First IBL Modaraba : Transmission of Quarterly for the Period Ended March 31, 2024

QUARTERLY REPORT

(UN-AUDITED)

MARCH, 2024

FIRST IBL

MODARABA

Corporate Information

Modaraba Management Company	IBL Modaraba Management (Pvt.) Limited
Board of Directors	Mr. Arslan Khan Khakwani	Chairman
	Mr. Ibrahim Hasan Murad	Director
	Mr. Salman Ahmad	Independent Director
	Ms. Faiza Jabeen	Female director
	Mr. Muhammad Ibrahim Qazi	Chief Executive
Company Secretary	Mr. Hassan Fareed
Chief Financial Officer	Mr. Muhammad Ibrahim Butt
Internal Auditor	Mr. Jahangir Hassan
Shari'ah Advisor	Dr. Salman Ahmed Khan
Legal Advisor	M/s. Holscott International [Legal services]
Bankers	Meezan Bank Limited
	MCB Islamic Bank Limited
	The Bank of Punjab - Taqwa
Auditors to the Modaraba	Crow Hussain Chaudhury
	Chartered Accountants
Share Registrar	Corp Tec Associates (Pvt.) Limited
	503 E, Johar Town, Lahore.
	Telephone No. 042-35170335 - 37
Registered/ Principal Office	Office No.4-L, Main Ferozepur Road,
	Gulberg3, Lahore.
	Telephone No. 042-35969435 & 36
	www.firstibl.com

DIRECTORS' REPORT

The Board of Directors of M/s IBL Modaraba Management (Private) Limited [IBLMM], the Management Company of First IBL Modaraba [FIBLM], is pleased to present the quarterly results of First IBL Modaraba for the nine month's period ended March 31, 2024 along with directors' report to its certificate holders.

Despite the challenging economic environment, including factors such as political uncertainty, a decrease in foreign exchange reserves, the devaluation of the Pakistani Rupee, a high KIBOR rate, an increasing inflation rate, and high fuel prices, your Modaraba has demonstrated significant progress by booking a pre-tax profit of Rs.16.303 million, as compared to Rs. 8.333 million in the preceding period. This achievement is noteworthy given the current circumstances.

Total assets of FIBLM during the period were maintained at Rs.241.282 million as compare to Rs.222.814 million reported in audited financial statements for the period ended June 30, 2023.

Total liabilities of FIBLM during the period were stood at Rs.25.188 million as compare to Rs.21.585 million reported in audited financial statements for the period ended June 30, 2023.

The Modaraba management is striving to invest its funds in more secure and income generating financing options in order to enhance the profitability of the Modaraba.

The board wishes to extend its appreciation to the Securities & Exchange Commission of Pakistan, Registrar Modarabas, State Bank of Pakistan, and the NBFI & Modaraba Association of Pakistan for their consistent support and guidance.

The board expresses its appreciation and gratitude towards the certificate holders and customers for placing their trust in us. We assure them that we will maintain sufficient internal controls, offer personalized services, and uphold a high standard of corporate governance across all our activities.

The Board also appreciates team of the Modaraba for their dedication and hard work for the growth of the Modaraba in all areas of its activities.

for & On behalf of

The Board of Directors of

IBL Modaraba Management (Pvt.) Limited

Muhammad Ibrahim Qazi

Chief Executive

May 10, 2024

ٹروپر زرٹکیرئاڈ

ٹسرف ہک وج )ڈٹیمل ٹیویئارپ(ٹنمجنیم ہبراضم لیا یب یئآ ٹسرف زرٹکیرئاڈ فآ ڈروب ریغ( ےک ہام ون ےک 0202 چرام 13ےک ےہ ینپمک ٹنمجنیم یک ہبراضم لیا یب یئآ شیپ ےئل ےک زرڈلوہ ٹیکفیٹرس ےک سا وک ٹروپر زرٹکیرئاڈ ہعمب جئاتن )ہدش ٹڈآ ۔ےہ اترک سوسحم رخف رپ ےنرک

