Karachi: In a revealing update today, First Imrooz Modaraba outlined its financial achievements and strategic progress for the fiscal year ended June 30, 2024. Despite a challenging economic climate, the company reported a notable turnaround in profitability, distinguishing itself within the finance sector of the Pakistan Stock Exchange (PSX).
Over the course of 2024, First Imrooz Modaraba faced numerous market pressures and a volatile economic landscape. According to information available from the Pakistan Stock Exchange (PSX), the company's turnover fell to Rs. 1,260.14 million from Rs. 1,668.53 million in 2023. However, the Modaraba successfully increased its gross profit to Rs. 268.06 million in 2024, up from Rs. 166.79 million the previous year, showcasing a strategic triumph in overcoming fiscal adversities.
The improvement in gross margin, which soared from 10% in 2023 to 21.3% in 2024, was attributed to an effective pricing strategy and operational efficiencies. Furthermore, stable exchange rates played a significant role in bolstering the financial framework, allowing for a gross profit increase despite lower turnover.
Highlighting the resilience of its financial planning, First Imrooz Modaraba also marked a return to net profitability with Rs. 72.319 million, a stark contrast to the net loss of Rs. 2.698 million in 2023. This recovery was bolstered by ongoing economic reforms and stabilization measures which the board believes will support further recovery across all sectors.
The Board of Directors continues to prioritize sustainable growth and value creation for certificate holders, with firm guidance on maintaining Shariah compliance in all transactions. This adherence to ethical financing is advised by the Shariah advisor and supported by both Audit and HR Committees.
As the company looks forward, the management remains optimistic about leveraging macroeconomic factors for continued growth, ensuring that First Imrooz Modaraba remains well-positioned to navigate future challenges and capitalize on emerging opportunities in the finance sector.