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

HALF YEARLY REPORT December 31, 2025 MANAGED BY WASL MODARABA MANAGEMENT LIMITED

(Formerly Awwal Modaraba Management Limited)

Vision

Wasl Modaraba Management Limited (Formerly Awwal Modaraba Management Limited) will play a role in the economic process and development of Pakistan by providing a range of advisory services and financial support, through Sharia compliant modes; to viable starved sectors of the economy.

Mission

Wasl Modaraba Management Limited (Formerly Awwal Modaraba Management Limited) aims to be at the vanguard of innovation in modaraba management services, offering the best solutions to our customers, value to our certificate holders and modaraba investors, complemented with a challenging, equal opportunity to our employees.

Wasl Mobility Modaraba (Formerly First Prudential Modaraba)

CORPORATE INFORMATION

Shariah Advisor Certificate Registrar

Mufti Ibrahim Essa

Al-Hamd Shariah Advisory Services (Pvt) Limited

C & K Management Associates ( Pvt) Limited

M-13, Progressive Plaza, Plot No. 5 - CL - 10, Civil Lines Quarter, Beaumont Road, Karachi -

75530, Pakistan.

Tel: +92 21-35685930 | +92 21-35687839,

Fax: +92 21 35687839 Email: zakir@cnk.com.pk

Registered & Head Office Branch Office

818, 8thFloor, High-Q, Tower, Jail Road, Gulberg-V, Lahore

Phone: 042-3513117

Suit # A & B, 3rd Floor, Plot No: 31-C, Khayaban-e- Shamsheer, Phase-V, DHA, Karachi, Phone : 021-35155610

DIRECTORS' REPORT

The Board of Directors of Wasl Modaraba Management Limited (Formerly Awwal Modaraba Management Limited), the management company of Wasl Mobility Modaraba (Formerly First Prudential Modaraba), is pleased to present the Directors' Report together with the Financial Statements of Modaraba for the quarter and half year ended 31 December 2025.

Financial Snapshot

During the quarter total revenues increased to PKR 77 million in Q2 of 2026 vs. PKR 63 million in the previous quarter due to rental income effect from higher levels of lease originations since the last 6 months. The total revenue recorded for half year ended December 31, 2025 was PKR 140 million vs PKR 85.5 million in the same period last year.

Lease disbursements for bikes and auto rickshaws for the quarter totalled PKR 75 million vs. PKR 72 million in the previous quarter. Total originations including buses were PKR 97 million vs. PKR 92 million in the previous quarter. Lease originations started growing predominantly after May 2025 and have continued to show that trend throughout the first six months of FY 2026 at a total of PKR 189 million.

OPEX was PKR 28.2 million vs. PKR 24.4 million in the previous quarter. Included in the operating expenses for the quarter were non-recurring expenses related to the rights issuance being currently pursued by the Modaraba and totalled PKR 7.1 million, approximately. The modaraba generated net loss of PKR 4.6 million (net profit of PKR 8.7 million, adjusted for non-recurring expenses) vs. PKR 9.8 million in the previous quarter. Net profit for six months ended December 31, 2025 was PKR 5.2 million.

Operating Results

Increase in Authorized Capital & Issuance of Right Modaraba Certificates

The Modaraba is in process of issuing Right Modaraba Certificates as approved by the Board of Directors in their meeting held on 29thSeptember, 2025. The Authorized Modaraba Capital has been increased from 152, 176,600 certificates to 200,000,000 certificates at par Rs10/each as approved by the Registrar Modaraba , the Securities & Exchange Commission of Pakistan(SECP) with effect from 30thDecember, 2025.

The issuance of 31,325,724 Right Certificates by Wasl Mobility Modaraba will be completed by 15thApril, 2026. Proceed of PKR 150,144,194 from Right issue will be utilized for the payment/settlement of outstanding shareholder's loan from Pak Brunei Investment Company Limited as directed by SECP.

The issuance of Right Modaraba Certificates is expected to positively impact the profitability by reducing financial cost on the existing loan of PBICL, thereby enhancing expected returns to the Certificate holders of modaraba.

Acknowledgments

The Board of Directors would further like to acknowledge and appreciate SECP and Registrar Modaraba for their continuous guidance and support. Also, we would like to avail this opportunity to thank our Certificate holders, customers and investors for placing their trust in the Modaraba.

On behalf of the Board

Saif Tariq Faraz Akhtar Zaidi

Chief Executive Director

Date: 26thFebruary, 2026

ٹروپر یکزٹر کیرئاڈ

الہپ ہقباس) ہبراضم ٹر لبوم لصو ،زٹر کیرئاڈ فآ ڈروب ےک (ڈٹیمل ٹنمجنیم ہبراضم لوا ہقباس) ڈٹیمل ٹنمجنیم ہبراضم لصو ےک ہبراضم وک ٹروپر یکزٹر کیرئاڈ یے ل ےک یہامشش روا یہام ہس یلاو نی وہ متخ وکٹر مسد 13 ،ٹی پمک یماظتنا یک (ہبراضم لشنیڈرپ ۔ہے شوخ رپ نی رک شیپ ھتاس ےک ںوراوشوگ تی ایلام

ںایکلھج تی ایلام

وہ یی ے لم PKR 63 یے م یہام ہس یلھچپ ہلباقمب ٹی گوہ یی ے لم PKR 77 یے م یہام ہس یرسود یک 2222 تی دمآ لک نارود ےک یہام ہس ےلاو نی وہ متخ وک 2222 ٹر مسد 13 ۔یے ہ تارثا ےک تی دمآ یک نی ارک ےس ںوحطس یلعا یک ءادتبا یکٹی ے ل ےس ہام 2 ےلھچپ ہجو یک سج ٹی گ ۔یھت یے م تدم یسا یک لاس ےلھچپ وج یھت یی ے لم PKR 85.5 ہلباقمب یی ے لم PKR 140 تی دمآ لک ٹی گ یک ڈراکیر یے م یہامشش

