales tax payable on management fee.

      2. This represents the adjustment to statutory reserves resulting from the restatement of revenue reserves due to sales tax payable on management fee.

         FOR THE HALF YEAR ENDED DECEMBER 31, 2025

         
         
         

         IJARAH ASSETS

         (Un-audited) (Audited)

         Dec 31, 2025 Jun 30, 2025

         Note ----------Rupees----------

         Operating fixed assets given on ijarah	4.1	20,738,051	31,484,673
         4.1 Operating fixed assets given on ijarah
         Opening written down value		31,484,673	74,450,750
         Disposals during the period / year		(5,493,245)	(27,082,478)
         		25,991,428	47,368,272
         Depreciation charge for the period / year		(5,253,377)	(15,883,599)
         		20,738,051	31,484,673
         5 FIXED ASSETS
         Fixed assets	5.1 & 5.1.1	17,714,793	13,719,220
         Right of use assets	5.2	8,853,004	10,839,957
         		26,567,797	24,559,177
         5.1 Fixed assets
         Opening written down value		13,719,220	13,979,664
         Additions during the period / year		4,592,592	98t,626
         Disposals during the period / year		(873,773)	(780,500)
         		17,438,039	14,180,790
         Depreciation charge for the period / year		(597,019)	(993,290)
         Disposals during the period / year		873,773	531,720
         		17,714,793	13,719,220

         5.1.1 It represents a piece of land measuring 10 Kanals, costing Rs. 10,728,400 situated at Mauza Amer Sidhu, Lahore Cantt, acquired through settlement of certain Murabaha facilities. The subject land is presently in the possession of Defence Housing Authority, Lahore (DHA). The Modaraba has filed legal suit in the Civil Court, Lahore for possession of land. The management and legal counsel of the Modaraba are confident that Modaraba has valid claim against DHA because title and sale deed is in the name of the Modaraba and accordingly no loss has been recorded against such land. Management is also making efforts to achieve out of court settlement and next date of hearing is l8th February, 2026 for further processing of the case.

         5.2 Right of uee assets

         (Un-audited) (Audited)

         December 31, June 30,

         2025 2025

         ----------Rupees----------

         Opening written down value	10,839,957	8,968,532
         Additions during the period / year		5,731,851
         	10,839,957	14,700,383
         Depreciation charge for the period / year	(1,986,953)	(3,860,426)
         Closing balalnce	8,853,004	10,839,957
         6 MURABAHA FINANCES
         Considered good	11,015,899	17,357,111
         Considered doubtful	36,509,995	36,755,652
         Provision for doubtful long term murabaha finan	(7,656,126)	(6,G73,778)
         	39,869,768	47,438,985
         Current portion	(35,170,950)	(40,282,404)
         Non-current portion	4,698,818	7,156,581
         7 DIMINISHING MUSHARAKAH FINANCING
         Considered good	206,081,250	222,089,949
         Considered doubtful	8,334,681
         Current portion	(76,896,561)	(74,237,249)
         Provision for Diminishing Musharakah finances	(4,142,115)	(3,734,822)
         Non-current portion	133,377,255	144,117,878

         FOR THE HALF YEAR ENDED DECEMBER 31, 2025

         8 DEFERRED TAXATION

         Taxable / (deductible) temporary difference in respect of:

         (Un-audited) (Audited)

