Karachi: First Paramount Modaraba (FPM), managed by Paramount Investments Limited, has reported significant financial growth for the fiscal year ending June 30, 2024. The Islamic financial institution recorded a pre-tax profit of Rs. 40.66 million, a substantial 245% increase over the previous year's Rs. 11.79 million. The after-tax profit rose by 336% to Rs. 28.54 million, up from Rs. 6.54 million, marking a pivotal fiscal performance.
During the fiscal year, the company witnessed robust growth through its in-house venture FPM Petro Services, aligning product realignment and high-margin product introductions with its strategic goals. These efforts translated into high sales and strong market foothold, contributing to its profitability. According to information available from the Pakistan Stock Exchange (PSX), the continuous expansion in hydrocarbon exploration and strategic initiatives in asset fractionation also bolstered FPM’s market position.
The company has been active in business diversification, particularly in innovative technological solutions and services related to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT), targeting markets in the Middle East, Africa, and Central Asia. Plans are underway to launch these services in the last quarter of 2024, which are expected to drive further growth.
Compliance with updated regulatory requirements set in August 2022 by the Securities and Exchange Commission of Pakistan (SECP) was also highlighted. FPM has ensured it meets the minimum equity of Rs. 500 million required and maintains a credit rating of 'A-', positioning it well for sustainable future operations.
The Board of Directors expressed their commitment to uphold strong governance practices, critical to sustaining growth and investor confidence. This adherence to rigorous standards and continuous improvement in operational and financial strategies is central to FPM's ongoing success and resilience.
FPM's strategic focus on diversification and innovation, along with compliance and governance, appears to set a solid foundation for its continued success in the competitive market of Islamic financial services.