First Equity Modaraba — Interim / Quarterly Report 2025

Oct 31, 2025

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FIRST EQUITY MODARABA

Quarterly Report For the period ended September 30, 2025

Managed by : PREMIER FINANCIAL SERVICES (PVT) LTD

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Page 1

FIRST EQUITY MODARABA

CORPORATE INFORMATION

Modaraba Company : Premier Financial Services (Pvt) Ltd

Board of Directors

Ms Alizeh Bashir Mr Nadeem Maqbool

Mr Qaiser Ahmed Magoon Mr Adil A Ghaffar - Chief Executive Officer

Audit Committee Mr Qaiser Ahmed Magoon Ms Alizeh Bashir Mr Nadeem Maqbool

Hunam Resourse Committee Mr Qaiser Ahmed Magoon Mr Nadeem Maqbool Mr Adil A Ghaffar

Registerd and Business address

B-1004 Lakson Square Building # 3 Room No 503-504 Sarwar Shaheed Road Pakistan Stock Exchange Building Karachi Karachi Tel : 021-35672815-18 Tel : 021-32446020-3 Fax : 021-35686116 Fax : 021-32446024 e-mail: info@firstequitymodaraba.com.pk website: firstequitymodaraba.com.pk

Contents

Contents
Corporate information	1
Report of the Directors	2
Balance sheet	4
Profit and loss account	6
Statement of comprehensive income	7
Cash flow statement	8
Statement of changes in equity	9
Notes to the financial statements	10
Equity Textile Ltd-Balance Sheet	12
Equity Textile Ltd-Profit & Loss A/c	13

Page 2

FIRST EQUITY MODARABA DIRECTORS REPORT

The Directors of Premier Financial Services (Pvt) Ltd, the management company of FIRST EQUITY MODARABA, present their report and the unaudited financial statements of the Modaraba for the three months ended September 30, 2025.

Financial Results

Loss for the quarter ended September 30, 2025 amounted to Rs (1.76) million as against a loss of Rs (3.09) million, for the same period last year. We are waiting for the appropriate time to disinvest our investments in shares of listed companies, which are expected to generate good capital gains.

The loss per certificate as at September 30, 2025 stood at Rupees (0.034) while the loss for the same period last year was Rupees (0.059). The Breakup value as of September 30 2025 was Rupees 12.29 per certificate.

Prospects

Our last year’s annual report expressed our view on the state of the economy, trade, finance and industry. We trust that once the political uncertainty is settled, economic conditions will start getting better and the capital market will further show a bullish trend, hoping for a better year ahead.

For and on behalf of Board

Karachi October 29, 2025

Adil A Ghaffar Chief Executive Officer

Page 3

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Page 4

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT SEPTEMBER 30, 2025

AS AT SEPTEMBER 30, 2025
			Audited
		September	June 30,
		2025	2025
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital and reserves
Certificate capital
Authorised capital
60,000,000 (June 30, 2025: 60,000,000) modaraba
certificates of Rs. 10 each		600,000,000	600,000,000
Certificate capital		524,400,000	524,400,000
Reserves	3	49,137,690	50,895,891
Remeasurement of define benefit liability - Actuarial gain		4,013,719	4,013,719
Unrealized loss on re-measurement of investments		66,802,036	33,504,577
Certificate holders' equity		644,353,445	612,814,187
Non-current liabilities
Deferred liabilities		7,552,903	7,552,903
SecurityDeposit		575,000	575,000
Total non-current liabilities		8,127,903	8,127,903
Current liabilities
Creditors, accrued and other liabilities		15,396,158	13,139,512
Unclaimed profit distributions		31,113,338	31,116,073
Total current liabilities		46,509,496	44,255,585
Total liabilities		54,637,399	52,383,488
Contingencies & Commitments
Total equity and liabilities		698,990,844	665,197,675