         Dec 31, 2025 Jun 30, 2025

         ----------Rupees----------

         	Fixed assets in own use		2,226,072	2,068,858
         	Right of use assets		2,567,371	3,143,588
         	Provision for short term Murabaha finances		(5,800)	(5,800)
         	Provision for doubtful Ijarah rental receivables		(364,696)	(366,862)
         	Provision for doubtful Murabaha finances		(1,915,022)	(1,915,022)
         	Provision for short term Musharakah finances		(91,254)	(93,108)
         	Provision for Diminishing Musharakah finances		(1,201,213)	(1,083,098)
         	Unrealized loss on revaluation of financial
         	- assets at fair value through profit or loss		(253,369)	(265,500)
         	Lease liabilities against right of use assets		(2,460,397)	(2,900,026)
         			(1,498,308)	(1,416,970)
         	MURABAHA FINANCES - SECURED
         	Considered doubtful
         	- Regular parities			5,000,000
         	- Parties under litigation		33,800,000	28,800,000
         			33,800,000	33,800,000
         	Provision for doubtful long term murabaha finances		(8,440,000)	(8,420,000)
         			25,360,000	25,380,000
         10	I]ARAHRENTALRECEIVABLES-SECURED
         	Considered good	10.1	48,201	470,042
         	Parties under litigation - considered doubtful		5,026,212	5,026,212
         	Suspended ijarah income - considered doubtful		(843,499)	(843,499)
         	Provision for doubtful ijarah rental receivables		(1,257,574)	(1,265,040)
         			2,973,340	3,387,715

         10.1 These are secured against ijarah assets and personal guarantees. In some ijarahs, additional collateral is also obtained in the form of mortgaged property. The Modaraba is entitled to repossess and sell the ijarah assets in case of default by the customers.

         1. MUSHARAKAH FINANCES

            Considered good

            Provision for Musharakah finances

         2. SHORT TERM INVESTMENTS

            Financial assets at fair value through profit or loss:

            (Un-audited) (Audited)

            December 31, June 30,

            2025 2025

            ----------Rupees----------

            20,788,000 10,499,750

            (314,670) (32t,06t)

            20,473,330 10,178,689

            Shares of listed companies 12.1

            18,926,805

            18,926,805

            14,287,295

            14,287,295

            FOR THE HALF YEAR ENDED DECEMBER 31, 2025

            1. Shares oflisted companies

         Unless otherwise stated, the holdings are in fully paid ordinary shares of Rs. 10 each.

         Number of shares

         Name ofInvestee

         December 31, 2025 June 30, 2025

         December 31, June 30, Average	Market	Average	Market
         Cost	Value	Cost	Value

         2025

         5,000

         2025

         CEMENT

         Fauji Cement Company Limited

         ------ ------Rupeee -------------

         284,891 279,750

         284,891 279,750

         1,500

         OIL & GAS MARKETING COMPANIES

         0,000 Sui Southern Gas Company Limited Msa Energies Limited

         1,055,601 1,073,835

         376,996 427,900

         REFINERY

         20,000 Pakistan Refinery Limited

         1,055,601 1,073,835 376,996 427,900

         717,236 678,600

         320,000 320,000

         Cnergyico Pk Limited

         POWER GENERATION & DISTRIBUTION

         2,628,231 2,355,200 2,628,231 2,281,600

         2,628,231 2,355,200 3,345,467 2,960,200

         4,000 T0,000 Hub Power Company

         8OOD & PERSONAL CARE PRODUCTS

         880,556 885,520 J,354,0fi0 J,378,t00

         880,556 885,520 J,354,0fi0 J,378,t00

         75,000

         25,000 50,000

         10,000

         60,000 50,000

         Fauji Foods Limited

         PHARMACEUTICALS

         Citi Pharma Limited

         The Seade Company Limited

         TECHNOLOGY & COMMUNICATIONO

         Octopus Digital Limited

         CHEMICALS

         1,494,014 1,551,000

         1,494,014 1,551,000

         2,247,621 2,115,000 4,547,833 4,t98,500

         887,028 877,000

         2,247,621 2,115,000 5,434,861 5,075,500

         3,490,012 2,616,600 3,047,250 2,575,000

         3,490,012 2,616,600 3,047,250 2,575,000

         75,000 40,000 Engro Polymer & Chemical Limited

         BANKS

         2,720,678 2,445,000 1,707,262 1,262,000

         2,720,678 2,445,000 1,707,262 1,262,000

         170,000

         Bank Islami Pakistan Limited

         PAPER, BOARD & PACKAGING

         Century Paper and Board Mills
         
         

