Karachi: First Tri-Star Modaraba has posted its financial results for the six-month period ending December 31, 2024, revealing a significant increase in revenue alongside a decrease in certificate holders' equity. The company's revenue for the period reached 22.56 million rupees, a substantial rise from 15.88 million rupees recorded during the same period in 2023.

According to the unaudited financial statements, the company's total assets as of December 31, 2024, stood at 569.47 million rupees, compared to 565.31 million rupees as of June 30, 2024. Non-current assets slightly decreased to 491.87 million rupees from 494.23 million rupees, while current assets increased to 77.61 million rupees from 71.07 million rupees.

In terms of liabilities, current liabilities experienced a notable increase, rising to 140.32 million rupees from 96.33 million rupees as of June 30, 2024. This was primarily driven by a rise in unpaid dividends, which stood at 94.11 million rupees, up from 54.27 million rupees. Non-current liabilities saw a decrease from 23.17 million rupees to 20.98 million rupees.

The company reported a profit before taxation of 4.36 million rupees for the six-month period, compared to 1.47 million rupees in the corresponding period of the previous year. The taxation for the period was recorded at 298,176 rupees, compared to a negative taxation figure of 321,491 rupees in the same period of 2023. This resulted in a profit for the period of 4.65 million rupees, up from 1.15 million rupees in the previous year. Earnings per certificate increased to 0.22 rupees from 0.05 rupees.

Despite the increase in revenue, the certificate holders' equity decreased to 373.06 million rupees from 410.73 million rupees. According to information available from the Pakistan Stock Exchange (PSX), the reserves also saw a decrease from 199.10 million rupees to 161.43 million rupees.

The cash flow statement indicates that the company generated a net cash inflow from operating activities of 1.57 million rupees. However, this was offset by a net cash outflow from financing activities amounting to 4.58 million rupees. Investing activities provided a net cash inflow of 7.30 million rupees, resulting in an overall increase in cash and cash equivalents during the period by 1.50 million rupees, with ending cash and bank balances at 3.11 million rupees.

First Tri-Star Modaraba operates in the designated market category of Modarabas, which involves Islamic financial instruments that comply with Shariah law. The company continues to navigate through financial challenges while focusing on maintaining profitability.