ی

۔یھت یی ے لم PKR 75 لک ہلباقمب یی ے لم 22 PKR یے م یہام ہس ہتشزگ گیئادا یکٹی ے ل یے ل ےک ںوشکر وٹآ روا کئاب یے ل ےک یہام ہس سا انھڑب دعب ےک 2222 ٹی م رپ روط یداینب ءادتبا یکٹی ے ل ۔یھت یی ے لم PKR 92 دمآ لک یک ںوسب ہلباقمب یی ے لم PKR 97 یے م یہام ہس یلھچپ گنٹیرپآ ےک یہام ہس سا ۔ےھت یی ے لم PKR 24.4 ہلباقمب یی ے لم PKR 28.2 یے م یہام ہس ہتشزگ تاجارخا گنٹیرپآ روا تی وہ عورسر

ی

PKR 7.1 لکروا یے ہ یراج ےعیرذ ےک ہبراضم تقو سا وج ےھت قلعتم ےس ءارجا ےک قوقح تاجارخا یداعا ٹے غ لماش یًے م تاجارخا یداعا ٹے غ ،عفانم صلاخ اک یی ے لم PKR 8.7) یی ے لم PKR 4.6 ہلباقمب یی ے لم PKR 9.8 یے م یہام ہس یلھچپ ن ہبراضم ۔ابیرقت ،یی ے لم PKR 5.2 عفانم صلاخ یے ل ےک ہام ھچ ےلاو نی وہ متخ وک 2222 ٹر مسد 13 ۔ایک ادیپ ناصقن صلاخ اک (ایک ٹسجڈیا یے ل ےک تاجارخا ۔اھت یی ے لم

جئاتن گنٹیرپآ

ءارجا ےک سٹیکفیٹرس ےک ہبراضم قح روا ہفاضا یں م لٹپیک ٹیکفیٹرس زاجم

یک نا یلاو نی وہ وک 2222 ٹر متس 29 نی زٹر کیرئاڈ فآ ڈروب ہکاسیج ہے یے م لمع ےک نی رک یراج ٹیکفیٹرس ہبراضم ٹئار ہبراضم اید رک سٹیکفیٹرس 222,222,222 رک اھڑب ےس سٹیکفیٹرس 322,322,222 وک لٹپیک ہبراضم زاجم ۔یھت ید یروظنم یے م گنٹیم ۔(SECP) ناتسکاپ لمعلا ذفان ےس 2222 ٹر مسد 12 ۔ہے ایگ

ےس وشیا ٹئار ۔اگ نی اج وہ لمکم کت 2222 لیرپا 32 ءارجا اک سٹیکفیٹرس قح 13,122,223 ےس فرط یک ہبراضم ٹر لبوم لصو

۔یکی نی اج یک لامعتسا یے ل ےک ہیفصت /گی یئادا یک ضرق ایاقب ےک تی انورب کاپ قباطم ےک تیادہ یک SECP مقر یک PKR322,333,393

،اگ ےڑپ رثا تبثم رپ عفانم ےکرک مکوک تگال یلام رپ ضرق ہدوجوم ےک لیا یس تی آ تر تی ےس ءارجا ےک سٹیکفیٹرس ہبراضم حیحص ۔اگوہ ہفاضا یے م عفانم عقوتم وکزرڈلوہ ٹیکفیٹرس ےک ہبراضم حرط سا

ی ی ی

تافاٹی عا

ر ر

ی

۔ےک یے ہاچ انرک فیرعت روا فاٹعا دیزم اک نواعت روا تامنہر لسلسم یک نا وک ہبراضم راٹسجر روا تی یس یا سیا زٹکیرئاڈ فآ ڈروب یے ہاچ اناھٹا ہدئاف ےس عقوم سا یے ل ےک نی رک ادا ہیرکش اک ںوراک ہیامرس روا یی ے فراص نی پا یے ل ےک نی رک دامتعا رپ ہبراضم مہ ،ہوالع ےک سا

۔ےک

ےس بناج یک ڈروب

یدیز ٹی خا زارف

ٹر کیرئاڈ

قراط فیس

وٹکیزگیا فیچ

2222 یرورف22:خ••••یرات

INDEPENDENTAUDITOR'S REVIEW REPDRT

To the Certificate Holders of WASL Mobility Modaraba

Report on review of Condensed Interim Financial Statements Introduction

We have reviewed the accompanying condensed interim statement of financial position of WASL L1OBILITY MODARABA ("the Plodaraba") as at 31 December 2025 and the related condensed interim statement of profit and loss, Condensed interim statement of Comprehensive income, condensed interim statement of cash flOW stdtement and condensed interim statement of changes in equip, and notes to the condensed interim financial statements for the six-months period then ended (here-in-after referred to as the " condensed inte,rim financial statements"). The Modaraba Management Company (Awwaf Modaraba Management Limited) is responsible for the preparation and presentation of these condensed interim financial statements in accordance with 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 Information Performed by the Independent Auditor of the Entity", A review of interlm financial statement consists of makinp 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 are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Other Mafter

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in second quarter accounts are subject to a limited scope review by the statutory auditors of the Company.

Accordingly, the figures of the condensed interim statement of profit or toss and other comprehensive income for the three months period ended 31 December 2025 have not been reviewed by us,

The financial statements of the Modaraba for the year ended 30 June 2025 and half year ended 31 December 2024 were audited and reviewed respectively by 6DO Ebrahim & Co, who had expressed an unmodified opinion and conclusion thereon; on I.hose financial statements vide their reports dated 29 September 2025 and 07 March 2025 respectively,

The engagement partner on the revie'w resu)ting in this independent auditor's review report for the period ended 31 December 2025 is Junaid Ashraf.