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Page 5

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT SEPTEMBER 30, 2025

AS AT SEPTEMBER 30, 2025
			Audited
		September 30	June 30,
		2025	2025
	Note	Rupees	Rupees
Non - current assets
Fixed assets
- tangible		1,454,253	1,631,066
- intangible		-	-
Investment property		721,667	751,667
Investments	4	422,119,707	422,119,707
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		428,555,627	428,762,440
Current assets
Short term investments		146,399,202	122,411,132
Advances- Considered		13,728,573	13,482,335
Trade deposits and prepayments		15,946,634	15,618,316
Other receivables		73,202,099	65,996,924
Cash and bank balances		21,158,709	18,926,528
Total current assets		270,435,217	236,435,235
Total assets		698,990,844	665,197,675

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir

Chief Financial Officer Chief Executive Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 6

FIRST EQUITY MODARABA

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2025

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	September	September
	2025	2024
	Rupees	Rupees
Income	5,193,017	1,691,086
Expenditure
Operating expenses	(7,087,812)	(4,825,719)
Bank charges	(3,566)	(58)
	(7,091,378)	(4,825,777)
	(1,898,361)	(3,134,691)
Other income	223,193	90,328
Loss Before Taxation	(1,675,168)	(3,044,363)
Minumum Tax	(81,926)	(34,627)
Final Tax	(1,106)	(7,899)
Current Year Tax	-	-
Loss after Taxation	(1,758,200)	(3,086,889)
Earnings/ (loss) per certificate	(0.034)	(0.059)

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 7

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOM FOR THE QUARTER ENDED SEPTEMBER 30, 2025

	September	September
	2025	2024
	Rupees	Rupees
Loss for the period	(1,758,200)	(3,086,889)
Other comprehensive income / (loss)
Unrealized gain / (loss) on re-measurement of investments	34,458,823	12,680,112
Gain/(loss)realized on disposal of investments	(1,161,364)	(5,149,814)
	33,297,459	3,571,186
Taxation relating to component of other comprehensive income	-	-
Other comprehensive income / (loss)	33,297,459	3,571,186
Total comprehensive income /(loss)	31,539,259	484,297

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 8

FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF CASH FLOWS STSTEMENTS(UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2025

	September	September
	2025	2024
	Rupees	Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Loss Before Taxation	(1,675,168)	(3,044,363)
Adjustments for non cash/non operating items:
Depreciation	205,668	223,289
Dividend income	(7,376)	(52,657)
	198,292	170,632
Operating profit before working capital changes	(1,476,876)	(2,873,731)
(Increase) / Decrease in current assets
	-	-
Advances	(151,471)	(143,820)
Trade deposits and prepayments	(328,318)	20,724
Other receivables	(7,253,562)	(566,347)
	(7,733,351)	(689,443)
(Decrease) / increase in current liabilities
Creditors, accrued and other liabilities	2,256,646	(540,326)
Dividend paid	(2,735)	-
Tax paid	(128,268)	(188,211)
Net cash used in operating activities	(7,084,583)	(4,291,711)
CASH FLOW FROM INVESTING ACTIVITIES
Investments	9,309,387	3,067,115
Dividends received	7,376	52,657
Tangible assets	-	(100,500)
	-	-
Net cash generated (used in)/from investing activities	9,316,763	3,019,272
Net increase / (decrease) in cash and bank equivalents	2,232,180	(1,272,439)
Cash and bank equivalents at the beginningof theperiod	18,926,528	16,545,519
Cash and bank equivalents at the end of theperiod	21,158,709	15,273,081

The annexed notes from 1 to 5 form an integral part of the condensed interim financial informatio

