Karachi: The Board of Directors of Habib Metropolitan Modaraba Management Company (Private) Limited has finalized the annual audited financial statements for First Habib Modaraba for the fiscal year ending June 30, 2024. In a meeting held on August 8, 2024, in Karachi, the board approved a cash dividend of Rs. 2.10 per certificate, representing a 21% return. There are no distributions of bonus or right shares announced.

The financial performance of First Habib Modaraba showed a significant increase, with the profit after taxation reaching Rs. 690.20 million, up from Rs. 519.63 million the previous year. The earnings per certificate rose from Rs. 4.68 to Rs. 6.23. This increase was supported by a notable growth in income from diminishing musharaka financing, which jumped from Rs. 3.40 billion in 2023 to Rs. 5.18 billion in 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company also faced substantial financial charges amounting to Rs. 3.51 billion, an increase from the previous year's Rs. 2.29 billion. Administrative expenses and provisions for various funds also saw a rise during the fiscal year.

The Annual Review Meeting is scheduled for October 10, 2024, at 3:00 p.m. in Karachi. The Certificate Transfer Books will be closed from October 4, 2024, to October 12, 2024, with transfers processed by the end of business on October 3 considered timely for the purpose of entitlement.

The annual report will be made available through PUCARS at least 21 days before the meeting, ensuring transparency and access to detailed financial data for all stakeholders.