RIAZ AHI IAD & COMPANY

Chartered Accountants

KARACHI

DATE:

UDIN:

WASL NOBILITY MODARABA

(FORNERLY FIRST PRUDENTIAL MODARJBA)

CONDENSED INTERII' STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEP'IBER 2025

AMETS

NON CURRENT ASSETS

Property and equipment - own use Property, plant and equipment - Ijarah Right-of-use assels

Investment properties

Long term poKion of diminishing musharika finance Long term Investments

Long term advances and deposits Deferred tax asset

31 December 2025 30 June 2025 (Un-audited) (Audited)

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

3

4

5

6

7

10

11

CURRENT ASSETS

Modaraba, musharika, murabaha and other finance - net Current portion of diminishing musharika finance

Wakala finance

ijarah finante

Short term Investments Ijarah rentals receivable

Advances, prepayments and other recelvables Taxation - net

cash and bank balances

741,049,263

1Z

7

B 9

t3 14

15

16

17

626,733,535

TOTAL ASSETS

EQUITY AND LIABILITIES CAPITAL AND RESERVED

Authorized tertificate capital

20D,000,000 modaraba certificates of rupees 1D/ each Issued, subscribed and paid-up certificate capital 129,391,676 modaraba certificates of rupees 10/- each Statutory reserve

Reserve arising out of merger Accumulated loss

Unreallzed gain / (lass) on remeasurement of Investment classified as fair value through

420/Z65,225 472,2B6,146

1,161,314,488 1,099,019,681

2,000, 0 1,5.2 17 6

754,800,307 749,349,677

other comprehensive Income

NON CURRENT LIABILITIES

Long term portion of Lease liability against right-of-use asset Long I:erm portion of Ijarah deposits

CURRENT LIABILITIES

Short term finance

Current portion of Lease liability a9atnst right-of-use asset Redeemable capital - participatory and unsecured

Current portion of Ijarah deposits Accrued and other liabilities Unclafmed profit distribution

TOTAL EQUITY AND MABILITIES CONTINGENCIES AND COf4NZTNENTS

1,309,593

756,109,900

1&,7O3,284

9G,48Z,249

19,489,895

64,DB5,D99

109,186,533

sz,574,gs

t8 19

20

18

19

296 018,055

1,161,314,488

21

{767,745) 79B,581,952

2b6,8b2,755

1,099,D19.6B1

The annexed notes from 1 to 30 form an integral part oF these condensed interim financial statements.

For Wasl Modaraba Nanagemant Limited (Formerly Awwal h'Iodaraba I'danagement Limited) (Management Company}

CI•I3EF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER DIRECTOR

DIRECTOR

1

WASL f•tOBZLfTY I•sODARABA

(FORNERLY FIRST PRUDENTIAL NODARABA)

CONDENSED 1NTERZN STATE?•iENT OF PROFIT AND LOSS { UN-AUDITED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Half year ended quarter ended

31December, 31 December, Z1 December, Z1 December, 2025 2D24 2025 2024

The annexed notes km 1 to 30 form an integral part of these condensed interim financial statements.

For Wasl I•lodaraba Nanagament Limited {formerly Awwal Modaraba Management Limited)

{f•'lanagement Company)

CHIEFEXECUTIVEOFFICER CHIEF FINANCIAL OFFICER DIRECTOR

DIRECTOR

WASL I•IOBIMTY MODARABA (FORNERLY FIRST PRUDENTIAL I IODARABA)

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME [ UN-AUDITED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Note

Half year ended Quarter ended

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

2025 2024 2025 2024

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

Profit for the year

Other camprehensive Income / (loss) for the period:

Etem that will be not be reclassified subsequently to profit or ioss

Unrealised gain / (loss) on remeasurement of investment classified as 'fair value through other comprehensive income

Total comprehensive income for the peñod 7,527,968 20,95 , g6 rs 201,291) 12,3Z0,394

The annexed notes from 1 to 30 form an integral part of these condensed interim financial statements.

For Wasl Nodaraba management Limited (Formerly Awwal Modaraba Management Limited) (Management Company)

CidIEF EXECUTZU'E OFFICER

CHIEF FINANCIAL OFFICER DIRECTOR

DIRECTOR

3

CASH FLOWS PROM OPERATING ACTIVITIES

WASL MOBIMTY MODAkABA

(FORPIERLy n PRUDENTIAL NODARABA) STATEI•gENY OF CASH FLOWS ( UN-AUDITED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Half Yaar ended Half Year ended 31'DecembaK 2025 31'December 2024

--•--••--Rupees ••-•--

Profit before taxation

Adjustments far:

Depredation - own use assets Depreciation - Right of Use AsseD Depreciahon - Ijarah assets Dividend Income

Unrealised (gain) / loss on investments

Gain on sale of Invesbnent

Reversal of allowance for expected cred‹t loss on Ijara rental receivable Reversal of allowanoe for expected credit loss on modaraba, musharika, murabaha and other finance

Allowance for e›‹pected credit lass on diminishing mushyrik6 finance

Gain an dispasal - ijarah assets Finandal charges

(5,167,441}

9l 96Z 402

23,683,108

26,987,274

Cash flows before movements in working capital

Working capital changes decrease / (increase) in current assets

86,694,961 48,170.382

NET CASH FLOWS GENERATED FROI'• INVESTING ACTIVITIES

CASH FLOWS FRON FTNANCENG ACTU/ITIES

(256 16Z,578) 676,t27

for Wasl Modaraba Management Limited [Formerly /twwaI Nodaraba Planagement Limited) (Management Company)

CHIEF EXECUTIVE OFFICER CHIEh fiINANCZAL OPPICER DIRECTOR DIRECTOR

WASL MOBILITY F'tODARABA

(FORMERLY FIRST PRUDENTIAL NODARABA) CONDENSED INTERIM STATEMENY OF CI•IANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEb BER 2025

Issued, subscribed, and paid up certificate capital

F'terger Reserve

Statutory reserve

Accumulated loss

Unrealised

{loss) / gain on investment classified as fair valua through other comprehensive

Total

(Rupees)

Balance at 01 3uIy 2024 (Audited}

Total comprehensive income for the year Profit for the period

Other comprehensive income

Oistzibution @ Rs. 0.30 per certificate for the year ended 30 June 2025

Balance at 31 December 2024 {Un-audited)

1,293,916,760 (208,031,240) 157,982,325

(486,013,717)

(6,080,Z54) 751,773,874

Balance at 01JuIy 2025 (Audited}

Profit for the period

Other comprehensive income

Balance at 31 December 2025 (Un-audited)

- - - 5,450,630 2,077,338 7,527,968

1,293,916,760 [208,€I31,24O) L57,98Z,325 {489,067,5Z8} 1,309 593 756,109,900

The annexed notes foam 1 to 30 form an integral part of these condensed interim financial statements.