         5,814,328 5,604,900

         5,814,328 5,604,900

         790,112 608,595

         790,112 608,595

         20,615,932 18,926,805 I 5,056,038 4,287,295

         FOR THE HALF YEAR ENDED DECEMBER 31, 2025

         Note

         (Un-audited) (Audited)

         Dec 31, 2025 Jun 30, 2025

         ----------Rupees----------

         ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES
         Advance against expenses			22,222
         Loans to / receivable from employees - considered good		259,000	399,000
         Prepayments		5,039,863	4,927,915
         Accrued profit (secured - considered good)		4,310,776	2,353,774
         Legal suits' charges receivable (secured - considered good)	13.1	2,335,512	2,204,t12
         Sundry receivables (unsecured - considered good)		4,514,917	384,474
         		16,460,068	10,291,497
         Legal suits' charges receivable
         Opening balance		2,723,002	2,718,002
         Expenses incurred		131,400	5,000
         Gross amount		2,854,402	2,723,002
         Allowance for doubtful legal suits' charges receivables		(518,890)	(518,890)
         		2,335,512	2,204,1 t2
         14 CASH AND BANK BALAlsfCES
         - Current accounts		25,236	27,538
         - Saving accounts		7,418,472	3,364,844
         		7,443,708	3,392,382
         Savings account - dividend Balances with banks - total Cash in hand		5,622,629 13,0G6,337 45,819	5,647,679 9,040,06d 26,302
         		13,112,156	9,066,363
         15 UNCLAIMED PROFIT DISTRIBUTIONS
         Opening balance		13,697,088	J2,828,J3t
         Add: dividend declared during the year			14,900,000
         Less: dividends paid		(58,080)	(l4,03t,043)
         Closing balance	t5.I	13,639,008	13,697,088

         15.1 Management has maintained funds of Rs. 4,781,184 Qune 30, 2025: Rs. 5,647,679) against unclaimed profit distribution of Rs. 13,639,008 Qune 30, 2025: Rs. 13,697,088) resulting shortage of funds of Rs. 8,857,824 Qune 30, 2025: Rs. 8,049,409). This shortage of funds of Rs. 8,049,409 relates to unclaimed profit distribution when Modaraba was managed by Trust Management Services (previous management company) from incorporation till 2009 when change of management took place through appointment of admiriistrator by registrar under section 19 and 20 ofModaraba Compariies and Modarabas (Flotation and Control) Ordinance, 1980. Modaraba has maintained complete funds for unclaimed profit distribution after acquisition of Al-Zamin Management Company Limited in 2009 till date.

         1. CONTINGENCIES AND COMMITMENTS

            1. Co:aâage:aclcs

               There is no significant change in contingenccies from the preceeding annual published financial statements of the Modaraba for the year ended June 30, 2025.

            2. Diminishing Musharaka commitments

         The Modaraba has entered into Diminishing Musharaka arrangements for vehicles. These arrangements have remaining terms of less than five years. Such arrangements also include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future installment payments due under these arrangements at the year end are as follows:

