Lahore: In a significant financial update, Crescent Modaraba Management Company Limited, the manager of First Elite Capital Modaraba, announced during their board meeting on September 27, 2024, that no dividend will be distributed for the year ended June 30, 2024. This announcement came as part of the annual financial results disclosure, which illustrated a mixed financial picture for the company.

The detailed financial results revealed that income from ijarah financing increased to PKR 32.25 million in 2024, up from PKR 29.67 million the previous year. Similarly, return on investments saw a notable rise, reaching PKR 5.73 million from PKR 2.90 million in 2023. A significant boost was noted in the fair value gain on investment properties, which registered at PKR 30.92 million, a new entry compared to the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the overall revenue figures reflect diverse financial activities and outcomes. However, despite these gains, other income decreased to PKR 0.28 million from PKR 1.29 million, and the company faced a notable increase in depreciation of assets leased out, administrative, and general expenses, which collectively dampened the financial outcome.

Financial charges also increased slightly to PKR 18.08 million from PKR 17.02 million, further impacting the financial standing of the Modaraba. The profit before taxation stood at PKR 27.53 million, a significant turnaround from a loss of PKR 6.26 million in the previous year. After accounting for taxes, the profit after taxation was PKR 24.78 million, markedly improved from a loss of PKR 6.26 million in 2023, resulting in earnings per certificate of PKR 2.08, up from a loss of PKR 0.62 per certificate last year.

The Annual Review Meeting for the Modaraba is scheduled to be held on October 28, 2024, in Lahore. The Certificate Transfer Books of the Modaraba will be closed from October 22, 2024, to October 28, 2024, to determine the certificate holders eligible to attend the meeting. The annual report will be transmitted through PUCARS at least 21 days before the meeting to ensure stakeholders are well-prepared for discussions on the financial results and strategic directions.