UDL Group began its operations several generations ago in 1887 and became distributors of W.D & H.O. Wills cigarettes in undivided India, to begin with. After partition of the sub- continent, several offices were established in major cities of Pakistan . In the early 90's the ownership and management of the group was divided into two sub-groups, within the family and in 2012 the assets were further divided within the family. Mr. Khalid Malik and his immediate family now has management control of First UDL Modaraba.
First UDL Modaraba (FUDLM) was floated by UDL Modaraba Management (Private) Limited on March 27,1991 under Modaraba Companies and Modaraba (Floatation & Control) Ordinance, 1980 .
The Modaraba is engaged in providing Islamic financing based on shariah concepts of diminishing musharakah & Ijarah and trading in listed and non-interest bearing securities. Modaraba can undertake virtually any business activity that is not opposed to Shariah.
FINANCIAL HIGHLIGHTS (RS.IN MILLIONS)
Description
2018
2019
2020
2021
2022
2023
Total Revenue/ Income
75.61
34.46
38.30
72.58
131.99
63.44
Expenses + Management Fee etc
25.22
46.47
41.65
42.93
50.88
59.46
Net Profit /(Loss)Including
discontinued Operation
(7.23)
(54.63)
(2.8)
29.65
75.92
(2.29)
EPC/(Loss)
(0.27)
(1.71)
(0.09)
0.84
2.16
(0.07)
Dividend %
10%B
10%B
10%B
11%
19%
-
REVIEW OF OPERATIONS
During the year, income from operations decreased from Rs 141.82 million to Rs 63.44 million. Since previous year's income comprises of a one-time gain of Rs 93.55 million, the current years income from core operations has actually improved by Rs 15.17 million. Additionally, there is a sharp decrease in unrealized loss recorded at Rs 1.56 million compared to Rs 9.8 million in the previous FY.
Operating expenses increased to Rs 58.75 million from Rs. 38.69 million, mainly due to higher salaries and unprecedented inflation in the country due to which the utility charges and other expenses have nearly doubled. In addition to the normal business expenses, increase in operating expenses was also due to recording of fees to financial consultants on merger.
The Modaraba posted a profit before taxation of Rs. 2.4 million, however, after taking into account the taxes, the Modaraba incurred a net loss of Rs. 2.29 million.
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First UDL Modaraba published this content on 09 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2023 06:51:21 UTC.
First UDL Modaraba is a Pakistan-based perpetual, multipurpose and multidimensional Modaraba. The Company is engaged in providing finance under murabaha and musharakah arrangements, Ijarah, commodity trading and trading in listed and non-interest-bearing securities. Its financial products include Ijarah - Leasing, Musharika - Partnership Financing and Morabaha - Cost Plus Financing. Its Ijarah - Leasing is engaged in the leasing of vehicles, computers, machinery and equipment to companies and individuals. The Company also facilitates sale and lease back provided that their customers meet its credit standards. It offers various types of Musharika financing. The Company offers Diminishing Musharika by customize to suit its individual customer needs. Its Morabaha - Cost Plus Financing is a type of deferred sale between the Company and its customer for the sale of goods at spot at a price, which includes a profit margin agreed by both parties to be paid at some future date.
UDL MODARABA MANAGEMENT (PRIVATE) LIMITED 
