Karachi: First Al-Noor Modaraba released its condensed interim financial statements as of December 31, 2024, revealing a nuanced financial landscape marked by mixed asset performance and a notable income loss. The total assets of the entity stood at 270.48 million rupees, a slight increase from the 269.12 million rupees recorded on June 30, 2024.

The current assets, as detailed in the financial statement, reached 242.13 million rupees, up from 225.81 million rupees in the previous period. This increase was largely driven by a significant rise in stock in trade, which jumped to 163.77 million rupees from 78.66 million rupees. However, cash and bank balances saw a decline to 30.36 million rupees from 92.71 million rupees. Short-term investments also decreased to 33.91 million rupees from 38.80 million rupees.

The non-current assets showed a decrease to 28.35 million rupees from 43.30 million rupees. Long-term investments fell to 22.33 million rupees from 36.31 million rupees, while diminishing musharakah financing was reduced to 434,969 rupees from 1.07 million rupees.

On the liabilities side, total liabilities increased to 14.64 million rupees from 13.18 million rupees. Current liabilities rose to 8.74 million rupees from 6.65 million rupees, reflecting an increase in creditors, accrued liabilities, and taxation and levies.

Certificate holders' equity was recorded at 256.56 million rupees, showing a marginal decrease from 256.74 million rupees. The equity was impacted by a deficit on the revaluation of investments, which stood at 730,788 rupees, a slight improvement from 806,226 rupees.

According to information available from the Pakistan Stock Exchange (PSX), the financial performance for the six months ending December 31, 2024, showed a loss after taxation of 475,521 rupees, a sharp contrast to a profit of 2.60 million rupees for the same period in 2023. The total comprehensive loss for the year was recorded at 99,031 rupees, compared to a comprehensive income of 2.87 million rupees in the previous year.

The results reflect the challenges faced by First Al-Noor Modaraba in maintaining profitability amidst fluctuating market conditions. The designated market category remains focused on navigating the complex financial landscape to optimize asset allocation and manage liabilities effectively.