ہلدابمرذ یکلم ریغ ،ماہبا یسایس ںیم سج ، نارود ےک لوحام یشاعم لکشم ہدوجوم نیرت دنلب یک تقو ،دوس حرش دنلب ، یمک ںیم ردق یک ہیپور یناتسکاپ ،یمک ںیم ےلھچپ ےن ہبراضم ےک پآ دوجواب ےک ںوتمیق یک نھدنیا دنلب روا حرش یک یئاگنہم نیلم16.303 ںیم ےلباقم ےک عفانم سکیٹ زا لبق ےک ےپور نیلم8.333 ےک لاس رکذ لباق ےس ہجو یک تلااح ہدوجوم یبایماک ہی ۔ایاھکد عفانم سکیٹ زا لبق اک ےپور ۔ ےہ

ےک تاج ہثاثا ےک ےپور نیلم222.814 ہدش ٹروپر ںیم جئاتن یلام ےک2023نوج30

۔ ےئاھکد تاج ہثاثا ےک ےپور نیلم023.040 ےن ہبراضم تدم نارود ںیم ےلباقم

ہمذ ادلاا بجاو یک ےپور نیلم21.585 ہدش ٹروپر ںیم جئاتن یلام ےک2023نوج30

ہمذ ادلاا بجاو یک ےپور نیلم08.344 ےن ہبراضم تدم نارود ںیم ےلباقم ےک ںویراد ۔ںیک ٹروپر ںایراد

ظوفحم دیزم وک زڈنف ےنپا ےئل ےک ےناھڑب وک عفانم ےک ہبراضم ،ٹنمجنیم یک ہبراضم ۔ ےہ یہر رک ششوک یک ےنرک یراک ہیامرس ںیم تاقبط ےلاو ےنرک ادیپ یندمآ روا

کنیب ٹیٹس ، ہبراضم رارٹسجر ،ناتسکاپ فآ نشیمک جنیچسکیا ڈنیا زیرٹروکیس ڈروب ادا ہیرکش اک ناتسکاپ فآ نشیا یسوسیا ہبراضم ڈنیا یئآ یس فیا یب نیا ،ناتسکاپ فآ ۔ یک مہارف یئامنہار روا تیامح یلومعم ریغ ینپا ںیمہ ےن ںوہنج ےہ اتہاچ انرک

رپ مہ ےن ںوہنج ےہ روکشم تیاہن اکزرنٹراپ یرابوراک ، زرڈلوہ ٹیکفیٹرس ےنپا ڈروب مامت ےک سننروگ ٹیروپراک روا ہجوت یتاذ رپ ماظن ینوردنا وک نا ڈروب زین ایک ہسورھب یئآ ٹسرف ڈروب ۔ ےہ اتارک یناہد نیقی یک ےنھکر رارقرب وک لوحام یلاثم ںیم ںوبعش

• ےہ اتہارس وک تنحم روا یصلخم یک ہلمع روا ہیماظتنا یک ہبراضم لیا یب ہبراضم لیا یب یئآ ٹسرف مظتنم

