HALF YEARLY REPORT
December 31, 2023
(Un-audited)
FIRST AL-NOOR MODARABA
(An Islamic Financial Institution)
CONTENTS
Company Information | 2 |
Independent Auditor's Report | 3 |
Directors' Report (English) | 5 |
Directors' Report (Urdu) | 6 |
Condensed Interim Balance Sheet | 7 |
Condensed Interim Profit and Loss Account | 8 |
Condensed Interim Statement of Comprehensive Income | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Cash Flow Statement | 11 |
Notes to the Condensed Interim Financial Statements | 12 |
FIRST AL - NOOR MODARABA | page 1 | HALF YEARLY REPORT 2023-24 |
COMPANY INFORMATION
BOARD OF DIRECTORS
Non Executive Directors
Chairman
Mr. Zia Zakaria
Directors
Mr. Abdul Aziz Ayoob Mr. Noor Zakaria
Mr. Abdul Rahim Suriya, Independent Mr. Tausif llyas, Independent
Dr. Irum Saba, Independent
Executive Directors
Chief Executive
Mr. Zainuddin Aziz
Chief Financial Officer
Mr. Umair Rafiq
Company Secretary
Mr. Roofi Abdul Razzak
Board Audit Committee - Chairman
Mr. Abdul Rahim Suriya | - Chairman |
Mr. Tausif llyas | - Member |
Mr. Zia Zakaria | - Member |
HR & Remuneration Committee | |
Mr. Tausif llyas | - Chairman |
Mr. Zainuddin Aziz | - Member |
Mr. A. Aziz Ayoob | - Member |
Bankers
AI-Baraka Bank (Pakistan) Limited
Askari Bank Limited, Islamic Banking
Faysal Bank Limited, Barkat Islamic Banking
Habib Bank Limited, Islamic Banking
MIB Bank Limited, Islamic Banking
Meezan Bank Limtied
National Bank of Pakistan
Auditors
Grant Thornton Anjum Rahman
Chartered Accountants
Shariah Advisor
Al Hamd Shariah Advisory Services (Pvt.) Ltd.
Legal Advisor
Mr. Sufyan Zaman
Advocate High Court
Share Registrar (Share Registration Office)
M/s FAMCO Associates (Private) Limited
8-F, Near Hotel Faran, Nursery, Block-6
P.E.C.H.S, Shahra-e-Faisal, Karachi
Tel: +92 21 3438 0103-5, 3438 4621-3
Fax: 3438 0106
Registered Office
96-A, Sindhi Muslim Cooperative Housing Society, Karachi
Contact Details
Telephone | : | 34558268; 34552943; 34553067 |
Fax | : | 34553137 |
Webpage | : | www.fanm.co |
: | info@fanm.co |
FIRST AL - NOOR MODARABA | page 2 | HALF YEARLY REPORT 2023-24 |
page 3
page 4
REPORT OF THE DIRECTORS OF MODARABA COMPANY
For the half year ended December 31, 2023
On behalf of Board of Directors of Al-Noor Modaraba Management (Private) Limited, the "mudarib/management company" of First Al-Noor Modaraba (FAM), we are pleased to present the Reviewed Financial Statements of the Modaraba for the half year ended December 31, 2023:
Financial Results | For the half year ended | |
December | December | |
31, 2023 | 31, 2022 | |
-----Amount in Pak. Rupees----- | ||
Profit before taxation | 5,005,309 | 5,186,337 |
Taxation | (2,407,067) | (2,132,912) |
Profit after Taxation | ||
Components of Other Comprehensive Income | - | 864 |
(Deficit)/Surplus transferred to accumulated losses | 141,412 | 23,924 |
Unappropriated profit/(loss) brought forward | (52,593,230) | (53,023,815) |
Unappropriated profit/(loss) carried forward | (49,853,576) | (49,945,602) |
0.11 | 0.13 |
During the first half of the financial year ending December 31, 2023, the revenue decreased by nearly 20% which translated into a net profit of Rs. 2.598 million or 0.11 per certificate compared to Rs. 3.053 million or 0.13 per certificate in the same period last year.