         FOR THE HALF YEAR ENDED DECEMBER 31, 2025

         				(Un-audited) Dec 31, 2025	(Audited) Jun 30, 2025
         				-----------Rupees----------
         	Not later than one year			4,202,106	4,553,496
         	Later than one year and not later than five years			8,811,276	10,527,402
         				13,013,382	15,080,898
         	Disbursement of Ijarah / Murabaha / Musharakah to be made
         	to customers			11,000,000
         		Half Year Ended December 31,		Quarter Year Ended December 31,
         		2025	2024	2025	2024
         17	INCOME FROM IJARAH - NET	Note	--------------------------Rupees-------------------------
         	Income from leasing and Ijarah operations	8,235,541	15,367,098	3,955,310	6,59t,699
         	Less: depreciation on fixed assets given on ijarah	(5,253,377)	(9,374,744)	(2,389,046)	(3,865,044)
         	Less: insurance on ijarah assets	(568,420)	(1,391,892)	(277,246)	(743,783)
         		2,413,744	4,600,462	1,289,018	1,982,872
         18	PROFIT ON MURABAHA -INANCES
         	Profit on murabaha finances	1,478,702	2,050,880	770,985	971,589
         	Income suspended during the year	(20,000)	(20,000)	(20,000)
         	Reversal of suspension income	381,304	76,044	381,304	76,044
         		1,840,006	2,106,924	1,132,289	1,047,633
         19	PROFIT ON DIMINISHING MUHSARAKAH / MUSHARAKAH FINANCES
         	Profit on musharakah finances	31,071,009	28,369,064	15,743,941	14,0t5,291
         	Income suspended during the year	(1,002,438)		(516,155)
         	Less: commission of selling agent	(322,500)	(282,500)
         	Less: takaful on diminishing musharakah	(3,529,620)	(2,946,245)	(1,825,004)	(t,565,977)
         		26,216,451	25,J40,3J 9	13,402,782	12,449,3t4
         20	OPERATING EXPENSES Salaries, allowances and other benefits	10,703,467	9,875,409	5,169,412	5,022,578
         	Repairs and maintenance	1,872,078	1,122,544	1,098,742	436,138
         	Depreciation on right of use assets	1,986,953	1,879,479	996,479	980,583
         	Fees and subscription	1,734,550	1,975,084	921,420	t,169,825
         	Vehicle running	1,476,1M	1,370,585	693,162	692,214
         	Unwinding of lease liabilities	803,198	1,335,350	184,379	693,264
         	Telephone, postage and courier	746,379	795,344	352,362	420,477
         	Rent, rates and taxes	640,065	l,226,4J5	288,000	923,850
         	Depreciation on own assets	597,019	483,501	336,626	217,955
         	Legal and professional charges	522,425	150,000	292,425	70,000
         	Electricity, gas and water	469,785	739,167	109,940	280,332
         	Printing and stationery	406,081	469,692	280,136	3i4,635
         	Office supply	349,960	91,320	171,049	91,320
         	Amortization on intangible assets	192,553	203,664	90,721	101,832
         	Entertainment	144,058	471,931	64,258	t86,152
         	Auditors' remuneration	150,000	118,800	150,000	118,800
         	Insurance	72,375	88,371	27,720	54,703
         	Advertisement	41,514	110,483	41,514	110,483
         	Sales tax	30,642	37,638	10,352	tt,044
         	Bank charges and commission	19,953	8,367	6,411	5,952
         	Traveling and conveyance	5,320	309,268	5,320	145,237
         	Newspaper and periodicals	1,495	7,240	1,495	3,830
         	Miscellaneous	201,860	381,101	165,150	327,796
         		23,167,843	23,250,753	11,457,073	12,379,000

         1. EARNINGS PER CERTIFICATE - BASIC AND DILUTED

            Half Year Ended Quarter Year Ended

            December 31, December 31,

            2025 2024 2025 2024

            ------------------------Rupees-----------------------

            Profit for the period Rupees 8,020,070 14,953,836 5,576,764 8,782,534 Weighted average number of certificates Number 29,800,000 29,800,000 29,800,000 29,800,000 Earnings per certificate Rupees 0.27 0.50 0.19 0.29

            1. There is no dilution effect on the basic earnings per certificate of the Modaraba.

         2. CASH GENERATED FROM OPERATIONS

            (Un-audited) (Un-audited)

            December 31, December 31,

            2025 2024

            (Restated)

