B.F. Modaraba — Interim / Quarterly Report 2025

Feb 28, 2025

Financial Statements (Reviewed) for the Half Year Ended December 31, 2024

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

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B.F. MODARABA

Half Yearly 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. Muhammad Omar Amin Bawany Chief Executive Mr. Hamza Omar Bawany Director Mr. Muhammad Samiullah Independent Director Ms. Tasneem Yusuf Independent Director

AUDIT COMMITTEE

Mr. Muhammad Samiullah

Mr. Muhammad Samiullah Chairman Mr. Ahmed Ali Mohammad Amin Bawany Member Mr. Hamza Omar Bawany Member

HUMAN RESOURCE & REMUNERATION COMMITTEE

Mr. Muhammad Samiullah Chairman Mr. Ahmed Ali Mohammad Amin Bawany Member Mr. Muhammad Omar Amin Bawany Member

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) P.E.C.H.S, Block-6, Off Razi Road, 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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RSM
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INDEPENDENT AUDITOR'S REVIEW REPORT

TO THE CERTIFICATE HOLDERS[OF][THE][B.F.][MODARABA]

REPORT ON REVIEW OF[CONDENSED] INTERIM[FINANCIAL][INFORMATION]

RSM Avais Hyder Liaquat Nauman Chartered Accountants 407, Progressive plaza, Beaumont Road Karachi, 75530- Pakistan [oem[datesenaen]

W www.rsmpakistan.pk

WeIntroductionhave reviewed the accompanying[condensed] interim[statement] of[Fi] fPosition of B.F. Modaraba (the Modaraba) as at December[31,] 2024, and the[related] condens9g m statement[of] profit or[loss,]

than an audit[conducted] in2[Accordare] enable us to obtain assurance that we would become awareofall significant matters that might be identified in an[audit.] Accordingly, we[do] not express.an audit opinion.»

Conclusion

Based on our review, nothing has come’ o our attention[that] causes[us][to][believe][that][the][accompanying] condensed interim financial information is notprepared, in all material respects, in accordance with approved accounting[and] reporting standards as[applicable] |in Pakistan for interim financial reporting.

Other matter

The figures for the quarter ended[December] 31,[2024][and][December][31,][2023][in][the][condensed][interim] financial statement have not been reviewed[and] we[do] not express[a][conclusion][on][ them.]

The engagement partner on the review[resulting] in[this] independent[auditor's review][report] is[Adnan][Zaman.]

hartered Accountants

Karachi

Dated:

THE POWER OF BEING UNDERSTOOD ASSURANCE TAX | CONSULTING |

RSM Avais Hyder Liaquat Nauman is a related entity of the RSM networkand trades as RSM. RSMisthetrading name used by the members

of the RSMnet wor k. Each member of the caee6 etwork is an independent accounting and consultingfirm whic hp yractices in its own right. The RSM networkis notItself a seperatelegal entity[in] any jurisdiction.

B.F. MODARABA

Half Yearly Accounts

DIRECTOR’S REPORTS FOR THE PERIOD ENDED DECEMBER 31, 2024

Dear Certificate Holders,

Assalamo Alaikum,

By the grace of Almighty Allah, I take pleasure in presenting a brief review of the performance of your Modaraba for the Half year ended December 31, 2024, which has been reviewed by the External Auditors.

Our gross revenue during the period was Rs. 26.077 million vis-à-vis Rs. 11.278 million for the corresponding period of 2023-24, mainly from trading income Rs. 17.459 million, Dividend Income Rs. 3.101 million, & Diminishing Musharakah Income Rs. 3.424 million. The unrealized Gain was Rs. 20.114 million on reporting period ended December 2024 which is 14.25% higher from the period ended June2024, which has been reflected in the equity. The KSE-100 index showed a remarkable increase of 46% from 78,824 points at the end of June 2024, closing at 115,126 points as on reporting period. Pre-tax Profit stood at Rs. 17.796 million against a Pre-tax Profit of Rs. 5.607 million for the corresponding period of 2023-24. Consequently, earning per certificate has improved by Re.0.68 to Rs. 2.31 per certificate Alhamdulillah.

We bow to Allah and pray for His blessing and guidance

AMEEN

Karachi: Hamza Omar Bawany

February 26, 2025 Director

Director

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B.F. MODARABA

Half Yearly Accounts

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2024
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2024

ﮯ ��ﮟ$%�&� �( رو'ﮯ �ﮯ$� 11.278 �� ا�� ��ت �ﮯ ��ﮯ2023-24 ����اس ��ت �ﮯ دوران ﮨ��ری ������ آ �( رو'ﮯ اور $� 3.101 �����( رو'ﮯ، ڈﯾ�ﯾﮉ�ﮉ آ$� 17.459 ���� ��ر� آ+' ��دی ط�ر-% ،�/ �( رو'ﮯ$� 26.077 >&�&� =�<�ه+�? +' @ ��ت- ﮨ��ﮯ وا�� ر'�رﭨ5:; �� 2024 +8���( رو'ﮯ۔ د$� 4 ���� ﮨ�� آ5� �� ه+��7� ���C� �� DB ،� زﯾ�ده ﮨﮯF�= 14.25 ﮨ��ﮯ وا�� ��ت �ﮯ5:; �� 2024-�نB �B �/* �( رو'ﮯ$� 20.114 ����M� +�? �� %46 �ﮯDﭩ-< '�ا78,824 ��ﮟ+; �ﮯ آ2024 �نB �ﮯDC ا�ﮉﯾKSE-100 �ﯾﭩ� ��ﮟ ﮨ�<� ﮨﮯ۔Cاﯾ �� ا�� 2023-24 R=�-� DC� از ﭨS8T � ﮨ�ا۔-% +' Dﭩ-< '�ا115,126 N%�O� @ �� ��ت �ﮯ-�=ہ د�/�ﯾ�، ر'�رﭨQا ، =� 17.796 ﮯ ��ﮟ$%�&� �ﮯR=�-� DC� از ﭨS8T �( رو'ﮯ �ﮯ$� 5.607 ��ت �ﮯ ��ﮯ�:��:� �( رو'ﮯ رﮨ�۔$� ��ﷲZ� �� ﮨﮯ۔X ��ﭧ ﮨCW�ﭨ+� �= رو'ﮯ2.31 +� ��=ہ ﮨQ رو'ﮯ �� ا0.68 �ﭧ �� آ���� ��ﮟCW�ﭨ+�

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2022
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B.F. MODARABA Half Yearly Accounts (Un-audited) (Audited) December 31, December 31, Transactions during the[six][months][ended] 2024 2023 Faran Sugar Mills Limited Reliance Insurance Company Limited (Takaful Policy) 524,160 752,000 Provision for Management fee 2,017,732 854,221 (Un-audited) (Audited) December 31, June 30, 2024 2024 Balances outstanding at period end Management fee payable 2,017,732 854,22] 12Z. FAIR VALUE HIERARCHY Fair value is the price that would be received to[sell] an asset or paid[to][transfer] a liability[in][an] orderly[transaction][between] market participants at the measurement[date.][The][Modaraba] measures fair[values] using[the][following][fair][value][hierarchy][that] reflects the significance of[the] inputs used[in] making[the] measurements: Level 1: Fair value measurements using quoted prices (unadjusted)[in] active[markets][for][identical][assets][or][liabilities.] Level 2: Fair value measurements using inputs other than quoted prices[included][within][Level] | that are observable for the asset or liability, either directly (i.e. as prices) or indirectly[(i.e.][derived][from][prices).] Level 3: Fair value measurements using inputs[for][the] asset or liability[that] are[not][based][on][observable][market][data][(1.¢.] unobservable inputs). Following[is][the][fair][value] hierarchy[of][the][assets][carried][at][fair][value:] December 31, 2024 Level 1 Level2 Level 3 Total nonennn ane - === Rupees --------------Financial assets Investment in ordinary shares oflisted companies 40,367,651 - - 40,367,651 Investments[in][units] of open-end mutual funds 10,524,408 - - 10,524,408 50,892,059 - - 50,892,059 June 30,[2024] Level | Level 2 Level 3 Total socnnnnnnenne n= Rupees --------------Financial assets Investment in ordinary shares of listed companies 51 322,228 - - 51,322,228 Investments[in][units] of open-end mutual funds - - - - 51,322,228 - 51,322,228 3. FINANCIAL RISK MANAGEMENT The Modaraba's financial risk management objectives[and] policies[are][consistent][with][those][disclosed][in][the][preceding][annual] published[financial] statements[of][the][Modaraba][for][the] year[ended][June][30,][2024.] i 15

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Half Yearly Accounts

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Half Yearly Accounts

February 26, 2025

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