میہاربا دمحم یضاق

0202 یئم32

FIRST IBL MODARABA

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2024

March 2024

June 2023

	Note	Rupees	Rupees
ASSETS
Current Assets
Cash & Bank balances		60,748,202	82,104,089
Short term investments	3	1,813,999	1,306,793
Ijarah rentals receivable	4	-	224,868
Short term Musharaka receivables		21,163,381	13,553,483
Advances, prepayments and other receivables	5	12,263,041	2,469,641
Advance tax		2,631,777	1,861,395
Current portion of Musharakah receivable		58,199,298	29,890,654
		156,819,698	131,410,923
Non-Current Assets
Long term Musharakah receivables		26,454,226	25,548,004
Long term advances and deposits		20,500	20,500
Investment property	6	43,333,501	47,083,522
Fixed assets under Ijarah arrangements	7	14,549,844	18,512,742
Fixed assets under own use	8	104,959	238,699
		84,463,030	91,403,467
Total Assets		241,282,728	222,814,390
LIABILITIES
Current Liabilities
Creditors, accrued and other liabilities		10,832,818	5,797,293
Musharaka finances payable		700,000	700,000
Current portion of non-current liabilities		2,820,903	4,253,911
Presented profit warrants		10,834,598	10,834,598
		25,188,319	21,585,802
Non-Current Liabilities
Long term security deposits		3,822,650	2,075,000
Deferred tax liability		-	361,132
		3,822,650	2,436,132
Total Liabilities		29,010,969	24,021,934
NET ASSETS		212,271,756	198,792,456
REPRESENTED BY:
Certificate capital		216,875,000	216,875,000
Statutory Reserves		50,021,274	47,395,690
Accumulated loss		(56,312,028)	(66,814,365)
		210,584,246	197,456,325
Unrealized gain on revaluation of investments - Available for sale		1,687,510	1,336,131
		212,271,756	198,792,456

Contingencies and commitments

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

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

FIRST IBL MODARABA

CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

	Quarter ended		Nine months ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
			"Rupees"
INCOME FROM OPERATIONS
Income from Ijarah	3,976,504		2,901,265		11,822,481		8,131,449
Profit on Musharaka investments	4,995,049		2,843,585		15,978,260		7,723,031
	8,971,553	5,744,850	27,800,741	15,854,480
OTHER INCOME

Other income

Income from investment property

Income from short term investments

Profit on deposits

Reversal of provision against Musharakah profit - net

TOTAL INCOME

EXPENSES

-

1,873,860

3,749

2,304,875

4,182,484

-

13,154,038

167,197

1,873,860

-

1,362,078

3,403,135

-

9,147,985

1,338

5,621,580

3,749

5,379,948

11,006,615

-

38,807,357

599,364

5,621,580

-

3,105,923

9,326,867

1,853,426

27,034,773

Administrative expenses Depreciation on assets under Ijarah

Unrealized loss on re-measurement of investments

Operating Profit

Charge of Modaraba management fee

Workers' welfare fund

(3,772,043)

(3,016,866)

(811)

(6,789,720)

6,364,318

(636,432)

(90,317)

(2,885,252)

(2,336,750)

(32,364)

(5,254,366)

3,893,619

(389,362)

(58,975)

(11,730,126)

(8,690,727)

98,054

(20,322,799)

18,484,558

(1,848,456)

(332,722)

(11,038,523)

(6,514,630)

(33,211)

(17,586,364)

9,448,409

(944,841)

(170,072)

Profit before taxation Taxation

• Prior Year
• Current Period
• Deferred Tax Profit for the period

5,637,569

(822,789)

(958,387)

-

3,856,393

3,445,282

-

(585,697)

-

2,859,585

16,303,380 8,333,496

(822,789)74,005

(2,771,575)(1,416,694)

418,905(996,558)

13,127,921 5,994,249

Profit per Modaraba Certificate - Basic and Diluted	0.18	0.13	0.61	0.28

The annexed notes form an integral part of these condensed interim financial information (un-audited).

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

Chief Financial Officer

FIRST IBL MODARABA

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

	Quarter Ended		Nine months ended
	March 31, 2024	March 31, 2023		March 31, 2024	March 31, 2023
				"Rupees"
Net Profit for the Period	3,856,393	2,859,585	13,127,921	5,994,249

Other comprehensive income

Items that may be reclassified subsequently to profit and loss

Net unrealized loss in value of available for sale investments

Total Comprehensive Income/ (loss) for the Period

327,380

327,380

4,183,773

(216,283)			327,380
(216,283)		327,380
2,643,301	13,455,301

(1,045,929)

(1,045,929)

4,948,320

The annexed notes form an integral part of these condensed interim financial information (un-audited).

