OLP MODARABA (FORMERLY ORIX MODARABA)
QUARTERLY
REPORT
SEPTEMBER 2022
www.olpmodaraba.com
CONTENTS
Modaraba Information | 02 |
Directors' Review | 03 |
Condensed Interim Balance Sheet (Un-audited) | 07 |
Condensed Interim Profit and Loss Account and | |
Other Comprehensive Income (Un-audited) | 08 |
Condensed Interim Cash Flow Statement (Un-audited) | 09 |
Condensed Interim Statement of Changes in Equity (Un-audited) | 10 |
Notes to and Forming Part of the Condensed | |
Interim Financial Statements (Un-audited) | 11 |
01 | For the period ended September 30, 2022 | www.olpmodaraba.com |
Modaraba Information
Modaraba Company | Auditors | |
OLP Services Pakistan (Pvt) Limited | A.F.Ferguson & Co. Chartered Accountants | |
(Formerly ORIX Services Pakistan (Pvt) 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 Advisors | ||
Mian Faysal Riaz | Director | Haider Ali Khan |
Advocate High Court , Partner, Fazle Ghani Advocates | ||
Mr. Nadim D. Khan | Independent Director | |
Registered and Head Oce: | ||
Ms. Aseya Qasim | Director | Office No. 601, 6th Floor, |
Syedna Tahir Saifuddin Memorial Foundation Building, | ||
Company Secretary | Beaumont Road, Civil Lines, Karachi. | |
Mr. Muhammad Siddique | Phone: (021)35930000 | |
Email:askus@olpmodaraba.com | ||
Audit Committee | ||
Mr. Nausherwan Adil | Chairman | Lahore Branch: |
Office No-08, 1st floor, | ||
Mr. Ramon Alfrey | Member | Park Lane Tower (Mall Of Lahore) |
172-Tufail Road, Lahore Cantt. | ||
Mian Faysal Riaz | Member | |
Islamabad Branch: | ||
Human Resource and | Ground Floor, Phase 1, State Life Building No. 5, | |
Remuneration (HR&R) Committee | Nazimuddin Road, Blue Area, Islamabad. | |
Mr. Nadim D. Khan | Chairman | |
Registrars & Share Registration Oce: | ||
Mr. Shaheen Amin | Member | Famco Associates (Private) Limited |
8-F, Next to Hotel Faran, Nursery, | ||
Mr. Raheel Qamar Ahmad | Member | Block 6, P.E.C.H.S., Shahra-e-Faisal, Karachi. |
Tel: (92-21)34380101-5 | ||
Risk Committee | Fax: (92-21) 34380106 | |
Mian Faysal Riaz | Chairman | 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 period ended September 30, 2022 | 02 |
Directors' Review
For the period ended September 30, 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 for the three months period ended September 30, 2022.
1. Economic Outlook
Pakistan's economy is expected to grow by only 2 percent in the current fiscal year ending June 2023. The slower growth will reflect damages and disruptions caused by catastrophic floods, a tight monetary stance, high inflation, and a less conducive global environment. Recovery will be gradual, with real GDP growth projected to reach 3.2 percent in fiscal year 2024.
Poverty in the hardest-hit regions will likely worsen in the context of the recent flooding. Preliminary estimates suggest that - without decisive relief and recovery efforts to help the poor - the national poverty rate may increase by 2.5 to 4 percentage points, pushing between 5.8 and 9 million people into poverty. Macroeconomic risks also remain high as Pakistan faces challenges associated with a large current account deficit, high public debt, and lower demand from its traditional export markets amid subdued global growth.
Due to higher domestic energy prices, flood disruptions, and the weaker Rupee, inflation is projected to rise to 23.0 percent in FY23 but moderate to 9.5 percent in FY24 with declining international energy prices and resolution of flood-related supply constraints. Despite flood-associated effects, the CAD is expected to narrow slightly to 4.3 percent of GDP in FY23, partly due to stronger remittance inflows and is projected to shrink further in FY24 as exports recover from flood impacts.
The IMF Board approved the combined 7th and 8th reviews of the Extended Fund Facility (EFF) Program for Pakistan on 29 August 2022. The review focused on fiscal consolidation measures to reduce government borrowing needs, tightening monetary policy, and expanding and strengthening social safety nets to protect the poor
2. Financial Highlights
Financial results are summarized as under:
September 30, | June 30, | |
2022 | 2022 | |
Balance Sheet | (Rupees) | |
Certificate capital | 453,835 | 453,835 |
Total equity | 1,072,457 | 1,138,605 |
Total assets | 6,820,818 | 6,707,110 |
Investment in Ijarah finance and Ijarah Assets | 1,690,491 | 1,811,424 |
Investments in Diminishing Musharika and Sukuks | 3,702,668 | 3,762,885 |
Redeemable capital | 2,723,505 | 3,013,905 |
Three months ended | Three months ended | |
September 30, | September 30, | |
Profit and Loss | 2022 | 2021 |
(Rupees) | ||
Revenue (net of Ijarah assets depreciation) | 272,033 | 173,397 |
Financial charges | 188,578 | 88,004 |
Provision / (reversal) of provisions - net | (11,119) | (5,402) |
Operating expenses | 54,684 | 46,628 |
Profit before modaraba management company's remuneration | 39,889 | 44,168 |
Profit before taxation | 34,674 | 38,393 |
Net profit | 24,619 | 31,866 |
03 | For the period ended September 30, 2022 | www.olpmodaraba.com |
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Orix Modaraba published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 10:49:03 UTC.
