B.F. Modaraba — Interim / Quarterly Report 2025

Oct 30, 2025

QUARTERLY REPORT For the Quarter Ended September 30, 20 25 (Un-audited)

B.F. MODARABA Managed By E.A. MANAGEMENT (PVT) LTD.

B.F. MODARABA Quarterly Accounts CORPORATE INFORMATION MODARABA MANAGEMENT COMPANY E. A. Management (Pvt.) Ltd. BOARD OF DIRECTORS DIRECTORS OF MODARABA MANAGEMENT COMPANY Mr. Ahmed Ali Mohammad Amin Bawany Chairman Mr. Bilal Omar Bawany Chief Executive Mr. Muhammad Omar Amin Bawany Director Mr. Muhammad Altamash Bawany Director Mr. Muhammad Sheryar Bawany Director Mr. Muhammad Samiullah Independent Director Ms. Tasneem Yusuf Independent Director AUDIT COMMITTEE Mr. Muhammad Samiullah Chairman Mr. Ahmed Ali Mohammad Amin Bawany Member Mr. Muhammad Omar Amin Bawany Member Ms. Tasneem Yusuf Member HUMAN RESOURCE & REMUNERATION COMMITTEE Mr. Muhammad Samiullah Chairman Mr. Ahmed Ali Mohammad Amin Bawany Member Mr. Muhammad Omar Amin Bawany Member Mr.Bilal Omar Bawany Member

CFO & COMPANY SECRETARY

Mr. Muhammad Ayub

SHARIAH ADVISOR

Mr. Mufti Zubair Usmani

LEGAL ADVISOR

Mr. Ghullam Rasool Korai

MODARABA AUDITORS

M/s. RSM Avais Hyder Liaquat Nauman Chartered Accountants

BANKERS

Al-Baraka Islamic Bank Bank Al-Habib Islamic Limited Habib Bank Limited Habib Metropolitan Islamic Bank Limited UBL Ameen Islamic Bank

REGISTERED OFFICE

Plot No. 43-1-E (B), Block No. 06 Off Razi Road, P.E.C.H.S., Shahrah-e-Faisal, Karachi, Pakistan. UAN : 111-229-269 Fax : (92-21) 34322864

EMAIL & WEBSITE

E-mail: info@bfmodaraba.com.pk feedback@bfmodaraba.com.pk URL: www.bfmodaraba.com.pk

SHARES REGISTRAR

M/s. C & K Management Associates (Pvt.) Limited M-13, Progressive Plaza, Plot No. 5 - CL - 10, Civil Lines Quarter, Beaumont Road, Karachi -75530 Phone: 35687839-35685930

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B.F. MODARABA

Quarterly Accounts

DIRECTOR’S REPORTS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

Dear Certificate Holders,

Assalamo Alaikum,

By grace of Almighty Allah I take pleasure in presenting a brief review of the performance of your 5. Modaraba for the first quarter ended September 30, 202

Our gross revenue during the period stood at Rs. 7.912 million vis-à-vis Rs. 5.185 million for the corresponding period of 2024-25, showing a significant increase. The major components of income comprised Trading Income of Rs. 4.773 million, Dividend Income of Rs. 0.615 million, Profit on Bank Deposits of Rs. 0.892 million, and Diminishing Musharakah Income of Rs. 0.645 million. The Pre-tax Profit stood at Rs. 4.249 million against Rs. 1.814 million for the corresponding period of the previous year, reflecting improved operational performance.

The equity market exhibited a positive trajectory during the period, with the KSE-100 Index showing an increase of 32% , closing at 165,493 points as of September 30, 2025. This upward trend favorably impacted the Modaraba’s investment portfolio, resulting in an increase in unrealized gain from Rs. 21.472 million to Rs. 31.226 million in the valuation of marketable securities as at the reporting date.

The Management remains committed to prudent investment strategies and continuous improvement in all segments. Moreover, we will continue to focus on marketable securities and anticipate further enhancement in trading income and overall profitability , Insha’Allah .

