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B.F. Modaraba — Interim / Quarterly Report 2026
Apr 29, 2026
71663_rns_2026-04-29_809657d9-49f5-4522-95de-6062105b5470.pdf
Interim / Quarterly Report
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Financial Statements
(Un-Audited)
For the Nine Months Ended
March 31, 2026
B.F. MODARABA
Managed By
E.A. MANAGEMENT (PVT) LTD.
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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 Mr. Bilal Omar Bawany Mr. Muhammad Omar Amin Bawany Mr. Muhammad Altamash Bawany Mr. Muhammad Sheryar Bawany Mr. Muhammad Samiullah Ms. Tasneem Yusuf
Chairman Chief Executive Director Director Director Independent Director Independent Director
AUDIT COMMITTEE
Mr. Muhammad Samiullah Mr. Ahmed Ali Mohammad Amin Bawany Mr. Muhammad Omar Amin Bawany Ms. Tasneem Yusuf
Chairman Member Member Member
HUMAN RESOURCE & REMUNERATION COMMITTEE
Mr. Muhammad Samiullah Mr. Ahmed Ali Mohammad Amin Bawany Mr. Muhammad Omar Amin Bawany Mr.Bilal Omar Bawany
Chairman Member Member 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: [email protected] [email protected] 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
2
B.F. MODARABA
Quarterly Accounts
DIRECTOR’S REPORTS FOR THE PERIOD ENDED MARCH 31, 2025
Dear Certificate Holders,
Assalamo Alaikum,
By the grace of Almighty Allah, I take pleasure in presenting a brief review of your Modaraba for the Quarter ended March 31, 2026.
Financial Performance Highlights
For the period, gross revenue was Rs. 13.47 million. Revenue was well-diversified across trading income of Rs. 4.77 million, profit on bank deposits of Rs. 4.48 million, realized gain on mutual funds of Rs. 2.16 million, diminishing musharakah income of Rs. 1.79 million, and dividend income of Rs. 1.76 million. An unrealized gain of Rs. 12.58 million as at the reporting date has strengthened equity. We recorded a pretax profit of Rs. 3.96 million, with earnings per certificate at Rs. 0.37.
Market Context & Outlook
The KSE-100 Index saw heightened volatility, trading between 146,000 and 188,000 points before closing at 148,743 points, influenced by regional geopolitical developments since mid-February 2026.
In response, the Modaraba has prudently managed its exposure to marketable securities to protect value amid global market uncertainty. Management is confident that an easing of geopolitical tensions will contribute to more stable market conditions and support stronger performance in the periods ahead.
We bow to Allah and pray for His blessing and guidance
Karachi: Ahmed Ali Bawany Bilal Omar Bawany Chief Executive April 29 , 2026 Director
3
B.F. MODARABA
Quarterly Accounts
2026
2026
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��ے ��۔
2026 29
4
B.F. MODARABA
Quarterly Accounts
| Note Diminishing Musharaka 3 Current assets Stock in trade Prepayments and other receivables Current portion of Diminishing Musharaka Advance tax - net Cash and bank balances Total assets LIABILITIES AND EQUITY Current liabilities Trade and other payables Due to Management Company Unclaimed dividend Certificate holders' equity Certificate capital Reserves Unrealized gain / loss on re-measurement of investments Total liabilities and equity B.F. MODARABA CONDENSED INTERIM FINANCIAL POSITION AS AT MARCH 31, 2026 ASSETS Non-current assets Furniture and equipment Long term deposits Long term investments 1 Long term Musharaka 2 |
(Un-audited) (Audited) March 31, June 30, - 2,461,245 3,682,029 81,528,607 56,278,662 34,588,983 54,025,400 7,653,871 10,807,273 7,662,523 13,798,999 61,643 57,186 43,378,562 41,877,006 93,345,582 120,565,864 174,874,189 176,844,526 507,873 1,925,149 449,496 2,245,308 1,690,889 1,690,889 2,648,258 5,861,346 75,151,587 75,151,587 84,493,486 74,359,894 159,645,073 149,511,481 12,580,858 21,471,699 174,874,189 176,844,526 2026 2025 ------------Rupees------------- 415,070 13,305 40,019 40,019 78,612,272 52,543,309 - |
(Un-audited) (Audited) March 31, June 30, - 2,461,245 3,682,029 81,528,607 56,278,662 34,588,983 54,025,400 7,653,871 10,807,273 7,662,523 13,798,999 61,643 57,186 43,378,562 41,877,006 93,345,582 120,565,864 174,874,189 176,844,526 507,873 1,925,149 449,496 2,245,308 1,690,889 1,690,889 2,648,258 5,861,346 75,151,587 75,151,587 84,493,486 74,359,894 159,645,073 149,511,481 12,580,858 21,471,699 174,874,189 176,844,526 2026 2025 ------------Rupees------------- 415,070 13,305 40,019 40,019 78,612,272 52,543,309 - |
|---|---|---|
| - 3,682,029 13,305 40,019 52,543,309 |
||
| 56,278,662 | ||
| 54,025,400 10,807,273 13,798,999 57,186 41,877,006 |
||
| 120,565,864 | ||
| 176,844,526 | ||
| 1,925,149 2,245,308 1,690,889 |
||
| 5,861,346 | ||
| 75,151,587 74,359,894 |
||
| 149,511,481 21,471,699 |
||
| 176,844,526 |
The annexed notes form an integral part of these financial statements.
