Karachi: The Board of Directors of M/s IBL Modaraba Management (Private) Limited, the management company of First IBL Modaraba, has released its un-audited quarterly results for the period ending September 30, 2025. The report, dated January 20, 2026, outlines a period of substantial operational momentum despite external challenges.

The economic landscape in Pakistan during the first quarter of the fiscal year showed signs of stabilization and gradual recovery. Macroeconomic indicators such as moderating inflation, rising workers’ remittances, and achieving a primary fiscal surplus were positive. Large-scale manufacturing saw a rebound, particularly in cement dispatches and automobile production, which pointed to strengthening industrial activity. The external sector remained stable, with a manageable current account deficit, even as imports grew. The bullish stock market performance reflected investor confidence, bolstered by strong remittances, export recovery, and easing global commodity prices. However, severe monsoon flooding disrupted agricultural activity, causing temporary strains on food supply chains and potential inflationary pressures. Despite these challenges, the overall macroeconomic fundamentals remained resilient.

During this period, First IBL Modaraba reported a satisfactory performance. The income from core business activities, including Ijarah and Musharakah, amounted to Rs. 8.829 million, contributing to a total income of Rs. 13.051 million. Operating expenses saw a significant reduction of 58%, enhancing profitability. According to information available from the Pakistan Stock Exchange (PSX), the Modaraba’s total assets stood at Rs. 283.223 million as of September 30, 2025, compared to Rs. 273.837 million on June 30, 2025. This growth indicates an expanding balance sheet, with total liabilities increasing to Rs. 31.580 million from Rs. 28.908 million, reflecting business expansion.

The company’s assets were split between non-current and current, with significant figures reported in ijarah arrangements and short-term musharakah receivables. Cash and bank balances were reported at Rs. 172.487 million, marking a notable liquidity position. Equity and liabilities showed steady growth, with certificate capital rising to Rs. 56.543 million.

First IBL Modaraba’s performance in this quarter, despite challenging conditions, reflects effective cost management and growth in its core activities, reinforcing its position in the financial sector. The management’s focus on operational efficiency and strategic expansion has yielded positive results, contributing to the overall economic recovery narrative in Pakistan.