            ----------Rupees----------

            Profit before taxation and levy Adjustments for non-cash and other items:	Note	11,156,073	17,289,452
            - Depreciation:
            Under ijarah		5,253,377	9,374,744
            In own use	5.1	597,019	483,501
            Right of use assets	5.2	1,986,953	1,879,479
            - Amortization on intangible assets		192,553	203,664
            - Provision for doubtful receivables		261,494	325,589
            - Gain on disposal of ijarah assets		(719,938)	(1,908,293)
            - Gain on disposal of own assets		(1,225,500)	(959,000)
            - (Gain) on sale of long term investment		-	(797,752)
            - (Gain) on sale of short term investment		(3,162,915)	(3,210,301)
            - Unrealized (gain) on revaluation of held for trading investment		(79,613)	(3,391,483)
            - Unwinding of lease liabilities		803,198	1,335,350
            - Workers' Welfare Fund		(231,614)	(352,846)
            - Dividend income		(205,514)	(429,000)
            		3,469,500	2,553,652
            Operating profit before working capital changes Decrease / (increase) in current assets		14,625,573	19,843,104
            - Advances, deposits, prepayments and other receivables		(6,168,571)	(2,680,150)
            - Short term murabaha finances		20,000	20,000
            - Short term musharakah finances		(10,294,641)	2,503,564
            - Ijarah rental receivables		414,375	563,067

            Increase / (decrease) in current liabilities

            • Charity payable

            • Creditors, accrued and other liabilities

            (57,304)	43,352
            (2,150,810)	(5,460,124)

            (18,236,951) (5,010,291)

            Cash (used in) / generated from operations (3,611,378) 14,832,813

            FOR THE HALF YEAR ENDED DECEMBER 31, 2025

         3. REMUNERATION OF EXECUTIVES / REY MANAGEMENT PERSOJ$fiNEL

         Aggregate arriounts charged in the condensed interim financial statements for the period as remuneration and benefits to executives / key management personnel of the Modaraba are as follows:

         Executives

         ChiefExecutives

         OWcer

         Others

----------------------------Rupees--------------------------

Out of six, four Executives have been provided with modaraba maintained cars and are also entitled for reimbursement of fuel expenses. As per fourth schedule to the Companies Act, 2017, "Executive" means an employee, other than the chief executive and directors, whose basic salary exceeds twelve hundred thousand rupees ina financial year.

Transactions during the period

Related party Relationship Nature of traneaction

Half year ended Quarter ended

December 31 December 31

2025 2024 2025 2024

------------------------Rupees-----------------------

Employees' Provident

Executive.

Executives ASSociated min on disposal

person

Outstanding Balance as at the period end

Related party Relationehip Nature of transaction

Al-Zamin Modaraba Management

EXۥcutives Executives Executives

2,t63,240

(Un-audited) (Audited) December 31, June 30,

2025 2025

-------------Rupees-------------

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

1. SEGMENTREPORTING

   An operating segment is a group of assets and operations engaged in providing products that are subject to risks and returns that are different from those of other business segments. The management has determined the operating segments based on the information that is presented to the Chief Executive Officer (Chief Operating Decision Maker) for allocation of resources and assessments of performance. Based on internal management reporung structure and products produced and sold, the Modaraba is organized into following four operating segments:

   Typea of segments	Naiure of buaineea
   Murabaha finances	Sale of goods under murabaha arrangement
   Ijarah finances	Giving right to the benefit of using an asset for a consideration
   Musharakah finances	Joint enterprise formed for conducting some business
   Investments	Investments made in equity instniments of other companies and other investments

   No operating segments have been aggregated to or form the above reportable operating segments.

   The Chief Executive Officer monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is generally evaluated based on certain key performance indicators including business volume, gross profit, profit from operations, reduction in operating cost and free cash flows.

   Transfer prices between operating segments are on an arm's length basis in amanner similar to transactions with third parties. There were no transfers between operating segments during the period. (2024: Nil)

   25.I Segment analyeie

   The segment information for the reportable segments for the half year ended December 31, 2025 is as follows:

   Decembe* 31, 2025

   December 31, 2024

   25

   Murabaha Ijarah Musharakah Finances Finances Finances

   Investments Total Murabaha Finances

   Ijarah Finances Musharakah

   Finances

   Investments Total

   ------------------------------------------------------------------------------Rupees--------------------------------------------------------------------------------------