We bow to Allah and pray for His blessing and guidance

AMEEN

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Karachi:
October 30, 2025 Director Chief Executive
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B.F. MODARABA Quarterly Accounts 20 25

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20 25

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B.F. MODARABA

Quarterly Accounts

B.F.MODARABA

BALANCE SHEET AS AT SEPTEMBER 30, 2025 (UNAUDITED)

	Note		(Un-audited)		(Audited)
			Sep-2025		June-2025
			Rupees
ASSETS
NON-CURRENT ASSETS
Furniture and equipment			12,920		13,305
Long term deposits			40,019		40,019
Long term investments	1		83,285,609		52,543,309
Diminishing Musharaka	3		2,951,090		3,682,029
Long term Musharaka	2		-		-
			86,289,638		56,278,662
CURRENT ASSETS
Prepayments and other receivables			597,611		10,807,273
Current portion of Diminishing Musharak	3		11,166,375		13,798,999
Advance tax - net			61,578		57,186
Stock in trade			-		54,025,400
Trade Debts			69,382,000		-
Cash and bank balances			23,056,605		41,877,006
			104,264,169		120,565,864
Total Assets			190,553,807		176,844,526
LIABILITIES & EQUITY
NON-CURRENT LIABILITIES			-		-
CURRENT LIABILITIES
Trade and other payables			1,514,507		1,925,149
Due to Management Company			2,717,375		2,245,308
Unclaimed Dividend			1,690,889		1,690,889
Total Liabilities			5,922,771		5,861,346
CAPITAL AND RESERVES
Authorized Capital
10,000,000 Modaraba
Certificates of Rs. 10/- each			100,000,000		100,000,000
Issued, subscribed and paid-up capital			75,151,587		75,151,587
Reserve			78,252,927		74,359,894
			153,404,514		149,511,481
Unrealized (loss) /gain on re-measurement of investments
classified as fair value through other comprehensive incom			31,226,522		21,471,699
Total Liabilities and Equity			190,553,807		176,844,526

The annexed notes form an integral part of these financial statements.

FOR E.A Management (Private) Limited

(Management Company)

Chairman Chief Executive

Director Chief Financial Officer

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B.F. MODARABA

Quarterly Accounts

B.F.MODARABA

STATEMENT OF PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED SEPTEMBER 30, 2025

Operating Incomes Dividend - net of zakat Profit on bank deposits Diminishing Musharakah Income Trading Income Unrealised Gain / (Loss) on remeasurement of investments in units of mutual funds Operating expenses Profit/(Loss) before charging management fee Provision for management fee Profit/(Loss) before wokers' welfare fund Provision for workers' welfare fund Profit/(Loss) before taxation Taxation - current Profit/(Loss) after taxation Earning per certificate - Basic and Diluted		615,156 2,742,123 891,636 360,325 645,296 1,954,378 4,772,905 - 987,477 128,298 7,912,470 5,185,124 (3,191,797) (3,169,826) 4,720,673 2,015,298 (472,067) (201,530) 4,248,606 1,813,768 (84,972) (36,275) 4,163,634 1,777,493 (270,602) (371,301) 3,893,032 1,406,191 0.52 0.19 Rupees September September 2025 2024	615,156 2,742,123 891,636 360,325 645,296 1,954,378 4,772,905 - 987,477 128,298 7,912,470 5,185,124 (3,191,797) (3,169,826) 4,720,673 2,015,298 (472,067) (201,530) 4,248,606 1,813,768 (84,972) (36,275) 4,163,634 1,777,493 (270,602) (371,301) 3,893,032 1,406,191 0.52 0.19 Rupees September September 2025 2024
		615,156 891,636 645,296 4,772,905 987,477 7,912,470 (3,191,797) 4,720,673 (472,067) 4,248,606 (84,972) 4,163,634 (270,602) 3,893,032 0.52
			5,185,124 (3,169,826)
			2,015,298 (201,530)
			1,813,768 (36,275)
			1,777,493 (371,301)
			1,406,191
			0.19

The annexed notes form an integral part of these financial statements.

