OLP Modaraba : Formerly ORIX Modaraba) Transmission Of Accounts For Nine Months Period Ended March 31, 2023

(FORMERLY ORIX MODARABA)

NINE MONTHS

REPORT

MARCH 2023

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CONTENTS

Modaraba Information	02
Directors' Review	03
Condensed Interim Balance Sheet	07
Condensed Interim Profit and Loss Account and
Other Comprehensive Income (Un-audited)	08
Condensed Interim Cash Flow Statement (Un-audited)	09
Condensed Interim Statement of Changes in Equity	10
Notes to and Forming Part of the Condensed
Interim Financial Statements (Un-audited)	11

01

For the nine months ended March 31, 2023

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Modaraba Information

Modaraba Company		Auditors
OLP Services Pakistan (Private) Limited	A.F.Ferguson & Co. Chartered Accountants
(Formerly ORIX Services Pakistan (Private) Limited)
		Bankers/ Financial Institutions
Directors of Modaraba Company		Standard Chartered Bank (Pakistan) Limited (Saadiq)
Mr. Shaheen Amin	Chairman	Meezan Bank Limited
		United Bank Limited (UBL Ameen)
Mr. Raheel Qamar Ahmad	Managing Director	Bank Alfalah Limited (Islamic banking)
/ Chief Executive Officer	Allied Bank Limited (Islamic banking)
		Bank Al Habib Limited (Islamic banking)
Mr. Ramon Alfrey	Director	Habib Bank Limited (Islamic banking)
		Pakistan Mortgage Refinance Company Limited
Mr. Nausherwan Adil	Independent Director
		Legal Advisor
Mian Faysal Riaz	Director	Haider Ali Khan
		Advocate High Court , Partner, Fazle Ghani Advocates
Mr. Nadim D. Khan	Independent Director
		Modaraba Company Registered Office
Ms. Aseya Qasim	Director	OLP Building, Plot no. 16, Sector No. 24,
		Korangi Industrial Area, Karachi.
Company Secretary
Mr. Muhammad Siddique		Modaraba Head office
		Office No. 601, 6th Floor,
Audit Committee		Syedna Tahir Saifuddin Memorial Foundation Building,
		Beaumont Road, Civil Lines, Karachi.
Mr. Nausherwan Adil	Chairman	Phone: [phone]
		Email:[e-mail]
Mr. Ramon Alfrey	Member
		Lahore Branch:
Mian Faysal Riaz	Member	Office No. 08, 1st Floor,
		Park Lane Tower (Mall of Lahore)
Human Resource and		172-Tufail Road, Lahore Cantt.
Remuneration (HR&R) Committee
		Islamabad Branch:
Mr. Nadim D. Khan	Chairman	Ground Floor, Phase 1, State Life Building No. 5,
		Nazimuddin Road, Blue Area, Islamabad.
Mr. Shaheen Amin	Member
		Registrars & Share Registration Oce:
Mr. Raheel Qamar Ahmad	Member	Famco Associates (Private) Limited
		8-F, Next to Hotel Faran, Nursery,
Risk Committee		Block 6, P.E.C.H.S., Shahra-e-Faisal, Karachi.
		Tel: [phone]
Mian Faysal Riaz	Chairman	Fax: [phone]
		Email: [e-mail]
Mr. Nausherwan Adil	Member
Mr. Raheel Qamar Ahmad	Member
Shariah Advisor
Mufti Faisal Ahmed

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For the nine months ended March 31, 2023

02

Directors' Review

For the period ended March 31, 2023

The Board of Directors of OLP Services Pakistan (Private) Limited [formerly ORIX Services Pakistan (Private) Limited], the management company of OLP Modaraba (formerly ORIX Modaraba) is pleased to present the unaudited accounts of OLP Modaraba for the nine months period ended March 31, 2023.

1. Economic Outlook

Pakistan's economic growth is expected to slow significantly in FY2023 (ends 30 June 2023) in the wake of last year's devastating floods, ballooning inflation, a current account deficit, and an ongoing foreign exchange crisis.

The Country's gross domestic product (GDP) growth is projected to slow to 0.6% in FY2023 from 6% last fiscal year as the economy struggles to recover. Growth is forecast to rise to 2% in FY2024, assuming the resumption of macroeconomic stability, implementation of reforms, post-flood recovery, and improving external conditions.

In FY2023, industrial growth is forecast to continue decelerating, which reflects fiscal and monetary tightening, a significant depreciation of the local currency, and higher domestic oil and electricity prices.

Average inflation is projected to more than double from 12.2% in FY2022 to 27.5% this fiscal year. Headline consumer inflation jumped to 25.4% in the first 7 months of the fiscal year on higher domestic energy prices, a weaker currency, flood-related disruptions to supply, and restraint on imports caused by the balance of payment crisis. As a net importer of oil and gas, Pakistan will continue experiencing strong inflationary pressures for the rest of FY2023.

2. Financial Highlights

Financial results are summarized as under:

	March 31,	June 30,
	2023	2022
Balance Sheet	(Rupees '000')
Certificate capital	453,835	453,835
Total equity	1,129,595	1,138,605
Total assets	6,805,313	6,707,110
Investment in Ijarah finance and Ijarah Assets	1,654,908	1,811,424
Investments in Diminishing Musharika	4,243,280	3,762,885
Short term Investments and Sukuks	316,157	-
Redeemable capital	2,972,705	3,013,905
	Nine months ended	Nine months ended
	March 31,	March 31,
Profit and Loss	2023	2022
(Rupees '000')
Revenue (net of Ijarah assets depreciation)	880,793	533,862
Financial and other charges	587,492	287,214
Provision / (reversal) of provisions - net	(8,724)	(15,004)
Operating expenses	173,867	142,003
Profit before modaraba management company's remuneration	128,158	119,648
Profit before taxation	111,403	104,006
Net profit	81,757	73,844

03

For the nine months ended March 31, 2023

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