For Wash I'4odaraba fganagement Limited {Formerly Awwal f4odaraba Management Limited}

{Nanagement Company}

CMZEF EXECLFf7VE OF£TCER

CHIEF- FZI'UNCIAL OF£TCER DZ¥tECTOR DIRECTOR

5

WASL NOBILITY P1ODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA)

hIOTES TO THE CONDENSED INTERIPI FINANCIAL STATEf•'IENTS

FOR THE HALF YEAR ENDED 31 DECEI'dBER 2025

LEGAL STATUS AND NATURE OF BUSINESS

Wasl Mobility Modaraba (Formerly First Prudential Modaraba) (here-in-after referred to as "the Modaraba") Is a mult1purpose, perpetual Nodaraba. The Modaraba is registered under the Modaraba (Floatation and Control) Ordinance, 1980 and the Modaraba Companies and I Modaraba Rules, 1981. The Modaraba is managed by the Wasl Modaraba Managme I united (WMML)[Formerly Awwal Modaraba Managment Limited], a company wholly owned by Wasl Investment Finanace Mmlted (Holding Company).

Location Address

Lahore Office No 818, Bth Noor, High Q Tower, 3aiI Road, Gulbers 5, Lahore

Karachi Suit No: A & B, 3rd Floor, Plot No: 31-C, Khayaban-e- Shamsheer, Phase-V, DHA, Karachi

1. BASISOFPREPARATION

   Statement of Compliance
   
   

   Purpose Head OfTice Branch Office

   Z.I.1 These condensed interim financial statements have been prepared in accordance with the approved accounting and reportin9 standards as applicable in Pakistan for Interlm nnancial reporting. The accounting and reporting standards comprise of:

   International Accounting Standards (IAS) 34, Interim Financial Reporting, issu@ by the International Accounting Standards Board (IASB) far interim F-lnancial Reporting nott8ed under the Company Act, 2017;

   - Provisions and directives issues under the Companies Act, 2017; and

   Islamic Financial Accounting Standards (IFAS) as notified under the provlslons of the Companies Act, 2017 and made applicable to Modarabas, Modaraba Companies and I'4odaraba (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan (SECP) ['the Modaraba Regulations'].

   Wherever the requirements oF 'the Modaraba Regulations' dilTer From the requlrements of Internadonal Accoun0ng Standard (IAS) 3d -Inteftm Financial Reporting and Islamic Financial Accounbng Standards (IFAS) as notified under the provisions of the Companies Act, 20t7 and made applicable to Modarabas, requirements of 'the Modaraba Regulaaons' have been followed.

   2.22 The disclosures made in these condensed interim financial statement have, however, been limited based on the requirement of IAS 34. These condensed interim financial statements does not Include all the information and disclosures required in a roll set of financial statements and should be read in conjunction wiLh the annual published audited financial statements of be Modaraba for Lhe year ended 30 3une 2025.

   1. The comparative condensed interim statement of financial position presented In these condensed interim financlal statements has been extracted from the annual audited.financial statements of the Modaraba for the year ended 30 June 2025, whereas the comparadve condensed Interim profit and loss, condensed Interim cash flow statement condensed interim statement of changes in equIy of the Modaraba are extracted from the unaudited condensed inl:erim financial stalemenLs for the perlod ended 31 December 2024.

   2. These condensed Interim financial statements are unaudited but subject to limited scope review by the external auditors ar required by the Code of Corporate Governance and are being submitted to the certificate holders as required under Rule 10 of the Modaraba Companies and Modaraba Rules, 1981.

   2.1•5

   The figures of the condensed interim profit and loss and other comprehensive income for the quarters ended 31 December 2025 and 31 December 2024 have not been reviewed.

   2.2 Basis of measurement

   These condensed interim financial statement have been prepared under the historical cast convendon, unless otherwise stated.

   2.B Functional and presentation currency

   These condensed Interim flnan«aI sl:atements are prepared in Pakistani Rupees which Is the Modaraba's functional and presentation currency. The figures In these condensed interim financial statements have been rounded off to the nearest rupee unless otherwise specified.

   
   
   

   6

   z.4 The Modaraba's financial risk management objectives and policies are consistent with that disdosed in annual audited financial statements of the Plodaraba for the year ended 30 June 202S.

   2.S SUI DIARY OF F4ATERZAL ACCOUNTING POLICY ENFORF4ATIOX, ACCOUNTING ESTEf"IATES AND JUDGEMENTS

   The accounting policies adopted for the preparation or these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements of the Modaraba for the year ended 30 June 2025.

   The preparation of these condensed interim finandal statement are In conformity with approved accounting standards requires management to make estimates, assumptions and use of judgements that affect the application of accountlng policies and reported amounD of assets, liabilities, income and expenses. Mtimates, assumptions and judgments are condnually evaluated and are based on historlcal experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recnoniaed nrnsner:tIvetv rnmmencina frnm the nerinrl cf reviainn.

   The material estlmates, judgements and assumptions made by the management in applying the accounting policies and the key sources of estimation uncertainly are Lhe same as Lhose applied to the annual audited financial statements as at and for the year ended 30 3une 2025.

   2.6 5PEC1F1C DISCLOSURE FOR SHARIAH COMPLIANCES

   
   
   
   
   

   Note

   
   
   

   31 December 2025 30 2une 2025 (Un-audited) (Auditad)

   Ijarah Deposits	Shariah Compliant	19	140,719,629	8B,832,529
   Short Term Finance	Shariah Compliant	20	t50,000,000	150,000,000
   Ijarah Assets	Shariah Compliant	4	437,935,073	258,085,437
   Diminishing Musharaka	Shariah Compliant	7	266,186,110	340,696,970
   Wakala finance	Shariah Compliant	8	66,183,562	66,183,562
   Ti;arah Finance	Shariah Compliant		46,716,239	16,250,000
   Long Term Investments	Shariah Compliant	10	13,60B,007	11,169,079
   Short Term Investment	Sharlah Compliant	13	271,382	14,257,836
   Bank Balances	Shariah Compliant	17	82,733,506	161,237,132
   			31 December 2O25	31 December 2024
   			(Un-audited)	{Un-audited}
   ------Rupees------ Transactions for the period
   I;arah Rentals earned	Shariah Compliant	109,162,044		13,357,172
   Income rram Dlminshing Nusharaka Finanace	Shariah Compliant	20,637,177		54,520,242
   Dividend Income	Shariah Compliant	3,773		566,513
   Income on deposits with banks	Shariah Compliant	2,Z58,310		17,049,487
   Ol:her Income	Shariah Compliant	815,60t		1,17B,416
   Source and detialed break up of other income
   Gain on disposal of Ijarah /ssets	Shariah Compliant	5,323		295,7s9
   Documentation / terminatlon charges	Shariah Compllant	626,654
   others	Shariah Compliant	183,624		234,444
   Names of Shariah Compliant financial Institution				Arrangement
   1 Dubai Islamic Bank Limited				Bank Deposit
   2.HBL Mamlc Banking				Bank Deposit
   3, Bank Islami				Bank Deposit
   +BankMaCamahUmited				Bank Deposit
   Takaful Operators
   TFL Direct Insurance united				Window Takaful
   Jubilee General Insuiance Company Mn ited				Window Takaful