For E.A.Management (Pvt) Ltd., (Management Company) Chairman Chief Executive Director Chief Financial Officer

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B.F. MODARABA

Quarterly Accounts

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B.F.MODARABA
STATEMENT OF COMPREHENSIVE INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
For the quarter ended
September 30,
2025 2024
Rupees
Profit/ (loss) for the period 3,893,032 1,406,191
Other comprehensive income
Items that will not be subsequently reclassified to
profit or loss
Surplus / (deficit) on re-measurement of
investments classified as at fair value 9,754,824 2,419,387
through other comprehensive income
13,647,856 3,825,578
The annexed notes form an integral part of these financial statements.
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FOR E.A Management (Private) Limited
(Management Company)
Chairman Chief Executive Director Chief Financial Officer
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B.F. MODARABA

Quarterly Accounts

B.F.MODARABA

STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED SEPTEMBER 30, 2025

Description	Issued, subscribed and paid up capital	Reserves	Reserves	Reserves	Total
		Statutory Reserves	Unappropriated Profit	Total Reserves
Balance as at July 1, 2024 Comprehensive income for the quarter Balance as at September 30, 2024 Balance as at October 01, 2024 Comprehensive income for nine months - Profit realized on disposal of investments in ordinary shares of listed companies Balance as at June 30, 2025 Balance as at July 1, 2025 Comprehensive income for the quarter Balance as at September 30, 2025	75,151,587 -	50,255,171 (1,639,820) 48,615,351 123,766,938 - 1,406,191 1,406,191 3,949,209 Rupees
	75,151,587	50,255,171 (233,629) 50,021,542 127,716,148
	75,151,587 - -	50,255,171 (233,629) 50,021,542 125,173,129 - 13,291,005 13,291,005 13,291,005 - - 11047347 11,047,347 11,047,347
	75,151,587	50,255,171 24,104,723 74,359,894 149,511,481
	75,151,587 -	50,255,171 24,104,723 74,359,894 149,511,481 - 3,893,032 3,893,032 3,893,032
	75,151,587	50,255,171 27,997,756 78,252,927 153,404,514

The annexed notes form an integral part of these financial statements.

FOR E.A Management (Private) Limited (Management Company)

Chairman	Chief Executive	Director	Chief Financial Officer
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B.F. MODARABA

Quarterly Accounts

B. F. MODARABA STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED SEPTEMBER 30, 2025

		September-2025		September-2024
		Rupees
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation		4,163,634		1,777,493
Adjustments for :
Depreciation- own assets		385		453
Unrealised Profit / (loss) on remeasurement of Mutual Fund I		(987,477)		(128,298)
Provision for Provident fund		161,542		167,028
Trading		(4,772,905)		-
Bank Profit		(891,636)		(360,325)
Provision for Mangement fee		472,067		201,530
Provision for WWF		84,972		36,275
Diminishing Musharakah Income		(645,296)		(1,954,378)
Dividend Income		(615,156)		(2,742,123)
		(7,193,504)		(4,779,838)
		(3,029,870)		(3,002,345)
Changes in working capital
Decrease / (increase) in current assets :
Stock in Trade		54,025,400		-
Trade Debts		(69,382,000)		-
Prepayments and other receivable		(12,842,286)		4,375,387
Increase / (decrease) in current liabilities:
Accrued expenses		(882,709)		563,022
Net increase in working capital		(29,081,595)		4,938,409
Income tax refund received / (paid) - net		(10,854,302)		(425,351)
P.F Paid		(1,132,998)		(104,624)
Net cash Inflow(outflow) from operating activities		(44,100,647)		1,406,088
B CASH FROM INVESTING ACTIVITIES
Diminishing Musharakah		-		-
Sale / (Purchase) of investments - net		24,025,400		(10,000,000)
Dividend received		363,211		616,259
Bank Profit received		891,636		360,325
Net cash inflow(outflow) from investing activities		25,280,247		(9,023,416)
C. CASH FROM FINANCING ACTIVITIES
Net cash used in financing activities		-		-
Net increase/ (decrease) in cash and
bank balances		(18,820,400)		(7,617,328)
Cash and bank balances at the beginning
of the period		41,877,006		11,553,945
Cash and bank balances at the
period ended September 30, 2025		23,056,606		3,936,617

The annexed notes form an integral part of these financial statements.

