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B.F. Modaraba Interim / Quarterly Report 2026
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Interim / Quarterly Report
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B. F. Modaraba
Managed By E.A. Management (Pvt.) Ltd.
Ref. No: BF-763-PSX/2025-26
October 30, 2025
The General Manager, Pakistan Stock Exchange Limited Stock Exchange Building, Stock Exchange Road, Karachi.
FINANCIAL RESULTS OF B. F MODARABA FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2025
Dear Sir,
We have to inform you that the Board of Directors of E. A. Management (Pvt) Limited, the Management Company of B. F. Modaraba, in their meeting held on October 30, 2025 at 12:30 p.m has NOT declared any Cash Dividend or Bonus in respect of B. F. Modaraba for the 1st Quarter ended September 30, 2025.
| Cash Dividend | NIL |
|---|---|
| Bonus Shares | NIL |
| Right Shares | NIL |
In compliance of Notice No. PSX/N-062 dated January 10, 2025; we enclosed herewith the following:
- Financial Result (Statement of Profit or Loss)
- Statement of Financial Position
- Statement of Cash Flows
- Statement of Changes in Equity
The Quarterly report of the Modaraba for the 1st Quarter ended September 30, 2025 will be transmitted through PUCARS separately, within the specified time.
Thanking you, Yours truly, Muhammad Ayub Company Secretary
B.F.MODARABA Plot No. 43-1-E, P.E.C.H.S, Block-6, Off Razi Road, Shahrah-e-Faisal, Karachi, Pakistan,
UAN: (92-21) 111-229-269, Fax: (92-21) 34322864 E-mail: [email protected], [email protected], URL: www.bfmodaraba.com.pk $\tau_{\rm s}$
$\overline{c}$
$\epsilon$
B.F.MODARABA BALANCE SHEET AS AT SEPTEMBER 30, 2025 (UNAUDITED)
| Note | (Un-audited) Sep-2025 |
(Audited) June-2025 |
|
|---|---|---|---|
| Rupees | |||
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Furniture and equipment | 12,920 | 13,305 | |
| Long term deposits | 40,019 | 40,019 | |
| Long term investments | $\boldsymbol{l}$ | 83,285,609 | 52,543,309 |
| Diminishing Musharaka | $\mathfrak{Z}$ | 2,951,090 | 3,682,029 |
| Long term Musharaka | $\overline{c}$ | 86,289,638 | 56,278,662 |
| CURRENT ASSETS | |||
| Prepayments and other receivables | 597,611 | 10,807,273 | |
| Current portion of Diminishing Musharal | 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 incon |
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
$\ddot{\phantom{a}}$
Chief Executive
Director
5
Chief Financial Officer
B.F.MODARABA STATEMENT OF PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED SEPTEMBER 30, 2025
| September 2025 |
September 2024 |
||
|---|---|---|---|
| Rupees | |||
| Operating Incomes | |||
| Dividend - net of zakat | 615,156 | 2,742,123 | |
| Profit on bank deposits | 891,636 | 360,325 | |
| Diminishing Musharakah Income | 645,296 | 1,954,378 | |
| Trading Income | 4,772,905 | ||
| Unrealised Gain / (Loss) on remeasurement of | |||
| investments in units of mutual funds | 987,477 | 128,298 | |
| 7,912,470 | 5,185,124 | ||
| Operating expenses | (3, 191, 797) | (3,169,826) | |
| Profit/(Loss) before charging management fee | 4,720,673 | 2,015,298 | |
| Provision for management fee | (472,067) | (201, 530) | |
| Profit/(Loss) before wokers' welfare fund | 4,248,606 | 1,813,768 | |
| Provision for workers' welfare fund | (84, 972) | (36,275) | |
| Profit/(Loss) before taxation | 4,163,634 | 1,777,493 | |
| Taxation - current | (270, 602) | (371, 301) | |
| Profit/(Loss) after taxation | 3,893,032 | 1,406,191 | |
| Earning per certificate - Basic and Diluted | 0.52 | 0.19 |
The annexed notes form an integral part of these financial statements.
Chairman
For E.A.Management (Pvt) Ltd.,
(Management Company)
$6\phantom{a}$
Chief Executive Director Chief Financial Officer
$\tilde{\mathcal{O}}$ $\tilde{\mathcal{C}}$
B.F.MODARABA STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED SEPTEMBER 30, 2025
| Reserves | |||||
|---|---|---|---|---|---|
| Description | Issued, subscribed and paid up capital |
Statutory Reserves |
Unappropriated Profit |
Total Reserves | Total |
| Rupees | |||||
| Balance as at July 1, 2024 | 75,151,587 | 50,255,171 | (1,639,820) | 48,615,351 | 123,766,938 |
| Comprehensive income for the quarter | 1,406,191 | 1,406,191 | 3,949,209 | ||
| Balance as at September 30, 2024 | 75,151,587 | 50,255,171 | (233, 629) | 50,021,542 | 127,716,148 |
| Balance as at October 01, 2024 | 75,151,587 | 50,255,171 | (233, 629) | 50,021,542 | 125,173,129 |
| Comprehensive income for nine months | 13,291,005 | 13,291,005 | 13,291,005 | ||
| - Profit realized on disposal of investments in ordinary shares of listed companies |
11047347 | 11,047,347 | 11,047,347 | ||
| Balance as at June 30, 2025 | 75,151,587 | 50,255,171 | 24,104,723 | 74,359,894 | 149,511,481 |
| Balance as at July 1, 2025 | 75,151,587 | 50,255,171 | 24,104,723 | 74,359,894 | 149,511,481 |
| Comprehensive income for the quarter | 3,893,032 | 3,893,032 | 3,893,032 | ||
| Balance as at September 30, 2025 | 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 -Chief Financial Officer Director $\overline{\mathbf{8}}$
h
$\overline{1}$
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 | (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.
Chief Financial Officer
Chairman
Chief Executive
Director