   TRUST MODARABA Half Yearly Report Decemeber 31, 2025

   1,630,006		8,755465	28,806,586	3,368429	42,560486		1,712,425		14,948,899		27,794,612		3,639,301	48,095,237
   		(5,253,377)			(5,253,377)				(9,374,744)					(9,374,744)
   		(568,420)	(3,852,120)		(4,420,540)				(1,391,892)		(2,946,245)			(4,338,137)
   210,000		200,014	1,261,985		1,671,999		394,499		4T8,19fi		29T,952			T,l04,550

   Repomble segmenc pzo£it	1,840,006	3,133,682	26,216,451	3,448,042	34,638,181	2,i06,924 4,600,462 25,l40,3t9 7,030,784 38,878,489
   Repomble segment asseai	67,565,280	24,088,072	238,667,098	18,926,805	349,247,255	72,537,595 46,492,852 2i8,475,4iS i8,493,650 355,999,512
   fieporfaf›/e segmczitliablliaes	1,784,199	13,487,168			15,271,367	2,249,187 21,728,888 23,978,075
   Addiâoos to for-cuzrenr assem

   (Un-audited)

   
   
   

   Gross revenue from esternal customers Depreciation Insurance expense Other income
   Net revenue	1,840,006		3,133,682	26,216,451	3,368,429	34,SS8,S68		2,i06,924		4,600,462		25,l40,3t9		3,639,30t	35,487,006
   Unrealized Profit / loss) on revaluation of investments					79,613	79,6t3								3,391,483	3,39i,483
   (Provision)/ Reversal for doubtful receivables

   
   
   
   
   

   Reconciliation of reportable segments revenues, profit or loss, assets and liabilities is as follows:

   (Un-audited) (Un-audited)

   December 31, December 31,

   2025 2024

   Revenues ----------Rupees----------

   Total revenues for reportable segments	34,558,568	35,487,006
   Other revenues	1,658,599	4,632,653
   Modaraba's revenues	36,217,167	40,119,659
   Profit
   Total profit for reportable segments	34,638,181	38,878,489
   Other income	1,658,599	4,632,653
   Provision for doubtful receivables	(261,494)	(325,589)
   Operating expenses	(23,167,843)	(23,250,753)
   Modaraba Management Company's fee	(1,286,744)	(1,993,480)
   Services sales tax on the Management Company's fee	(193,012)	(299,022)
   Workers' Welfare Fund	(231,614)	(352,846)
   Taxation	(3,136,003)	(2,335,616)
   	8,020,070	14,953,836
   	(Un-audited)	(Audited)
   	December 31,	June 30,
   	2025	2025

   Assets ----------Rupees----------

   Total assets for reportable segments 349,247,255 359,153,481 Corporate assets unallocated:

   Advances, prepayments and other receivables	5,827,923	1,650,500
   Income tax refundable	4,733,941	5,280,459
   Deferred taxation - net	1,498,308	1,416,970
   Deposits	294,662	294,662
   Fixed assets in own use	26,567,797	24,559,177
   Intangible asset	349,059	541,612
   Cash and bank balances	13,112,156	9,066,363
   	52,383,846	42,809,743
   Total assets as per the balance sheet	401,631,101	401,963,224
   Liabilities
   Total liabilities for reportable segments	15,271,367	20,073,018
   Corporate liabilities unallocated: Unclaimed profit distributions	13,639,008	13,697,088
   Creditors, accrued and other liabilities	7,409,279	9,328,475
   Charity payable	51,304	108,608
   Lease liabilities against right of use assets	8,484,126	10,000,088
   Total liabilities as per the balance sheet	44,855,084	53,207,277

   1. Certain liabilities, assets, other income and other operating charges of the Modaraba cannot be allocated to a specific segment. Accordingly, these amounts have been classified as unallocated.

   2. There are no differences between the measurements of the reportable segments' profits or losses, assets and liabilities with the Modaraba's profits or losses, assets and liabilities.