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

   
   
   
   
   

   7

2. PROPERTY AND EQUIPMENT - OWNED

Note

31 December 2025 30 June 20Z5 (Un-audited} (Audited}

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

This represent the addition in Computer equipments, Vehicle, office equipment and furniture and fixures purchased during the period.

Depreciañon charge for the period / year amsng net book value (NBV)

{78,2Z8,083)

258,D85,437

Investment property is revalued by an independent valuer named Ocean Surveyors (Private) Llmited as at 30 June 2025. There is no material change in Fair value at the period end.

As per the valuation reports dated 30 3une 2025, Lhe forced sale value or Mo oITIces situated In Karachi amounts to Rupees 6B million. Further, the forced sale value of four shops situated in Rawalplndl amounts to Rupees 12.30 mtlllon.

T.1 Thls represent dlminishlng musharaka financing for a term oF 3 to 5 years. These carry profit rate ranging from 13.55% to 27.37% ( 30 June 202S• 1q,009 to 28.58%). /II diminishing musharika arrangements are secured against hypotheca0on of assets, persona1 guarantees and promissory notes.

7.2 Movement of Expected Credit Loss

Note

31 December 2D25 30 June 2025

(Un-audited) (Audited)

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

Opening balance

Charge/ (Reversal) for the period Oosing balance

8 Wakala Finance

12,430,060

4,349,778

16,779,83B

14,468,381 (2,038,32t) 12,430,060

Wakala Finance-considered good 1 3 62

The m0daraba extended Facility of Rs. 10B million under the Wakata Financing arrangement to one of the customer for participating in govenment project. As per terms oF the facility, the modaraba acts as the 'Principal' and the customer act as an 'Agent' to participaI:e in the customer's pool of assets connected with the government project assigned to the customer through competitive bid mechanism. The deployment of funds under the finance facility is ror the period of Menty seven weeM, after commercial operation, with a weekly settlement and redeployment ol° funds through the entire contracted period.

The commercial operation of the project is not yet commenced due to non - fulfilment of some formalities and amount disbursed represents the seed investment to initiate Lhe project.

The principal has Issued a pay order of Rs. 66.18 million to the government on the customer's behalf.The facility Is secured against personal guarantee of tfie borrower and lien over the bank account spedficaTly marked for collection from the sale of pool assets.

Tijarah Finance

ijarah Finance-considered good 46,716239 6 5 000

Thls represents Tijarah Financing extended to customers thraugh Shariah Compliant arragment for discounting Of the trade bills to meeL the working capital requirement. The term of the finanCTng represent the actual time period elapsed against recovery of the sale invoices Issued by the customer to the ultimate buyer In line with the respective credit terms of each invoice.

The finanong carry proht rate of 25:0096 to 33:00% (30 3une 2D25: 25.359d). The facitw Is secured against assignment of receivables In favor of the modaraba, personal guarantee of the cMstomer and promissory note for an equivalent amount.

Number of Shares

1,594,744 Prudential Securities Limited

Cost

Less: Impairment

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

The invest:ment is fully Impaired due to adverse financial conditions of the investee Company.

9

10.2 Quoted Companies

31 December 2025 30 3une 2025

(Un-audited) (Audited} Number of Shares

31 December 2025 30 June 2025

(Un-audited) (Audited)

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

1,6B5,620

9,450,764

1,522,622

9,450,764

241,551

507,631

842,810 LSE Venture Limited

Cost

Fair Value Adjustment

245,294 LSE Capital Limited

10,973,306

9,692,315

Cost

Fair Value Adjusbnent

LONG TERM ADVANCES AND DEPOSITS

Z,Z13,951 3,313,9st

{679,331} (1,B42,1B7)

2,634,620 1,471,764

16 7

Long term advances Long term deposits

Long term advances

Secured and interest l'ree

To employees - considered good

LeSs: Due wil:hIn one year shown under cMrrent assefs

11.1

11.2

11.1.1

839,4z7

3,273,300

4,112,727

1,725,543

(886,116}

839,427

458,499

3,253,300

3.711.799

1,112,268

(653,769) 4s8,499

11.1.1 This represents interest free loans to the employees as per terms oF the employment and are secured against Provident Fund (PF) balances of employee. The Fair value adjustment in accordance with the requirement of IF-R5 9 "financial Instrument" in respect of lonq ten loan 1s not considered material and hence not recognized.

11.2 Long term deposit:s

This margin deposit was held with a defaulted broker, Prudential Securities Limited, whose operations have been ceased by PSX and the Modaraba has filed a claim with the PSX for the amount. Upon confirmahon of be event of default, the provision was made accordlngly.

1. PIODARABA, I USHARIKA, I4URABAHA AND OTHER FINANCE

   
   
   

   MOdazaba, Nusharaka and Morabahañnance Considered good

   Considered doubtful

   Less: Allowance f0r expected ered(t loss

   445,590,096

   
   
   

   12.2 (44B,590,096}

   446,294,606

   446,294,€t06 (446,294,6D6)

   
   
   

   1. This indude amount of Nodaraba, Nusharaka and Morabaha finance receivable rrom various parUes, outstanding since many years. Based on the guidelines of Modaraba Regulations outstanding balances against these finances have been Ilily provided and suspended accordingly.

