QUARTERLY
REPORT 2023FOR THE PERIOD ENDED MARCH 31
CONTENTS | |
Company Profile | 02 |
Directors' Report | 03 |
Directors' Report (Urdu) | 04 |
UNCONSOLIDATED CONDENSED | |
INTERIM FINANCIAL STATEMENTS | |
Interim Balance Sheet | 06 |
Interim Statement of Profit or Loss | 07 |
Interim Statement of Comprehensive Income | 08 |
Interim Statement of Changes in Equity | 09 |
Interim Statement of Cash Flows | 10 |
Selected Notes to the Interim Financial Infomation | 11 |
CONSOLIDATED CONDENSED | |
INTERIM FINANCIAL STATEMENTS | |
Condensed Interim Balance Sheet | 24 |
Condensed Interim Statement of Profit or Loss | 25 |
Condensed Interim Statement of Comprehensive Income | 26 |
Condensed Interim Statement of Changes in Equity | 27 |
Condensed Interim Statement of Cash Flows | 28 |
Selected Notes to the Condensed Interim Financial Information | 29 |
FIRST QUARTERLY REPORT
01
CORPORATE PROFILE
Board of Directors | Board Risk Management Committee | ||||
Punjab Modaraba Services (Pvt.) Ltd. | |||||
Ijaz ur Rehman Qureshi | Chairman | ||||
Nadeem Amir | Chairman | Umer Iqbal Sheikh | Member | ||
Aamir Malik | Chief Executive | Aamir Malik | Member | ||
Ijaz ur Rehman Qureshi | Director | ||||
Umer Iqbal Sheikh | Director | Auditors of the Management Company | |||
Imran Bashir | Director | ||||
Samina Afsar | Director | Shinewing Hameed Chaudhry & Co. | |||
Khawar Shahid Ansari | Director | Chartered Accountants | |||
Chief Financial Officer / Company Secretary | Bankers | ||||
Mudassar Kaiser Pal
Audit Committee
The Bank of Punjab
NRSP Microfinance Bank Limited
Registrar
Imran Bashir | Chairman | ||
Ijaz ur Rehman Qureshi | Member | Hameed Majeed Associates (Pvt.) Ltd. | |
Samina Afsar | Member | H.M House, 7-Bank Square, | |
The Mall, Lahore | |||
Human Resource Committee | Tel : (+92-42)37235081-2 | ||
Samina Afsar | Chairperson | Registered Office & Mills | |
Ijaz ur Rehman Qureshi | Member | ||
Umer Iqbal Sheikh | Member | Office 100, 3rd Floor, National Tower, | |
Aamir Malik | Member | Egerton Road, Lahore. | |
Postal Code No. 54600 | |||
Auditors of the Modaraba | PABX : (+92-42) 36365191 | ||
FAX : (+92-42) 36365193 | |||
A.F. Ferguson & Co. Chartered Accountants | E-mail : info@punjabmodaraba.com.pk | ||
URL : www.punjabmodraba.com.pk |
02
FOR PUNJAB MODARABA SERVICES (PRIVATE) LIMITED (MODARABA MANAGEMENT COMPANY)
DIRECTORS' REPORT
We, the Board of Directors of Punjab Modaraba Services (Pvt.) Limited, serving as the Management Company of First Punjab Modaraba (the Modaraba), are pleased to present the comprehensive quarterly results of the Modaraba, along with our Directors' report, for the period ended on March 31, 2023.
The economic landscape of Pakistan has experienced cycles of growth and challenges. The Current Account posted a deficit of $ 3.9 billion for Jul-Feb FY2023 as against a deficit of $ 12.1 billion last year, mainly due to contraction in imports. The average CPI in the first eight months of the current fiscal year remained 26.2 percent compared to 10.5 percent during the same period of last year. The fiscal deficit during first seven month of current fiscal year has been contained to 2.3 percent of GDP (Rs.1974 billion) against 2.8 percent of GDP (Rs 1898 billion) last year. While the Policy rate increased by 300 basis points to 20 percent in last Monetary Policy decision held on 02nd March, 2023.
Factors such as political instability, high international fuel and commodity prices, global effects of Ukraine and Russia war and a substantial trade deficit put significant pressure on foreign exchange reserves, leading to a notable depreciation of the PKR against the USD and contributing to high inflation. Due to the lagged of floods, the production losses especially of major agriculture crops has not yet been fully recovered. Looking ahead, Pakistan's economy confronts several severe challenges. Inflation remains high, and the outlook for future growth in potential output is challenging. The fiscal deficit has reached a level where financing is becoming increasingly difficult. Additionally, the high trade deficit has resulted in external imbalances, exerting extra pressure on foreign reserves and the exchange rate. Economic growth is projected to slow down in the upcoming year, and market confidence is constrained by high uncertainties.
During the reporting period, the Modaraba achieved a revenue increase of 35% compared to the corresponding period. However, expenses also rose by 54%. Among these expenses, financial cost saw 83% surge due to the upward trend in inter-bank rates. The reversal of provision amid recoveries of non-performing assets help record net profit of Rs.1.10 million.
In the pursuit of business expansion, the Modaraba will focus on acquiring fresh assets, while placing equal priority on efforts to recover from non-performing assets as part of our business strategy. It is important to note that the recent significant increase in policy rate poses a constant threat to profitability in the coming periods. The Management is actively working on diversifying the business model and revenue streams, with expected results to materialize over time. Our wholly-owned subsidiary, Punjab Capital Securities (Pvt) Limited, which subsequent to period end, has been sold to parent bank i.e. The Bank of Punjab, incurred loss of 0.431 million during the reporting period.
The Board expresses its gratitude for the ongoing guidance and support provided by the Registrar Modaraba and the Securities & Exchange Commission of Pakistan, and we hope for their continued support in the future. We also extend our appreciation to the valued certificate holders for their generous support.
On behalf of the Board of Directors | |
(Aamir Malik) | (Imran Bashir) |
Chief Executive Officer | Director |
Lahore | |
July 30, 2023 |
FIRST QUARTERLY REPORT
03
04
FOR PUNJAB MODARABA SERVICES (PRIVATE) LIMITED (MODARABA MANAGEMENT COMPANY)
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First Punjab Modaraba published this content on 04 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2023 04:18:09 UTC.