FOR E.A Management (Private) Limited
(Management Company)
Director
Chief Financial Officer
Chairman
Chief Executive
5
B.F. MODARABA
Quarterly Accounts
B.F.MODARABA
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE PERIOD ENDED MARCH 31, 2026
| Revenue Trading Income Unrealized Gain / (Loss) on Mutual funds Realized Gain on Mutual funds Diminishing Musharakah income Dividend - net of zakat Profit on bank deposits accounts Expenditure Operating expenses Profit before charging management fee Management fee Profit before Worker's Welfare Fund Provision for Worker's Welfare Fund Taxation - current Profit after taxation Earning per certificate- basic and diluted Profit before Taxation |
Nine Months ended | Nine Months ended | Quarter ended | Quarter ended |
|---|---|---|---|---|
| July-2025 to Mar-2026 |
Jan-2025 to Mar-2025 |
|||
| 4,772,905 (1,482,607) 2,156,910 1,791,870 1,755,890 4,476,059 |
17,458,690 730,548 4,450,080 3,783,223 3,997,513 |
- (1,808,726) 2,156,910 520,237 608,448 1,678,795 |
- 206,613 1,025,615 682,698 2,428,751 |
|
| 13,471,027 (8,976,065) |
30,420,054 (8,362,415) |
3,155,664 (2,607,887) |
4,343,677 (2,463,188) |
|
| 4,494,962 (449,496) |
22,057,639 (2,205,764) |
547,777 15,223 |
1,880,489 (188,032) |
|
| 4,045,466 (80,909) |
19,851,875 (397,037) |
563,000 2,740 |
1,692,457 (33,845) |
|
| (1,149,223) 3,964,557 |
(527,467) 19,454,837 |
(417,653) 565,740 |
(102,404) 1,658,611 |
|
| 2,815,334 | 18,927,370 | 148,087 | 1,556,207 | |
| 0.37 | 2.52 | 0.02 | 0.21 |
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
6
B.F. MODARABA
Quarterly Accounts
B.F.MODARABA
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME ((UN-AUDITED)
FOR THE PERIOD ENDED MARCH 31, 2026
| Profit / (loss) after taxation Other comprehensive income / (loss) Realized gain on sale of investment Surplus / (Deficit) on re-measurement of investments classified as at fair value through other comprehensive income Total comprehensive income / (loss) for the period |
Nine months ended March 31, |
Nine months ended March 31, |
For the quarter ended March 31, |
For the quarter ended March 31, |
|---|---|---|---|---|
| 2026 2,815,334 7,318,258 (8,889,379) ---------- |
2025 1,556,207 - 1,808,532 -------- |
|||
| 1,244,213 | 34,292,883 | (10,038,418) | ||
| 3,364,739 |
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
7
B.F. MODARABA
Quarterly Accounts
B.F.MODARABA
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026
| CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Adjustments for non cash charges and other items: Depreciation on own assets Provision for profit on bank deposits Provision for management fee Provision for provident fund Provision for worker's welfare fund Unrealized Gain / (Loss) on Mutual funds Realized Gain on Mutual funds Diminishing Musharakah Income Trading Dividend income Operating loss before working capital changes Working capital changes Decrease / (Increase) in current assets Stock in trade Prepayments and other receivables (Increase) / decrease in current liabilities Accrued and other liabilities Net increase in working capital Taxes paid Dividend Paid P.F Paid Management Fee paid Dividend received Net cash inflow from operating activities (A) CASH FLOWS FROM INVESTING ACTIVITIES Profit received on bank deposits Proceed from Sale / (Purchase) of investment Diminishing Musharaka Long term Musharaka Net cash (outflows) / inflows from investing activities (B) Cash flows from financing activities (C) Net increase in cash and cash equivalents (A+B+C) Cash and cash equivalents as at beginning of the period Cash and cash equivalents as at the end of period |