   2. Movement of Allowance for Expected CrediC Loss

      Opening balance

      446,298,606

      446,294,6D6

      Reversal of allowance I°or expected credit IosS

      12.3

      (704,510)

      Closing balance

      445,590,09G

      1'16.201.606

   3. The reversal of allowance has been made to extent of actual amount recovered from the customers.

      ID

2. SHORY YERF I INVESTMENTS

Amortised cost

Term Deposits Receipts - considered doubtful

Note 13.1

31 December 2025 30 3une 2025

(Un-audited) {Audited)

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

Fair value through profit or loss

Quoted securities

13.2

271,381

271 38$

14,257,836

14,257,B36

Modaraba had entered into an agreement dated 06 December 2012, with tfie Invest Capital Investment Bank Limited (ICIBL) for selflement of tfie Tern Deposit Receipt of Rs.10 million. As per the terms, the ertire mark up/proflt/penalties accrued upfn the date of settlement agreement were waived off by tfie Modaraba.The balance was receivable in 60 equal monthly Instalments of Rs. 166,667 beginning from 10 December 2012 at Nll profit. Rescheduled amount was as follows:

Term Deposit Receipt as at December 06, 2012

Less' Altownce char9ed in prior years Less: received in earlier period

Net receivable

Less: Allowance for expected credit loss

13.Z Qunted securities

Following is the detail of shares of listed entities - held by the Modaraba at the reporting date:

At fair value through profit or loss - in quoted securities

shares of listed companies - Fully paid up ordinary shares of Rs. 10 each, unless stated otherwise:

10,000,000

(2,000,000}

(3,219,433) 4,7B0,S67 (4,780,567)

10,0D0,000

(2,000,OOO) (3 219,433)

4,780,567

(4,780,567)

31 December 2oZ5 30 3une 2025

(Un-audited) (Audited} Number of Shares

Name oF Envestee Company/Fund Note

31 December 202s 30 June zozs

(Un-audited) (Audited)

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

These lnvestee Companies and Fund are suspended or desisted in prior years, and have been provided in full.

31 December 2025 303une 2025

Net unrealized gain / (loss) on re-measurement of investments (Un-audited) (Audited)

classified as financial assets at fair value through profit or loss' - net Note --- --------Rupees-----------

Weighted average cost of investments Disposal: weighted average cost of investmenI:s

14,257,836

{14,017,Z67)

16,957,897

Unrealized gain/loss) on changes In fair value (Z,70D,D61)

fi4ovement of Allowance for Expected Credit Loss

Note

31 December Z025 30 3une 2025

{Un-audited} (Audited)

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

Opening balance

Charge for the year

62,108,2ZS

61,890,169

323,976

Reversal of provision during Me year

Closing balance

14.2

(283841) (105,920)

61B243M 6Z,tO8,ZZ5

14.2 The reversal of provision has been made to extent of actual amount recovered from a customer.

ADVANCES, PREPAYg1ENTS AND OYHER RECEIVABLES

Consideed good Considered doubtful Total

31 December 2025 30 3une 2025 31 December 2025 30 3une z0zs 31 Deoember 2025 30 3une 202¥

Note - - - •- - - - - - - - - - - - - - - - •- - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

15.1 The employees balances are secured against Provident Fund {PFA balances of employees.

15.1 Thts includes Rs. 0.014 million pertaining to accounts malnLatned with Sate Bank of Pakistan for the operation of ECIB charges.

The doubtful amount of Rs.1.814 million was paid to an ex-managing director of the Modaraba without prior approval of the board of directors of previous Modaraba Management Company (Prudential Capital Management united) for the purchase of a motor vehicle. The Modaraba has initiated legal proceedings for the recovery of said amount from the ex-managing director.

15.Z The doubl:fuI amount includes daim of Rs. @,62 million receivable from a defaulted stock broker - Investec Securities Limited. Various proposals were initiated in past but none of them was materialized for settlement. In one of the proposal, the sald broker has offered / transferred shares and certificates of following entities which were not acknowledged by the than management of the Modaraba, owing to the weak Rnancial posldon of Lhe entities and significance of the amount of daim. According!Y.the management of the Modaraba has not accepted the shares / certificates as satisfaction of claim and same is not recorded in the booM of account. Detail oF shares /

This also Includes an amount receivable from Prudential Securities Limil:ed( PSL) and Pearl Capaal Management Limited (PCML} on account of advance for purchase of securltes amounting to Rs.1 million and other receivable amounting tn Rs.11.475 mlllion. Since operations of PSL & PCML were suspended and keeping n view the remote chances of recovery, provision against the full amount has been recorded.

12

15.4 This amount Includes Rs. 17.889 million paid as advance for purchase of securtfies from Prudentia) Securldes Limited (PSL). Remaining amount of Rs. 0.54 million is blocked in CDC sub account of the said broker against various shares.

Operations of PSL have been ceased by PSX and the Modaraba has filed a dalm with the PSX for the whole amount. However on confirmed existence of event of default, the provision was made accordingly.

155 This represents an unauthorised amount debiI:ed to Ptodaraba's account by a scheduled commercial bank on behalf of a party considered to be a group Company, The Modaraba filed a suit for recovery under the Finandal Institutions (Recovery of Finances) Ordinance, XLVI oF 2001 which was decreed against be Modaraba only due to the reason that it was time-barred. Management of the Modaraba filed m appeal in the Slndh High Court against the judgment of the Banking Court.

The Sindh High Court has set aside the decree of the Banking Court with be directions that the Bankin9 Court, in the first instance, shall decide the application for leave to defend moved by the Bank. The case Is under process with the Banking Court,

31 December 2025 30 June 2025

{Un-audited) {Audited}

16 TAXATION-NET

Nete

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

Advance tax Provision far taxation

16.1

36,373,500

{3,465,354)

32,908,146

35,872,453

(1,599,759)

34,272,694

This 1ncludes an amount of Rs. 1.674 million forcefully withdrawn from bank by the Taxation Authorities on 14 March 2016 against which the Modaraba has filed an application for refund due to the fact that the amount was wrongly withdrawn on the ground that original return filed for the year 2009 was erroneous. The withdrawal was based on the original reUJrn filed whereas Lhe revised return filed and order passed by the Additional Commissioner of Inland Revenue in favor of the Nodarzba has been Ignored. The management is anfident that the amount will be recovered from the tax authority.

