Karachi: First Al-Noor Modaraba showcased a robust portfolio performance amid challenging geopolitical tensions, as detailed in its Corporate Briefing Session for the fiscal year 2025-2026. The report, dated November 12, 2026, highlighted a 15% year-on-year growth in trading revenue, underscoring the resilience of its trading operations and consistent strategy.
However, the Modaraba faced a substantial decline in investment revenue, which fell to Rs. 16.756 million from Rs. 25.648 million in FY2025. This 35% decrease was largely influenced by heightened geopolitical tensions between the United States and Iran during the latter half of FY2026. Despite this setback, the Modaraba's portfolio delivered an absolute return of 32%, outperforming the KMI-All Index by 7 percentage points, thereby demonstrating its relative strength against the benchmark.
The financial position over the past five years reveals fluctuating trends. Total assets slightly decreased to Rs. 274.58 million in 2026 from Rs. 275.10 million in 2025. Current assets saw a notable decrease to Rs. 231.25 million from Rs. 252.01 million in the previous year, while current liabilities dropped to Rs. 8.49 million from Rs. 9.33 million. Total liabilities increased to Rs. 18.38 million from Rs. 16.81 million in 2025.
Certificate holders' equity showed a minor decrease to Rs. 256.2 million from Rs. 258.29 million. Gross revenue declined to Rs. 42.21 million from Rs. 46.29 million. The net profit shifted to a loss of Rs. 2.80 million from a profit of Rs. 2.41 million in FY2025, translating to an earning per certificate of Rs. (0.12) compared to Rs. 0.10 previously.
According to information available from the Pakistan Stock Exchange (PSX), this financial summary places First Al-Noor Modaraba within the market category of Non-Banking Financial Institutions (NBFIs).
The Modaraba's five-year financial performance data further underscores key trends in its revenue, profitability, and overall financial health, reflecting varying degrees of financial stability and strategic adjustments.