The management anticipates improved after-tax profit in the remainder of the current financial year ending June 30, 2024.
On behalf of the Board
sd/-
Zainuddin Aziz
Chief Executive/Director
Dated : February 21, 2024
Place : Karachi
FIRST AL - NOOR MODARABA | page 5 | HALF YEARLY REPORT 2023-24 |
2023 | ||
FIRST AL - NOOR MODARABA | page 6 | HALF YEARLY REPORT 2023-24 |
CONDENSED INTERIM BALANCE SHEET
As at December 31, 2023
(Un-Audited) | (Audited) | ||
December 31, | June 30, | ||
2023 | 2023 | ||
Note | .… Rupees …. | ||
ASSETS | |||
Current assets | |||
Cash and bank balances | 6 | 121,442,473 | 23,150,626 |
Short term investments | 7 | 9,694,442 | 28,490,983 |
Musawamah facility | 8 | - | - |
Profit receivable | 9 | 3,473,622 | 1,290,909 |
Stock in trade | 10 | 66,662,354 | 111,377,444 |
Receivable form diminishing musharaka | 2,821,651 | 1,065,522 | |
Loans, advances, prepayments and other receivables | 11 | 4,772,896 | 3,031,307 |
Current portion of diminishing musharaka financing | 15 | 12,736,945 | 30,772,233 |
Taxation- net | 12 | 1,460,480 | 3,528,462 |
Non - current assets | 223,064,863 | 202,707,486 | |
Long term deposits | 13 | 3,841,397 | 3,842,911 |
Long term investments | 14 | 33,216,576 | 48,693,011 |
Diminishing musharakah financing | 15 | 6,672,000 | 7,012,720 |
Deferred tax asset | 16 | 781,422 | 1,278,667 |
Fixed assets in own use | 17 | 1,323,105 | 1,729,956 |
Intangible assets for own use | 18 | - | - |
45,834,500 | 62,557,265 | ||
TOTAL ASSETS | 268,899,363 | 265,264,751 | |
EQUITY AND LIABILTIES | |||
CERTIFICATE HOLDERS' EQUITY | |||
40,000,000 (June 30, 2023: 40,000,000) certificates | |||
of Rs. 10 each | 19.1 | 400,000,000 | 400,000,000 |
Issued, subscribed, and paid - up certificate capital | 19.2 | 231,000,000 | 231,000,000 |
Capital reserves | 77,284,641 | 77,284,641 | |
Revenue reserves | (49,603,576) | (52,343,230) | |
258,681,065 | 255,941,411 | ||
Deficit on revaluation of investments | 21 | (1,803,088) | (2,215,042) |
LIABILITIES | |||
Non - current liabilities | |||
Deferred liability - staff gratuity | 4,736,967 | 4,931,967 | |
Current liabilities | |||
Creditors, accrued and other liabilities | 22 | 1,768,917 | 1,098,427 |
Provision for custom duty & surcharge | 23 | 4,398,842 | 4,398,842 |
Unclaimed profit distributions | 1,109,146 | 1,109,146 | |
Charity Payable | 24 | 7,514 | - |
7,284,419 | 6,606,415 | ||
TOTAL LIABILITIES | 12,021,386 | 11,538,382 | |
TOTAL LIABILITIES AND CERTIFICATE HOLDERS' EQUITY | 268,899,363 | 265,264,751 | |
Contingencies and commitments | 25 |
The annexed notes from 1 to 35 form an integral part of these condensed interim financial statements.