17 CASH AND BANK BALANCES

Cash in hand 50,000

Balances will bmks Current account Sa'ving accounts Tern Deposit Receipt

17.1

17.2

161,237,132

161,237,132

The balance in savin9 accounts carry profit at an average rates ranging from 4.20°A to 9.60% per annum (30 June 2025: 3.04% to 17.00% per annum).

17.2 The Term Deposit Receipt is under lien with Pak Brunei Investment Company Limited against short term finance facility.

18 LEASE LIABILITY AGAINST RIGHY-OF-USE ASSET

Current poition (7,621,479)

Long term portion

12,703,284

19,489,895

13

19 ¥3ARAH DEPOSITS

Note

31 December 2025 30 3une 2025

{Un-audited) {Audited)

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

Ijarah deposits

Less: Current portion Ijarah deposit

20 SNORT TERM FINANCE

Pak Brunel Investment Co. Ltd.

20.1

140T19,629 (44,236,380) 96,48Z249

8B,832,529

24747,430)

64,085,099

150,00D,OOD

Was1 Investment Finance Ltd.

20.2

22,500,OOO

150,000,000 150,000,000

The Mcdaraba received an amount oF Rs.150 million from Pak BrUnel Investment Company Ltd (PBICL) under Wakalat-ul- Istismar Agreement dated 30 December 2021. Els facility is renewed every year upon maturity by boti the parties for further period through addendums to the Wakala Agreement.

is per terms of the facility agreement, the PBICL acts as Nuwakll (the Principal) and Modaraba act as a Wakil (the agent) to execute the Shariah Compliant transactions through and as part of the Wakil's Pool of asseG fDr deployiTient oF funds under the extended facility. Return to MuwaMl on investment Is expected at 3 monks MBOR + 29'o per annum.

The facility 1s secured by way of hypoEhecation charge over current / fixed assets/ lien on term deposit receipt, assignment of receivables (only on occurrence of event of default / terminadon) in favor of PBICL and equitable mortgage over the immovable

20.2 Sedlement of Ifiis loan shall take place as per mechanism directed by SECP vide letter No. SC/M/Af4NL/46/2024/36 dated 19 September 2024 and an amount of Rs. 150 million shall be Injected by the WASL Investment Finance Limited (tfie holding company of WMML) whlch would later be conve/ted Into equity not later that 6 months from the date of injection.

The Modaraba has received an amount of Rs.22.50 million ñ am Wasl Investment Finance Ltd (WIFL)[HoIdin9 lTIp IFty of the Management Company] under the Wakalat-ul- Tstismar Agreement dated 023uIy 2025.

As per terms of the facility agreement, the WIFL acts as Muwakll (the Principal) and Modaraba act as a Wakil (the agent) fa execute the Sharlah Compliant transactions through and as part of the Wakil's Pool of assets for deployment of funds under the extended r aiity. Return to Muwakil on investment Is expected at 3 months KIBOR + 296 per annum.

be facility is secured against the promisory note of the facility amount. COWTENGENCIESANDCOMMITMEMTS

Consequently, modaraba filed an appeal with the Tribunal on 09 December Z025 against the above said Issue and confident that appeal will be decided In favor of the Nodaraba.

21.6 Commitment

There were no commitments as at the importing date cLher than the unutilized portion oF the "/akala financing facility and fhe fuMe lease payment for twitch a IiabiliI:y has already be2n recognized in lhese condensed finandal statements.

31 December 2025" 3O 3une 2025 fUn-audited) (Audited)

MANAGEfdENT CC PANY'S REI'•IUNERATiON

Management Company's remunerabon

Note

-------------F upees-----------

The I Modaraba Management Company is entitled to a remuneration for services rendered to the Modaraba under provisions of the hodanbaCompan sand Modarabas(Foatation anUCnnbo}Ordnance,1580 upto a ma%mumf10% pe:annumoftienetannual profits of the rlodarzba.

The management records accrual In respect of Managem°nt Compan"s remuneration out of the net annual profit of the Nadaraba on the basis of zinnual audited account. Therefore, no f4anagement Company's remuneration has been accrued in these condensed interim financial sIat«menb.

22.1 PROVISION FOR SERVICE SALES TAX ON I ANACEMENT COMPANY'S REMUNERATION

The Sindh Revenue Doard (SRB) has imposed Sindh Sales Tax (SST} o‹J tile Modaraba Nanagentent Com pany's remuneration with ePect loom 01 November 20t1. However, certain n odaraba rrianagemunt c0mpanies have approached It.e Honourable Sindh lJigh Court (HSC) and Appellate Tribunal of SkB, challenslnq th Ing r ssT on management cumpa‹iy's ren'uneration. The Modaraba Nanpgcmcnt Company has not received any demand nutice frntn SItD f‹-r payment of ?W on Manajemen' Company's remuneration and accordingly, based on legal advisor's opinion obtained fry one of the t+.odaraba under common inanagrm‹!nt, can neilfier file any

petition challenging the levy of SST on Management Company's remuneration nor can join the proceedings of pending petition in the Court (HSC). As a matter of abundant caution fhe management is accruing SST on Management Company's remuneration and will discharge the Iiabi1il:y on direction of the court (HSC) based on outcome of the petition filed by other Modaraba Management

31 December 2025 "

(Un-audited) (Un-audited)

TAXATION

Current Prior year Deferred

Note

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

1,764,367

(12,462,206) 1,t43,446

(10,718,071) 3,207,813

Provision for current taxation is based on taxable income for the period at the current rates of taxation after taking info account appliable tax ered(Ls, rebates and exemptions available, if any.

1. EARNINGS PER CERTIFICATE - BASIC AND DILUTED

   HatF year ended Quarter ended

   31 December 31 December 31 December 31 December

   2DZS 2024 2OZS 2024

   tUn-audited}

   Basic earnings per certificate Profit for the period after taxation

   Weighted average number of certificates outstanding during the period

   Earnings per certificate

   •---------------------------------- {Rupees) -----------------------------------

   
   
   

   5,450,630 17,108572 9,918,8 ?

   i4alf year ended Quarter ended

   31 December 31 Decerrsber 31 December 31 December

   
   
   

   202B 2024 2025 2024

   129/391/67G 129,391,676 129.391,G76 129.391.676

   (Rupee)

   
   
   

   0.13 {'0.O4} 0.08

   1. Diluted

Diluted earnings per certificate has not been presented as the Nodaraba does not have any conver0ble instruments in issue as at reporting date which would have any effect on the earnln0s per certificate If the opdon to convert 1s exercised.

