Karachi: The Board of Directors of M/s. IBL Modaraba Management (Private) Limited, overseeing the operations of First IBL Modaraba, has announced the half-yearly, reviewed, un-audited financial results for the period ending December 31, 2024. The report reflects a period of resilient performance against a backdrop of challenging economic conditions, as the Modaraba continues to show positive growth across key performance indicators.
The fiscal landscape over the past year has shown signs of stabilization, with easing pressures on domestic prices and exchange rate volatility. The government’s stabilization efforts have started to yield cautious optimism, marked by a healthier current account balance and a bullish trend in the Pakistan Stock Exchange. According to information available from the Pakistan Stock Exchange (PSX), the gradual appreciation of the Pakistani rupee and falling fuel costs have further contributed to this positive economic outlook. However, challenges remain, particularly concerning high energy and food costs affecting household budgets.
First IBL Modaraba reported an aggregate income of Rs. 25.20 million for the half-year period, primarily driven by core operations in Ijarah and Musharaka, which generated Rs. 10.97 million. The Modaraba successfully reduced operating expenses through disciplined cost management, reflecting an ongoing commitment to operational efficiency. The total assets reported for the period amounted to Rs. 249.39 million, up from Rs. 241.82 million as of June 30, 2024. Total liabilities were slightly reduced to Rs. 30.91 million from Rs. 31.16 million.
The Modaraba’s financial strategy includes seeking secure, income-generating financing options to enhance profitability. The board acknowledged the dedication of the management and staff in achieving these results. For the period ending December 31, 2024, First IBL Modaraba reported a profit after taxation of Rs. 7.82 million, compared to Rs. 8.43 million for the same period last year. The company also reported total comprehensive income of Rs. 8.81 million.
Amid these figures, the report underscores a modest decline in income from Musharakah investments, which fell to Rs. 1.97 million from Rs. 10.98 million. Conversely, profit on deposits saw a significant rise to Rs. 10.68 million, contributing to the overall financial health of the Modaraba.
The board remains focused on maintaining the durability of these improvements to ensure long-term economic stability amidst future uncertainties. The Modaraba's performance and strategic direction will continue to adapt in response to the evolving market conditions.