Karachi: The Board of Directors of Popular Islamic Modaraba Management Company (Private) Limited announced the financial results for Popular Islamic Modaraba for the third quarter ending on September 30, 2024, showing a notable increase in profit. The board, which convened on October 25, 2024, in Karachi, approved the results and disclosed that no cash dividends, bonus shares, right shares, or other entitlements would be distributed for this period.

According to the financial statement, the Modaraba's income for the quarter rose to 9.16 million rupees from 7.30 million rupees in the same period last year. Operating expenses slightly increased to 1.93 million rupees compared to 1.78 million rupees a year earlier. A significant reduction in the depreciation of Ijarah assets was noted, decreasing from 2.69 million rupees to 1.74 million rupees.

The operating profit nearly doubled to 5.76 million rupees from 2.83 million rupees in the previous year. Other income saw a substantial rise, reaching 2.25 million rupees from 389,505 rupees. This resulted in a profit before management fees of 8.02 million rupees, up from 3.22 million rupees.

After accounting for a management fee of 400,824 rupees and a sales tax on the management fee of 52,107 rupees, the profit before taxation stood at 7.56 million rupees, compared to 3.04 million rupees in the same quarter of the previous year. Post-tax profit was reported at 5.37 million rupees, a significant increase from 2.16 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), the Modaraba's earnings per certificate, both basic and diluted, rose to 0.27 rupees from 0.15 rupees. The total comprehensive income for the quarter matched the profit after taxation at 5.37 million rupees, compared to 2.16 million rupees the previous year.

The Quarterly Report of the Modaraba will be transmitted through PLICARS within the specified time.