Karachi: First Elite Capital Modaraba has scheduled its Corporate Briefing Session (CBS) for the fiscal year 2023-2024. The session is set for October 28, 2024, at Lahore. This announcement adheres to the compliance requirements set forth by the Pakistan Stock Exchange.

According to information available from the Pakistan Stock Exchange (PSX), the Corporate Briefing Session aims to disseminate financial results and strategic directions to the members of the exchange. The CBS represents a significant aspect of First Elite Capital Modaraba's annual communications, maintaining transparency and engagement with its stakeholders.

Founded in 1991 with an authorized capital of Rs. 200 million, First Elite Capital Modaraba was met with considerable interest as its shares worth Rs. 100 million were over-subscribed. The company, managed by Crescent Modaraba Management Company Limited, operates under the Shariah guidance of Mufti Muhammad Umar, emphasizing its compliance with Islamic financial principles.

Engaged primarily in ijarah, musharakah, and murabahah financing, First Elite also invests in marketable securities and conducts other related businesses. Over the years, the company has shown resilience and adaptability in its operations, reflecting in its financial outcomes.

For the year 2024, the total income reached Rs. 69.32 million, marked by a substantial fair value gain on investment properties of Rs. 30.92 million and revenues from ijarah financing amounting to Rs. 32.25 million. The financial activities for the year led to a profit before taxation of Rs. 24.78 million, turning around from a loss of Rs. 6.26 million in the previous year.

The briefing will also cover future strategic plans, which include focusing on small-ticket ijarah financing and exploring new profitable avenues. These initiatives are anticipated to enhance the performance of the Modaraba, underpinned by hopes for consistent governmental policies to stimulate economic activity and business confidence.