March 31 March 31 2026 2025 ------------Rupees------------- |
March 31 March 31 2026 2025 ------------Rupees------------- |
March 31 March 31 2026 2025 ------------Rupees------------- |
|---|---|---|---|
| 3,964,557 | 19,454,837 | ||
| 75,135 (4,476,059) 449,496 621,556 80,909 1,482,607 (2,156,910) (1,791,870) (4,772,905) (1,755,890) |
1,359 (3,997,513) 2,205,764 521,084 397,037 (730,548) (4,450,080) (17,458,690) (3,783,223) |
||
| (12,243,931) (8,279,374) |
(27,294,810) | ||
| (7,839,973) | |||
| 19,436,417 9,285,421 |
41,689,549 10,572,667 |
||
| 28,721,838 | 52,262,216 | ||
| 1,417,276 | (288,384) | ||
| 30,139,114 1,149,223 - (1,318,325) (2,252,656) 1,755,890 (665,868) 21,193,872 4,475,889 (28,570,958) 4,402,752 - (19,692,317) - 1,501,555 41,877,006 43,378,562 |
|||
| 51,973,831 1,127,097 - (229,624) (854,221) 3,783,223 |
|||
| 3,826,475 47,960,333 |
|||
| 3,997,343 24,511,558 14,245,587 - |
|||
| 42,754,488 - 90,714,821 11,553,945 |
|||
| 102,268,767 |
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
8
B.F. MODARABA
Quarterly Accounts
B.F.MODARABA
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026
| Balance as at July 01, 2024 Total comprehensive income for the period ended March 31, 2025 - Profit / (Loss) after taxation - Other comprehensive income - Gain / (Loss) realized on disposal of investments in ordinary shares of listed companies Balance as at March 31, 2025 Balance as at April 01, 2025 - Profit / (Loss) after taxation - Other comprehensive income - Gain / (Loss) realized on disposal of investments in ordinary shares of listed companies Balance as at June 30, 2025 Balance as at July 01, 2025 Total comprehensive income for the period ended March 31, 2026 - Profit / (Loss) after taxation - Other comprehensive income - Gain realized on disposal of investments in ordinary shares of listed companies Balance as at March 31, 2026 |
Statutory reserves Unappropriated profits Total Reserve Issued, subscribed and paid up capital Total ---------------------------------------Rupees--------------------------------------- Reserves |
Statutory reserves Unappropriated profits Total Reserve Issued, subscribed and paid up capital Total ---------------------------------------Rupees--------------------------------------- Reserves |
Statutory reserves Unappropriated profits Total Reserve Issued, subscribed and paid up capital Total ---------------------------------------Rupees--------------------------------------- Reserves |
Statutory reserves Unappropriated profits Total Reserve Issued, subscribed and paid up capital Total ---------------------------------------Rupees--------------------------------------- Reserves |
Statutory reserves Unappropriated profits Total Reserve Issued, subscribed and paid up capital Total ---------------------------------------Rupees--------------------------------------- Reserves |
|---|---|---|---|---|---|
| 75,151,587 | 50,255,171 | (1,639,820) 48,615,351 123,766,938 |
|||
| - - |
- - |
18,927,370 - |
18,927,370 - |
18,927,370 - |
|
| - - |
- | 18,927,370 18,927,370 18,927,370 11,047,347 11,047,347 11,047,347 |
|||
| 75,151,587 | 50,255,171 | 28,334,897 78,590,068 153,741,655 |
|||
| 75,151,587 | 50,255,171 | 28,334,897 78,590,068 153,741,655 |
|||
| - - |
- - |
(4,230,174) - |
(4,230,174) - |
(4,230,174) - |
|
| - - |
- | (4,230,174) (4,230,174) (4,230,174) - - - |
|||
| 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 |
|||
| - - |
- - |
2,815,334 - |
2,815,334 - |
2,815,334 - |
|
| - - |
- | 2,815,334 2,815,334 2,815,334 7,318,258 7,318,258 7,318,258 |
|||
| 75,151,587 | 50,255,171 | 34,238,315 84,493,486 159,645,073 |
The annexed notes form an integral part of these financial statements.
