Karachi: The Board of Directors of First Prudential Modaraba convened on September 25, 2024, in Karachi, approving the annual financial results for the fiscal year ended June 30, 2024. The board declared a final cash dividend of Rs. 0.30 per certificate, equivalent to 3.00%, reflecting a stable financial performance.

The company's financial statement for the year reveals notable figures in various income streams, including Ijarah rentals, bank deposits, Diminishing Musharika Finance, and rental income from investment properties. According to information available from the Pakistan Stock Exchange (PSX), the total income for the year stood at Rs. 201.65 million, compared to Rs. 178.53 million in the previous year, marking an increase in profitability.

The breakdown of earnings shows a significant revenue from Diminishing Musharika Finance at Rs. 160.00 million, up from Rs. 117.01 million in 2023. However, the income from deposits with banks declined to Rs. 7.99 million from Rs. 10.01 million. Rental income from investment properties also saw a decrease, dropping from Rs. 4.00 million in 2023 to a mere Rs. 0.23 million.

Expenses for the year included depreciation on Ijarah assets, administrative expenses, and finance charges, totaling Rs. 118.39 million, slightly higher than the previous year's Rs. 114.72 million. After accounting for these costs, the profit before taxation was reported at Rs. 71.26 million, with a net profit after taxation of Rs. 61.69 million, resulting in earnings of Rs. 0.48 per certificate.

The company has scheduled its Annual Review Meeting for October 26, 2024, in Karachi. During the period from October 11 to October 26, 2024, the Certificate Transfer Books will be closed, and entitlements will be finalized for certificate holders registered by October 10, 2024.

This financial disclosure, in compliance with market regulations and transparency standards, emphasizes First Prudential Modaraba's commitment to maintaining robust financial health and ensuring shareholder value.