16

zs FAER VALUE OF FINANDAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to Lransrer a liability in an orderly transaction between market participants at the measurement date.

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prlces (unadjusted) In active markets for identical assets or IlabiTifies.

Level 2: inputs other thanquoted prices Included in Level 1 that are observable for Lhe asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable Inputs).

Fair values of Rnancial assets that are traded In active markeD are based on quoted market prices. For all older finandal instrument the Modaraba determine fair values uslng valuation techniques unless the fair value cannot be reliably measured.

For assets that are recognised in the financial statements at fair value on a recurring basis, the Nodaraba recognises transfers beWc«n levels of Lhe fair value hierarchy at the end of the reporting period during which the change has occurred. There were nD transfers beMeen different levels of fair values mentioned above.

The table below shows the carrying amounts and fair values of a financial asset and financial liability indudlng their fair value hierarchy for financial instruments measured at fair value. It does not include the fair value inr w hon of financial assets and financial Iiabilit1es not measured at Fair value if the carrying amount Ts reasonable approximation oF fair value.

Financial Assets

Investment classified as 'falr value through profit or loss

Level 1 Level 2 Lavel 3 Total

Quoted securities

Invesbnent clarified as 'fair value through other comprehensive Income

used companies

rTnancial Assets

InvesUrient classified as 'fair value through profit or loss guoted securities

Investment classified as 'falr value through other comprehensive income

Listed companies

1. FENANCEAL INSTRUMENTS BY CATEGORY

   271,381

   
   
   

   Carrying Amount

   As at 30 June 2025

   Level 1 Level 2 kevel Z 14,Z57,836

   11,164,079

   271,381

   13,GD8,007

   Total

   14,257,836

   11,164,079

   Financial Assets

   Bank balances investments

   Ijarah renBls receivable Wakala Finance

   Tijarah Finance

   Nusharaka, morabaha and oLher finance Diminishing Nusharikah

   Advances and ofher receiYables

   Long term investments

   Long term advances and deposits

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

   12,502,196 66,1B3t562 249,406,273

   Carrying Amount
   -------------- As at 31 December 2025 -------------
   At Amortized Cost	FVTPL	t FVTOCE

   457,5g1,775

   
   
   

   1Z,092,247

   17,204,974 - 13,60B/0O?

   4 74 1 13,6O8,OO7

   17

   
   
   

   financial liabilities

   Short terrrt finance Lease Liabilibes

   Ijarah deposit

   Accrued and other liabilities

   FINANCIAL INSTRUMENTS BY CATEGORY

   financial Assets

   Bank balances Investments

   Ijarah rentals receivable Wakala Finance

   ijarah Finance

   Musharaka, morabaha and other finance Diminishing Musharikah

   Advances and othei i lvaU)eu Long term investments

   Long term advances and deposits

   F-inancial liabilities

   Short tern finance Lease Liabilities

   Ijarah deposit

   Accrued and oder liabilities

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

   150,000,000 24,520,981

   -

   Carrying Amount
   -------------- As at 31 December 2025 •
   At Amortized		FUTOCJ

   174,520,981

   140,719,629 az,s •,o

   
   
   

   173,293,670 - -

   Carrying Amount
   -------- - - As at 30 June 2025 --------------
   At Amortized Cost	FVTPL	FVTOCI

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

   161,237,132
   5,66B,113	14,257,B36	-
   66,183,562		-
   16,250,000	-
   328,266,910

   577,605,717 14,257,836

   b,JU/,15b 3,711,799

   -

   11,164,079

   9,018,955 - 11,164,079

   585,6Z4,672 14 257,836 11,1g4,079

   Carrying Amount
   -------------- As at 3o 3une 2025 ---"----------
   At Amortized Cost

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

   150,000,000 27,111,374

   -

   177,t11,374 -

   8B,832,529 31,024,374

   119,856,903 - -

   2 6 96 7 - _.

   
   
   

   18

2. RELATED PARTY TRANSACTIONS AND BALANCES

The related parties of the Modaraba comprise of the Management Company and its Holding Company, other associated companies, staff retirement funds, Directors and Key h1anagement Personnel. Transactions with related parties are carried out at agreed rates as approved by the Board of Management Company.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Modaraba. The fdodaraba considers its Chief financial Officer and business heads to be its key management personnel. There are no transactions with key management personnel other than their terms of employment / entitlement. Details of certificate holdi^9 Of Holding Company, Management Company, Directors, Key Management Personnel and their family members are disclosed in pattern of certificate holding included in the annual report of the Modaraba.

Transactions during the period:

Name of the Company

Nature of Transactions

31 December 2025. 31 December 2024 tUn-audited) (Un-audited}

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

N'asI Investment Finance Limited

(Holding Company of the Management Company)

Amount outstanding as at period end Wasl Modaraba Management Limited

Wasl Investment Finance Limited

(holding Company of the management Company}

Receipt against Wakalatul Istismar finance facility

Payment against return on Wakalatul Istismar finance facility

Management Company's remuneration (Wakalatul Ist smar finace facility)

(Return on Wakalat ul Istismar finance facility) Net shdPEd service Cost

{22,5oO,0O0)

7Z6,977

31 December 2025 30 3une 2025

{Un-audited) {Audited)

----------"-Rupees-------------

<,soa,s1a 4,s03,51B

22,SOO,O00

725,738

(74,888)

Corres

8

zs axze or xuTHoazuzzou

*-'

"

.. by thr• 9oard af 0I*fiEtnrs of tra Nanapemenr

30 cEfiERAL

• ^ ^° ••^• I•ianagemmt Liuitaa frormany real Modaraba I•fanagemen# Limited) Na ement compa«yj

Registered & Head Office Branch Office 818, 8thFloor, High-Q Tower Jail Road, Gulberg-V, Lahore Phone : 042-35135117 Suit No: A & B, 3rdFloor, Plot No: 31-C, Khayaban-e-Shamsheer, DHA, Phase-V, Karachi Phone : 021-35155610