Chairman Chief Executive Director Chief Financial Officer

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B.F. MODARABA

Quarterly Accounts

B.F.MODARABA

Notes to the Financial Statements

FOR THE QUARTER ENDED SEPTEMBER 30, 202 5

1- LONG TERM INVESTMENTS

		Sep 2025	June 2025
		Rupees	Rupees
	At fair value through other comprehensive income
1.1	Ordinary shares of listed companies	51,477,699	41,722,914
	At fair value through profit or loss
1.2	Units of open-ended mutual funds	31,807,910	10,820,395
		83,285,609	52,543,309
1.1	'Investments in ordinary shares of listed companies
	Unless stated otherwise, the following holdings are in ordinary shares/certificates of Rs. 10/-		each.

10 Sep 2025 June 2025 NAME OF COMPANY/ INSTITUTION MODARABAS 21,136 21,136 OLP Modaraba 21,136 21,136 Total CEMENT 149,125 149,125 Fauji Cement 10,000 10,000 D.G.Khan Cement 15,000 15,000 Lucky Cement 174,125 174,125 Total REFINERY 12,500 12,500 Attock Refinery Ltd 12,500 12,500 Total FUEL AND ENERGY 10,099 10,099 Pakistan Petroleum Ltd 49,000 49,000 Kohinoor Energy Ltd 59,099 59,099 Total ENGINEERING 20,000 20,000 International Steel Ltd 20,000 20,000 Total TEXTILE COMPOSITE 7,000 7,000 Nishat Mills Ltd 7,000 7,000 Total FERTILIZER 75,000 75,000 Engro Fertilizer Company Ltd. 75,000 75,000 Total 368,860 368,860 Grand Total Shares/Certificate	Sep 2025 June 2025 Rupees Rupees 519,100 396,723
	519,100 396,723
	9,104,081 6,661,414 2,654,100 1,655,600 7,138,350 5,328,600
	18,896,531 13,645,614
	8,688,625 8,492,750
	8,688,625 8,492,750
	2,096,350 1,718,547 951,580 814,870
	3,047,930 2,533,417
	2,538,600 1,854,000
	2,538,600 1,854,000
	1,160,950 881,160
	1,160,950 881,160
	16,626,000 13,919,250
	16,626,000 13,919,250
	51,477,699 41,722,914

B.F. MODARABA

Quarterly Accounts

B.F.MODARABA

Notes to the Financial Statements

FOR THE QUARTER ENDED SEPTEMBER 30, 202 5

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1.2 Investment in units of open-ended mutual funds
Sep 2025 June 2025 Sep 2025 June 2025
Number of Units Rupees Rupees
MUTUAL FUNDS
103,753 103,753 MCB AL Hamra Islamic Income Fund 11,086,143 10,820,395
324,317 - Meezan Energy Fund 20,721,767 -
428,070 103,753 Grand Total 31,807,910 10,820,395
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2- LONG TERM MUSHARAKA

This represent Musharaka Agreement entered into between Modaraba and M/s. Sustainable Environment Developers (SED) on May 26, 2021, with profit sharing ratio of 48.5% and 51.5% respectively. The agreement will dissolve / terminate upon mutual consent. Carrying amount of the Musharaka investment is as follows:

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Sep 2025 June 2025
Rupees Rupees
Cost of investment
Carrying value as at 22,800,000 22,800,000
- -
Investment made during the year
22,800,000 22,800,000
Accumulated share of profit / (loss):
Opening balance (22,800,000) (22,800,000)
- -
Share of loss for the year
- -
Carrying value as at reporting date
Sep 2025 June 2025
Rupees Rupees
Considered good 14,117,465 17,481,028
Less: Current portion of diminishing musharaka (11,166,375) (13,798,999)
2,951,090 3,682,029
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3- DIMINISHING MUSHARAKAH

• 3.1 - These finance carry profit rate of Kibor plus 3.1% & 4.1% per anum and are receivable on monthly basis over the period of four years. The arrangement is secured against promisory note.

• These financial statements are unaudited and were authorized for issued on October 30, 2025 by the Board of Directors of the Management Company.

• The accounting policies adopted for the preparation of these financial statements are consistent with those applied for the preparation of the preceding published financial statements.

• Amount of Taxation is Provisional and final Tax liablity will be determined on the basis of Annual Result. 7. Figures have been rounded off to the nearest rupee and have been re-arranged where necessary for the purpose of comparison

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Chairman
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Chief Executive Director
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Chief Financial Officer
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