Karachi: In its annual Chairman's Review Report for the year ended June 30, 2024, B.F. Modaraba (BFMOD) outlined a year of robust economic recovery and strategic advancements under the stewardship of its diverse and experienced Board of Directors. According to information available from the Pakistan Stock Exchange (PSX), the report highlighted the significant upturn in Pakistan's economy, catalyzed by a pivotal agreement with the International Monetary Fund (IMF) and stringent fiscal discipline.

The economic revival has seen inflation and interest rates decline markedly, with the stock market index nearly doubling from 41,452 to 78,444. This surge benefitted BFMOD, which reported strong profits primarily through its equity investments and diminishing Musharakah deals, although its workshop business with Sustainable Environment Developers (SED) faced ongoing challenges. High capital costs and the lingering impact of previous high-interest rates have stymied growth in this area, though a resurgence is expected as the market conditions continue to improve.

The Board of Directors, noted for their varied expertise in business, finance, banking, and regulatory compliance, conducted an annual self-assessment of their performance and effectiveness in achieving the Modaraba’s strategic objectives. This review affirmed the Board's proactive role and its compliance with all regulatory standards. The Audit Committee and HR Committee played key roles in maintaining financial integrity and overseeing human resource policies, respectively.

The Chairman extended gratitude towards the Securities and Exchange Commission of Pakistan (SECP) and Registrar Modaraba for their ongoing support and guidance, signaling optimism for continued growth and operational success in the forthcoming periods.