For Al-Noor Modaraba Management (Private) Limited
(Management Company)
sd/- | sd/- | sd/- | sd/- |
Chief Executive Officer | Chief Financial Officer | Director | Director |
FIRST AL - NOOR MODARABA | page 7 | HALF YEARLY REPORT 2023-24 |
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
For the six months and three months period ended December 31, 2023
Six months period ended | Three months period ended | ||||
December 31, | December 31, | ||||
2023 | 2022 | 2023 | 2022 | ||
Note | ..........................… Rupees ......................….... | ||||
Loss/ income from trading operations | (4,635,541) | 2,800,300 | - | 2,800,300 | |
Income on Diminishing Musharakah | 4,586,852 | 7,810,013 | 1,821,222 | 3,800,330 | |
Income from investments | 26 | 18,596,018 | 11,521,142 | 10,116,158 | 4,808,835 |
Reversal of provision against Musawamah | |||||
Facility | 840,000 | 2,100,000 | 540,000 | 450,000 | |
19,387,329 | 24,231,455 | 12,477,380 | 11,859,465 | ||
Administrative and operating expenses | (15,219,124) | (14,334,472) | (8,348,933) | (7,724,368) | |
4,168,205 | 9,896,983 | 4,128,447 | 4,135,097 | ||
Other income | 27 | 463,054 | 779,280 | 249,516 | 157,171 |
4,631,259 | 10,676,263 | 4,377,963 | 4,292,268 | ||
Financial and other charges | (3,933) | (988) | (1,239) | (812) | |
Unrealised gain / (loss) on re-measurement of | |||||
investments at fair value through profit | |||||
or loss | 283,185 | (5,050,637) | 899,907 | (3,552,633) | |
Share of profit from associates | 847,616 | 357,296 | 847,616 | 257,893 | |
5,758,127 | 5,981,934 | 6,124,247 | 996,716 | ||
Management company's remuneration | 28 | (575,813) | (598,193) | (575,813) | (109,612) |
Sales tax on management company's | (74,856) | (77,765) | (74,856) | (14,249) | |
remuneration | |||||
Sindh Workers welfare fund | (102,149) | (119,639) | (102,149) | (21,923) | |
Profit / (loss) before taxation | 5,005,309 | 5,186,337 | 5,371,429 | 850,932 | |
Taxation | 29 | (2,407,067) | (2,132,912) | (2,148,490) | (1,307,592) |
Profit / (loss) for the year | 2,598,242 | 3,053,425 | 3,222,939 | (456,660) | |
Earning / (loss) per certificate - | |||||
basic and dilluted | 30 | 0.11 | 0.13 | 0.14 | (0.02) |
The annexed notes from 1 to 35 form an integral part of these condensed interim financial statements.
For Al-Noor Modaraba Management (Private) Limited
(Management Company)
sd/- | sd/- | sd/- | sd/- |
Chief Executive Officer | Chief Financial Officer | Director | Director |
FIRST AL - NOOR MODARABA | page 8 | HALF YEARLY REPORT 2023-24 |
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
For the six months and three months period ended December 31, 2023
Six months period ended | Three months period ended | |||
December 31, | December 31, | |||
2023 | 2022 | 2023 | 2022 | |
..........................… Rupees ......................….... | ||||
Profit / (loss) for the period | 2,598,242 | 3,053,425 | 3,222,939 | (456,660) |
Components of other comprehensive | ||||
income reflected in equity | ||||
Items that will not be reclassified | ||||
subsequently profit and loss account | ||||
Remeasurement of net defined benefit liability | - | - | - | - |
Share of other comprehensive income from | ||||
associates | - | 988 | - | 988 |
Impact of deferred tax | - | (124) | - | - |
Other comprehensive income | - | 864 | - | 988 |
Items that will be reclassified subsequently | ||||
into profit and loss account | - | - | - | - |
Total comprehensive income / (loss) for the | ||||
period transferred to equity | 2,598,242 | 3,054,289 | 3,222,939 | (455,672) |
Components of other comprehensive | ||||
income / (loss) reflected below equity | ||||
Surplus / (deficit) on revaluation of investments | ||||
at FVOCI- net of tax | 270,542 | (11,001) | 270,542 | (11,000) |
270,542 | (11,001) | 270,542 | (11,000) | |
Total comprehensive income / (loss) | 2,868,784 | 3,043,288 | 3,493,481 | (466,672) |
The annexed notes from 1 to 35 form an integral part of these condensed interim financial statements.
For Al-Noor Modaraba Management (Private) Limited
(Management Company)
sd/- | sd/- | sd/- | sd/- |
Chief Executive Officer | Chief Financial Officer | Director | Director |
FIRST AL - NOOR MODARABA | page 9 | HALF YEARLY REPORT 2023-24 |
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First Al-Noor Modaraba published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 08:49:06 UTC.