FOR E.A Management (Private) Limited
(Management Company)
Chairman Chief Executive
Director
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Chief Financial Officer
9
B.F. MODARABA
Quarterly Accounts
B.F. MODARABA
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2026
| 1 1.1 1.2 |
LONG TERM INVESTMENTS Fair value through OCI Investments in listed shares/certificates Fair value through profit or loss Investments in mutual funds open-ended units Investments in listed shares/certificates Unless stated otherwise, the following holdings are in ordinary shares/certificates of Rs. 10/- each No. of shares / certificates March 31, June 30, 2026 2025 MODARABAS 21,136 21,136 OLP Modaraba BANK 1,000 - Meezan Bank Limited CEMENT 149,125 149,125 Fauji Cement Limited 10,000 10,000 D.G.Khan Cement Limited 13,000 - Maple Leaf Cement 16,000 15,000 Lucky Cement REFINERY 2,500 12,500 Attock Refinery Limited FUEL AND ENERGY 2,000 - Hub Power Company Limited 49,000 49,000 Kohinoor Energy Limited 10,099 10,099 Pakistan Petroleum Limited 100,000 - Engro Power Qadirpur Ltd INVESTMENTS 2,000 - Engro Holding Ltd ENGINEERING 20,000 20,000 International Steels Limited 50,000 - Cresent Steel & Allied Products CHEMICALS & PHARMACEUTICALS 75,000 75,000 Engro Fertilizer Limited TEXTILE COMPOSITE 7,000 7,000 Nishat Mills Ltd 527,860 368,860 Investment in mutual funds open-ended units Name of Mutual Fund March 31, June 30, 2026 2025 103,753 103,753 MCB AL Hamra Islamic Income Fund 178,889 - Lucky Islamic Stock Fund 282,642 103,753 Number of units |
Un-audited Audited Note March 31, June 30, 2026 2025 1.1 43,774,445 41,722,913 1.2 34,837,827 10,820,400 78,612,272 52,543,309 . Un-audited Audited March 31, June 30, 2026 2025 464,147 396,723 452,460 - 5,850,174 6,661,414 1,517,100 1,655,600 955,890 - 5,709,760 5,328,600 1,883,925 8,492,750 392,940 - 657,090 814,870 2,001,420 1,718,547 2,431,000 - 529,500 - 1,405,200 1,854,000 4,413,000 - 14,266,500 13,919,250 844,340 881,160 43,774,445 41,722,913 March 31, June 30, 2026 2025 11,430,240 10,820,400 23,407,588 - 34,837,827 10,820,400 ------------Rupees------------- ------------Rupees------------- ------------Rupees------------- |
Un-audited Audited March 31, June 30, 2026 2025 43,774,445 41,722,913 34,837,827 10,820,400 ------------Rupees------------- |
Un-audited Audited March 31, June 30, 2026 2025 43,774,445 41,722,913 34,837,827 10,820,400 ------------Rupees------------- |
|---|---|---|---|---|
| 78,612,272 | 52,543,309 | |||
| 43,774,445 41,722,913 |
||||
| March 31, June 30, 2026 2025 11,430,240 10,820,400 23,407,588 - ------------Rupees------------- |
||||
| 34,837,827 10,820,400 |
10
B.F. MODARABA
Quarterly Accounts
B.F. MODARABA
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2026
2 LONG TERM MUSHARAKA FINANCING
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.
| Cost of investment Carrying value as at Investment made during the year Accumulated share of profit: Opening balance Share of loss for the year Carrying value as at reporting date DIMINISHING MUSHARAKA Considered good Less: Current portion of Diminishing Musharaka |
(Un-audited) (Audited) March 31, 2026 June 30, 2025 22,800,000 22,800,000 - - ------------Rupees------------- |
(Un-audited) (Audited) March 31, 2026 June 30, 2025 22,800,000 22,800,000 - - ------------Rupees------------- |
|---|---|---|
| 22,800,000 | 22,800,000 | |
| (22,800,000) - |
(22,800,000) - |
|
| (22,800,000) | (22,800,000) | |
| - | - | |
| 10,123,768 (7,662,523) |
20,681,806 (6,858,694) |
|
| 2,461,245 | 13,823,112 |
3 DIMINISHING MUSHARAKA
- 4 TRANSACTIONS ENTERED INTO AND BALANCES HELD WITH RELATED PARTIES
The related parties comprise of Faran Sugar Mills Limited, Modaraba Management Company, Reliance Insurance/Takaful Limited, directors and key management personnel of Modaraba Management Company as well as their close family members. Details of transactions with related parties, other than those disclosed elsewhere in these condensed interim financial statements, are as follows:
| Transactions Faran Sugar Mills Limited Reliance Insurance Company Limited (Takaful Policy) Provision for Management fee Balances outstanding at period end Management fee payable |
(Un-audited) (Audited) March 31, June 30, 2026 2,025 34,588,983 54,025,424 |
|---|---|
| 603,587 838,661 |
|
| 449,496 2,245,308 |
|
| (Un-audited) (Audited) March 31, June 30, 2026 2025 449,496 2,245,308 |
-
These financial statements are unaudited and were authorized for issued on April 29, 2026 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.
-
Figures have been rounded off to the nearest rupee and have been re-arranged / restated where necessary for the purpose of comparison.
FOR E.A Management (Private) Limited (Management Company)
Chairman Chief Executive
Director
Chief Financial Officer
11