Karachi: Waves Corporation Limited has made a revised submission concerning its mandatory Shariah disclosure, aligning with the requirements set forth under Part 1 Clause VII of the Fourth Schedule to the Companies Act, 2017, as amended on August 15, 2024. This submission, dated October 22, 2026, details the company's financial activities and compliance with Shariah principles for the period ending June 30, 2026.
The company's consolidated statement of financial position reveals significant movements in bank deposits and balances. As of June 30, 2026, these deposits amounted to 1.16 billion rupees, a substantial increase from 48.04 million rupees recorded on December 31, 2025. This represents a very large or significant move.
According to information available from the Pakistan Stock Exchange (PSX), Waves Corporation Limited's long-term financing rose to 502.77 million rupees from 339.32 million rupees over the same period. Notably, short-term borrowings saw a decrease, with no borrowings reported as of June 30, 2026, compared to 196.94 million rupees at the end of 2025.
The financial performance of Waves Corporation Limited also demonstrates noteworthy changes. Revenue from Shariah-compliant business segments reached 2.79 billion rupees by mid-2026, showing a minor move increase from 2.69 billion rupees in the previous year. Additionally, the company earned a profit of 12.97 million rupees from Shariah-compliant bank deposits, a new development compared to the previous year where no such income was recorded.
The detailed breakdown of other income highlights a fair value gain on investment property of 144.23 million rupees, down from 267.68 million rupees in the previous year. Furthermore, the income from the disposal of property, plant, and equipment netted 2.54 million rupees, compared to 5.01 million rupees for the prior period.
Waves Corporation Limited maintains relationships with several Shariah-compliant financial institutions, including Al Baraka Bank (Pakistan) Limited, BankIslami Pakistan Limited, and Meezan Bank Limited, among others, facilitating bank balances and financing arrangements.
The disclosure emphasizes the company's adherence to Shariah-compliant financial practices, with no engagement in non-permissible business activities. The revised submission reflects Waves Corporation Limited's commitment to transparency and compliance with regulatory requirements in the designated market category.