   3. There are no changes from prior years in the measurement methods used to determine reported segment profit or loss.

   4. There are no asymmetrical allocations to reportable segments.

   5. All non-current assets of the Modaraba are located in Pakistan as at the reporting date.

2. SHARIAH SPECFIC DISCLOSURES

   Note

   (Un-audited) (Audited)

   December 31, June 30,

   2025 2025

   ----------Rupees----------

   i) Balance as at December 31, 2025:
   I .iabi1itles
   Lease liabilities against right of use assets			6,274,805	7,269,660
   Assets Short term investments	Shariah compliant	12	18,926,805	14,287,295
   Cash and bank balances	Shariah compliant	14	13,112,156	9,066,363
   ii) Transactions for the period ended December 31, Income from ijarah - net	2025: Shariah compliant		2,413,744	7,409,6J3
   Profit on murabaha finances	Shariah compliant		1,840,006	3,884,521
   Profit on musharakah finances	Shariah compliant	19	26,216,451	50,645,697
   Dividend income on equity investments	Shariah compliant		205,514	799,000
   Gain / loss) on sale of short term investments	Shariah compliant		3,162,915	4,564,535
   Other income	Shariah compliant		2,378,537	5,272,294
   Source and detailed breakup of other income:
   Gain on disposal of ijarah assets	Shariah compliant		719,938	t,908,293
   Gain on disposal of owned fixed assets	Shariah compliant		1,225,500	2,150,460
   Profit on deposit and saving accounts with banks	Shariah compliant		81,996	378,779
   Miscellaneous income	Shariah compliant		351,103	834,762
   Expense on ijarah assets:
   Unwinding of lease liabilities	Shariah compliant	20	(803,198)	(2,678,0t4)

   1. Names of the Company's shariah compliant financial institutions

      1. Meezan Bank Limited

      2. First Habib Modaraba

      3. UDL Modaraba

   2. Takaful operators:

   Adamjee Insurance Company Limited IGI General Insurance Limited

   Security General Insurance Company Limited Jubilee General Insurance Company Limited Premier Insurance Limited

   TPL Direct Insurance Limited

   Arrangement Bank deposit Ijarah Assets Ijarah Assets

   Window Takaful Window Takaful Window Takaful Window Takaful Window Takaful Window Takaful

3. FAIR VALUE HIERARCHY

   International Financial Reporting Standard 13, 'Fair Value Measurement' requires the Modaraba to classify assets using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

   • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

   • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2).

   • Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) level 3). The following table presents the Modaraba's assets and liabilities that are measured at fail value as at:

     NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

     FOR THE HALF YEAR ENDED DECEMBER 31, 2025

     December 31, 2025 (Un-audited) Level 1 Level 2 Level 3 Total

     Assets

     Short term investment	18,926,805		-		- 18,926,805
     	18,926,805		-		- 18,926,805
     June 30, 2025 (Audited): Assets Short term investment	Level 1 14,289,295		Level 2 -		Level 3 Total - 14,289,295
     	14,289,295		-		- 14,289,295

     During the half year ended December 31, 2025, there were no significant changes in the business or economic circumstances that affect the fair value of the Modaraba's financial assets and financial liabilities. Furthermore, there were no reclassifications of financial assets and there were no changes in valuation techniques during the period.

4. SUBSEQUENT EVENT

   No such event or transaction has occurred subsequent to the balance sheet date, which may require adjustment and/or disclosure in the condensed interim financial statements.

5. AUTHORIZATION OF FINANCIAL STATEMENTS

These condensed interim financial statements is approved and authorized for issuance by the Board of Directors of

the Management Company in its meeting held on 17thFebruary, 2026.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

KARACHI

Principal Place of Business:

104-106, Kassam Court, BC-9,

Block-5, Clifton, Karachi-75600, Pakistan. Tel: +92 (021) 3589 3369, 3587 3373

Fax: +92 (021) 3587 0408

E-mail: info@trustmodaraba.com

LAHORE

320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore, Pakistan.

Tel: +92 (042) 3594 1957

+92 (042) 3594 1958

Fax: +92 (042) 3586 6513