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

Chief Financial Officer

FIRST IBL MODARABA

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net profit for the period

Adjustments for:

• Depreciation of fixed assets under own use
• Depreciation of investment properties
• Depreciation of fixed assets under Ijarah arrangements
• Reversal of provision against Musharakah
• Gain on disposal of fixed assets under own use
• Dividend income Management Fee
• Revaluation loss/ (gain) on investment at fair value through profit or loss
• Workers' Welfare fund
• Gain on termination of Ijarah arrangements
• Profit on bank deposits

Operating profit before working capital changes

Decrease / (increase) in current assets:

• Advances, prepayments and other receivables
• Ijarah rentals receivable
• Short term receivable

Decrease in current liabilities:

- Creditors, accrued and other liabilities

Net cash Generated from / (Used in) changes in working capital Cash Generated from Operations

Increase in non-current assets:

• Long term Musharakah receivables
  Increase in non-current assets:
• Short term Musharakah receivables Income taxes paid
  Profit received on bank deposits
  Net Cash Generated From / (Used in) Investing Activities

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of fixed assets under own use

Proceeds from disposal of fixed assets under own use Purchase of fixed assets under Ijarah arrangements

Proceeds from disposal of assets on termination / completion of Ijarah Dividend income received

Receipt of customers' security deposit

Net Cash Generated From / (Used in) Investing Activities

CASH FLOW FROM FINANCING ACTIVITIES

Dividends paid

Net Cash used in Financing Activities

Net Decrease in Cash and Cash Equivalents

Cash and cash equivalents at the beginning of the period

Cash and Cash Equivalents at the end of the Period

March 31, 2024

Rupees

13,127,921

133,740

3,750,021

8,690,727

-

-

-

1,848,456

98,054

332,722

-

(5,379,948)

9,473,772

22,601,693

(9,793,400)

224,868

-

5,035,525

(4,533,007)

18,068,686

(927,509)

(38,102,044)

(3,541,956)

5,379,948

(19,122,876)

-

-

(5,451,200)

2,903,547

-

314,642

(2,233,011)

-

-

(21,355,887)

82,104,089

60,748,202

June 30, 2023

Rupees

13,494,930

256,255

5,000,028

9,235,969

(3,167,273)

(143,345)

(262)

1,533,515

35,284

306,703

(397,678)

(3,889,600)

8,769,596

22,264,526

6,075,957

988,013

13,946,517

3,050,848

24,061,335

46,325,861

24,812,375

-

(3,455,564)

3,526,280

71,208,952

-

441,200

(7,539,600)

2,893,291

2,762

1,497,816

(2,704,531)

-

-

68,504,421

13,599,668

82,104,089

The annexed notes form an integral part of these condensed interim financial information (un-audited).

CHIEF EXECUTIVE OFFICER

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

FIRST IBL MODARABA

STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

Particulars

Certificate	Statutory	Accumulated	Total Equity
Capital	reserve	loss
	Rupees

Balance as at June 30, 2022	216,875,000	45,394,252	(74,820,117)	187,449,135
Comprehensive income for the year

Net profit for the year

Total comprehensive income for the year

Transferred to statutory reserve

Balance as at June 30, 2022

Balance as at June 30, 2023 Comprehensive income for the period

Net profit for the period

Other comprehensive loss for the period

Total comprehensive loss for the period

Transferred to statutory reserve

	-	-	10,007,190	10,007,190
-	-	10,007,190	10,007,190
-	2,001,438	(2,001,438)	-
	216,875,000	47,395,690	(66,814,365)	197,456,325
216,875,000	47,395,690	(66,814,365)	197,456,325
	-	-	13,127,921	13,127,921
	-	-	-	-
-	-	13,127,921	13,127,921
		2,625,584	(2,625,584)

Balance as at March 31, 2024	216,875,000	50,021,274	(56,312,028) 210,584,246

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

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER