B.F. Modaraba — Interim / Quarterly Report 2025

Feb 26, 2025

B. F. Modaraba

Managed By E.A. Management (Pvt.) Ltd.

Ref. No: BF-716-PSX/2024-25

February 26, 2025

The General Manager, Pakistan Stock Exchange Limited Stock Exchange Building, Stock Exchange Road, Karachi.

FINANCIAL RESULTS OF B. F MODARABA FOR THE (HALF YEAR) ENDED DECEMBER 31, 2024

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 February 26, 2025 at 12:30 P.M has NOT declared any Cash Dividend or Bonus in respect of B. F Modaraba for the Half yearly ended December 31, 2024.

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 Half Yearly Report of the Modaraba for the period ended December 31, 2024 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: info@bfmodaraba.com.pk, feedback@bfmodaraba.com.pk, URL: www.bfmodaraba.com.pk

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Condensed Interim Statement of Profit or Loss
For the six months and quarter ended December 31, 2024 (unaudited)

	Note	Six months ended		Quarter ended
		December 31, 2024	December 31 2023	December 31 2024	December 31 2022
				------- Runees------------------------
Revenue - net
Trading Income	9	17,458,860	4,496,490	17,458,690
Unrealised gain on remeasurement of
investment in units of mutual funds		523,935		395,637
Realized gain on sale of mutual funds
Diminishing Musharakah income		3,424,465	2,920,654	1,470,087	2,139,461
Dividend - net of zakat		3,100,525	3,439,322	358,402	1,195,805
Profit on bank deposits		1,568,762	421,497 11,277,963	1,208,437 20,891,253	271,959 3,607,225
		26,076,547
Administrative expenditure
Operating expenses		(5,899,227)	(4,921,125)	(2,729,401)	(2.092, 495)
Profit before charging Management Company's
remuneration		20,177,320	6,356,838	18,161,852	1,514,730
Management Company's remuneration		(2,017,732)	(635, 684)	(1,816,202)	(151.399)
Profit before Worker's Welfare Fund		18,159,588	5,721,154	16,345,650	1,363,331
Provision for Workers' Welfare Fund		(363, 192)	(114, 423)	(326, 917)	(27, 259)
Profit before taxation		17,796,396	5,606,731	16,018,733	1,336,072
Taxation		(425,063)	(462, 491)	(53,762)	(140, 663)
Profit after taxation		17,371,333	5,144,240	15,964,971	1,195,409
Earnings per certificate - basic and diluted		2.31	0.68	2.12	0.16

The annexed notes from $1$ to 15 form an integral part of these financial statements.

Chief Financial Officer

Condensed Interim Statement of Financial Position

As at December 31, 2024

		(Un-audited) December 31, 2024	(Audited) June 30, 2024
ASSETS	Note	-----------Rupees-------------
Non-current assets
Furniture and equipment		14,211	15,120
Long term deposits		40,019	40,019
Long term investments	3	50,892,059	51,322,228
Diminishing Musharaka	$\overline{A}$	16,098,329	17,926,053
Long term Musharaka	5
		67,044,618	69,303,420
Current assets
Stock in trade		٠	41,689,549
Prepayments and other receivables	6	962,921	8,418,093
Current portion of Diminishing Musharaka	$\overline{1}$	7,635,987	11,103,718
Tax Refundable		3,759,167	3,522,113
Cash and bank balances	$\overline{7}$	98,448,970	11,553,945
		110,807,045	76,287,418
Total assets		177,851,663	145,590,838
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		1,844,997	1,673,986
Due to Management Company		2,017,732	854,221
Unclaimed dividend		1,690,888	1,690,889
		5,553,617	4,219,096
Certificate holders' equity
Certificate capital		75,151,587	75,151,587
Reserves		77,032,031	48,615,351
		152,183,618	123,766,938
Unrealized gain on re-measurement of investments	8	20,114,428	17,604,802
Contingencies and Commitments	10
Total liabilities and equity		177,851,663	145,590,838
The annexed notes from 1 to 15 form an integral part of these financial statements.

Chief Financial Officer

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Condensed Interim Statement of Cash Flows

For the six months ended December 31, 2024 (unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustments for non-cash charges and other items:

• Depreciation on owned assets
• Profit on bank deposits
• Provision for Management Company's remuneration
• Provision for Provident Fund
• Provision for Worker's Welfare Fund
• Trading
• Diminishing Musharakah Income
• Unrealised gain on Mutual Funds
• Dividend income-net

Operating loss before working capital changes

Working capital changes

(Increase) / Decrease in current assets

• Stock in trade
• Prepayments and other receivables
• Decrease in current liabilities
• Trade and other payables

Taxes paid

Provident Fund paid to employees Dividend paid Management fee paid Dividend received

Net cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Profit received on bank deposits
Proceeds from sale of investment	$\mathcal{D}$
Diminishing Musharaka
Net cash generated from investing activities
Net increase in cash and cash equivalents	Я
Cash and cash equivalents as at beginning of the period
Cash and cash equivalents as at the end of period

The annexed notes from 1 to 15 form an integral part of these financial statements.

17,796,396 5,606,731 909 1,081 $(1, 568, 762)$ $(421.497)$ 2,017,732 635,684 337,556 315,228 114,403 363,192 $(17, 458, 860)$ $(4,496,490)$ $(3,424,465)$ $(2,920,654)$ $(523, 935)$ i. $(3, 439, 322)$ $(3,100,525)$ $(10, 211, 567)$ $(23, 357, 158)$ $(4,604,836)$ $(5,560,762)$

------------Rupees-------------

December 31, 2023

December 31,

2024

41,689,549	6.359,326
12,513,573	3.679.906
1,334,521	633,526
55,537,643	10.672.758
(662, 117)	(525, 715)
(229, 624)
(854, 221)
3,100,525	3.439.322
1,354,563	2,913,607
51,331,444	8,981,529

1,570,029	424,181
24,511,558	9,637,329
9,481,994	(14, 240, 826)
35,563,581	(4, 179, 316)
86,895,025	4,802,213
11,553,945	1,573.030
98,448,970	6,375,243
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Chief Financial Officer

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Condensed Interim Statement of Changes in Equity
For the six months ended December 31, 2024 (unandited)

	Certificate	Reserves
	capital	Statutory reserves	Unappropriated profits	Total Reserve	Total
			--------------------------Rupees------------ --------------
Balance as at July 01, 2023	75.151,587	50,255,171	(9.020, 290)	41,234,881	116,386,468
Total comprehensive income for the six months ended
- Profit after taxation			5,144,240	5,144,240	5,144,240
- Other comprehensive income			5144240	5,144,240	5.144.240
- Profit realized on disposal of investments in ordinary shares of listed companies			3,647,115	3,647,115	3,647,115
Balance as at December 31, 2023	75,151,587	50,255,171	(228, 935)	50.026,236	125, 177, 823
Balance as at July 01, 2024 Total comprehensive income for the six months ended	75,151,587	50,255,171	(1.639, 820)	48.615.351	123,766,939
- Profit after taxation - Other comprehensive income		٠	17,371,333	17,371,333	17,371,333
			17,371,333	17,371,333	17,371,333
- Profit realized on disposal of investments in ordinary shares of listed companies			11,045,347	11,045,347	11,045,347
Balance as at December 31, 2024	75,151,587	50,255,171	26,776,860	77.032,031	152,183,619

The annexed notes from 1 to 15 form an integral part of these financial statements.

ØQ. Chief Financial Officer

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