Karachi: The Board of Directors of First Prudential Modaraba convened on October 28, 2023, in Karachi to deliberate and approve the condensed interim financial statements for the quarter ended September 30, 2023. Following an extensive review, the board has decided not to distribute cash dividends, bonus shares, or right shares for this period. Additionally, there are no other entitlements, corporate actions, or price-sensitive information to disclose.

For the quarter ending September 30, 2023, First Prudential Modaraba reported a total income of 23,802,844 Rupees, compared to the restated income of 12,951,282 Rupees for the same period in 2022. The increase in income is a noteworthy aspect of this quarter’s financial performance.

Expenses for the period, encompassing depreciation on Ijarah assets, administrative expenses, and finance charges, summed up to 29,173,485 Rupees. The Modaraba also made provisions for service sales tax on Management Company’s remuneration, Workers' Welfare Fund, and taxation.

Despite the higher expenses, First Prudential Modaraba managed to secure a profit before taxation of 23,320,544 Rupees, a significant improvement from the 12,697,332 Rupees reported in the restated figures for the corresponding quarter of the previous year. After accounting for taxation, the profit after taxation stood at 24,933,037 Rupees, translating to earnings per certificate (basic and diluted) of 0.19 Rupees. This is an increase from the 9,697,140 Rupees in profit after taxation and earnings per certificate of 0.07 Rupees during the same quarter in 2022.

The quarterly report for First Prudential Modaraba, detailing the financial performance for the quarter ended September 30, 2023, will be transmitted through PUCARS, adhering to the specified timeframe.