OLP MODARABA (FORMERLY ORIX MODARABA)
HALF YEARLY
REPORT
DECEMBER 2022
www.olpmodaraba.com
CONTENTS
Modaraba Information | 02 |
Directors' Review | 03 |
Independent Auditor's Review Report | 07 |
Condensed Interim Balance Sheet | 08 |
Condensed Interim Profit and Loss Account and | |
Other Comprehensive Income (Un-audited) | 09 |
Condensed Interim Cash Flow Statement (Un-audited) | 10 |
Condensed Interim Statement of Changes in Equity (Un-audited) | 11 |
Notes to and Forming Part of the Condensed | |
Interim Financial Statements (Un-audited) | 12 |
01
For the half year ended December 31, 2022 | www.olpmodaraba.com |
Modaraba Information
Modaraba Company | Auditors | |
OLP Services Pakistan (Private) Limited | A.F.Ferguson & Co. Chartered Accountants | |
(Formerly ORIX Services Pakistan (Private) Limited) | ||
Bankers/ Financial Institutions | ||
Directors of Modaraba Company | Standard Chartered Bank (Pakistan) Limited (Saadiq) | |
Mr. Shaheen Amin | Chairman | Meezan Bank Limited |
United Bank Limited (UBL Ameen) | ||
Mr. Raheel Qamar Ahmad | Managing Director | Bank Alfalah Limited (Islamic banking) |
/ Chief Executive Officer | Allied Bank Limited (Islamic banking) | |
Bank Al Habib Limited (Islamic banking) | ||
Mr. Ramon Alfrey | Director | Habib Bank Limited (Islamic banking) |
Pakistan Mortgage Refinance Company Limited | ||
Mr. Nausherwan Adil | Independent Director | |
Legal Advisor | ||
Mian Faysal Riaz | Director | Haider Ali Khan |
Advocate High Court , Partner, Fazle Ghani Advocates | ||
Mr. Nadim D. Khan | Independent Director | |
Modaraba Company Registered Office | ||
Ms. Aseya Qasim | Director | OLP Building, Plot no. 16, sector No. 24, Korangi Industrial |
Area Karachi. | ||
Company Secretary | ||
Mr. Muhammad Siddique | Modaraba Head office | |
Office No. 601, 6th Floor, | ||
Audit Committee | Syedna Tahir Saifuddin Memorial Foundation Building, | |
Beaumont Road, Civil Lines, Karachi. | ||
Mr. Nausherwan Adil | Chairman | Phone: (021)35930000 |
Email:askus@olpmodaraba.com | ||
Mr. Ramon Alfrey | Member | |
Lahore Branch: | ||
Mian Faysal Riaz | Member | Office No-08, 1st floor, |
Park Lane Tower (Mall Of Lahore) | ||
Human Resource and | 172-Tufail Road, Lahore Cantt. | |
Remuneration (HR&R) Committee | ||
Islamabad Branch: | ||
Mr. Nadim D. Khan | Chairman | Ground Floor, Phase 1, State Life Building No. 5, |
Nazimuddin Road, Blue Area, Islamabad. | ||
Mr. Shaheen Amin | Member | |
Registrars & Share Registration Oce: | ||
Mr. Raheel Qamar Ahmad | Member | Famco Associates (Private) Limited |
8-F, Next to Hotel Faran, Nursery, | ||
Risk Committee | Block 6, P.E.C.H.S., Shahra-e-Faisal, Karachi. | |
Tel: (92-21)34380101-5 | ||
Mian Faysal Riaz | Chairman | Fax: (92-21) 34380106 |
Email: info.shares@famco.com.pk | ||
Mr. Nausherwan Adil | Member | |
Mr. Raheel Qamar Ahmad | Member | |
Shariah Advisor | ||
Mufti Faisal Ahmed |
www.olpmodaraba.com | For the half year ended December 31, 2022 |
02
Directors' Review
For the period ended December 31, 2022
The Board of Directors of OLP Services Pakistan (Private) Limited [formerly ORIX Services Pakistan (Private) Limited], the management company of OLP Modaraba (formerly ORIX Modaraba) is pleased to present the unaudited accounts of OLP Modaraba for the six months period ended December 31, 2022.
1. Economic Outlook
Pakistan economy is in a deep recession, inflation is incredibly high as (result of) part of the latest bailout conditions. The Inflation could average 33% in the first half of 2023 before trending lower, and a bailout from the International Monetary Fund alone is unlikely to put the economy back on track.
Although an agreement on the ninth review of the programme would release over $1.1 billion of the total $2.5 billion pending as part of the current package agreed in 2019 which ends on June 30. The funds are crucial for the economy as the current foreign exchange reserves barely cover 18 days' worth of imports.
The weaker rupee, which is plumbing record lows, is adding to imported inflation while domestically high energy costs on the back of tariff increases and still elevated food prices is likely to keep inflation high. The consumer price index rose 27.5% year-on-year in January, its highest in nearly half a century.
Last month, the central bank raised its key interest rate by 100 basis points (bps) to 17% in a bid to rein in persistent price pressures. It has raised the key rate by a total of 725 bps since January 2022.
World Bank's latest forecast suggests the real Gross Domestic Product (GDP) of the country is likely to grow at 2.0 percent in FY23 as global growth is also expected to slow amid soaring inflation, rising interest rates.
Historic floods last summer have also led to huge bills for reconstruction and aid, adding to strains on the government budget. The World Bank has estimated that at least $16 billion is needed to cope with damage and losses.
2. Financial Highlights
Financial results are summarized as under:
December 31, | June 30, | |
2022 | 2022 | |
Balance Sheet | (Rupees '000') | |
Certificate capital | 453,835 | 453,835 |
Total equity | 1,105,926 | 1,138,605 |
Total assets | 6,636,907 | 6,707,110 |
Investment in Ijarah finance and Ijarah Assets | 1,776,319 | 1,811,424 |
Investments in Diminishing Musharika | 3,957,544 | 3,762,885 |
Short term Investments and Sukuks | 255,551 | - |
Redeemable capital | 2,611,205 | 3,013,905 |
Six months ended | Six months ended | |
December 31, | December 31, | |
Profit and Loss | 2022 | 2021 |
(Rupees '000') | ||
Revenue (net of Ijarah assets depreciation) | 568,290 | 347,988 |
Financial and other charges | 377,023 | 174,630 |
Reversal of provisions - net | (15,695) | (7,188) |
Operating expenses | 113,885 | 93,683 |
Profit before modaraba management company's remuneration | 93,078 | 86,863 |
Profit before taxation | 80,909 | 75,506 |
Net profit | 58,088 | 53,609 |
03
For the half year ended December 31, 2022 | www.olpmodaraba.com |
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Orix Modaraba published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 09:54:01 UTC.