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

FIRST EQUITY MODARABA

Page 9

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2025

Balance as at June 30, 2024 Loss for the Year Total comprehensive income for the period	Certificate Special Certificate General Total Capital reserve premium reserve account Unrealized gain / (loss) on re-measurement of available for sale investments Un appropriated profit / accumulated loss Remeasurement of define benefit liability
	Rupees Rupees Rupees Rupees Rupees Rupees Rupees 524,400,000 164,334,210 131,100,000 17,321,036 (24,749,991) 2,873,713 (253,575,203) 561,703,765 (8,284,152) (8,284,152) - - - - 58,254,568 1,140,006 59,394,574
Balance as at June 30, 2025 . Loss for the period Total comprehensive income for the period	524,400,000 164,334,210 131,100,000 17,321,036 33,504,577 4,013,719 (261,859,355) 612,814,187 (1,758,200) (1,758,200) - - - - 33,297,459 33,297,459
Balance as at September 30, 2025	524,400,000 164,334,210 131,100,000 17,321,036 66,802,036 4,013,719 (263,617,555) 644,353,445

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 10

FIRST EQUITY MODARABA NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

1 Legal Status and Nature of Business

First Equity Modaraba was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by Premier Financial Services (Private) Limited, a Company incorporated in Pakistan.

The Modaraba is a perpetual, multi purpose modaraba able to undertake a variety of fund and fee based activities. These include trading, manufacturing, equity investment and their financing and facilitation.

The Modaraba is listed on Pakistan Stock Exchanges.

The Modaraba is a holding two Trading Right Entitlement certificate of Pakistan Stock Exchanges Ltd and is currently operating its brokerage activities at Karachi.

The modaraba is holding Equity Textiles Ltd., Apex Financial Services (Pvt) Ltd and Capital Financial Services (Pvt) Ltd as a wholly owned subsidiary company.

2 General

• 2.1 These financial statements are unaudited and are being submitted to certificate holders as required by Rule 10 of the Modaraba Companies and Modaraba Rules, 1981.

• 2.2 The accounting policies adopted for the preparation of these unaudited financial statements are the same as those applied in preparation of the audited published financial statements of the Modaraba for the year ended June 30, 2025

• 2.3 The Modaraba Company's management fee, statutory reserve @ 20% to 50 %, provisions and profit Distribution will be determined at the year end.

• 2.4 These financial statements are in compliance with the disclosure requirements of International Accounting Standard (IAS)-34 "Interim Financial Reporting".

		September 2025	June 2025
		Rupees	Rupees
**3 **	Reserves
	Capital reserve	295,434,210	295,434,210
	Revenue reserve	(246,296,520)	(244,538,319)
		49,137,690	50,895,891
**4 **	Investments
	Unlisted Securities	72,119,707	72,119,707
		72,119,707	72,119,707
	Whollyowned subsidiary	350,000,000	350,000,000
		422,119,707	422,119,707

• 5 These financial statements were authorized for issue in accordance with a resolution of the Board of Directors on October 29 2025.

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

EQUITY TEXTILES LIMITED

Wholly Owned Subsidiary of

First Equity Modaraba

quarterly report for the period ended September 30, 2025

Page 12

EQUITY TEXTILES LIMITED BALANCE SHEET AS AT SETEMBER 30, 2025

ASSETS NON CURRENT ASSETS Property, plant and equipment Intangibles Long term investment Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Tax refund due from government Taxation - net Cash and bank balances Assets classified as held for sale TOTAL ASSETS Authorized share capital 25,000,000 shares of Rs. 10/- each Issued, subscribed and paid-up share capital Revenue Reserves Unappropriated loss Capital Reserves Unrealized Loss on Revaluation of investments Surplus on revaluation of fixed assets Deferred taxation Trade and other payables GIDC Payable Accrued Markup Short term borrowings Current portion of lease Liability TOTAL EQUITY AND LIABILITIES NON CURRENT LIABILITIES CURRENT LIABILITIES CURRENT ASSETS EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES	September 2025 Rupees 14,129,393 7,189,449 13,048,727 34,367,569 36,064,838 42,633,230 - 5,758,235 59,848,737 117,335,763 34,014,098 7,072,774 1,668,037 304,395,712 1,413,224,784 1,751,988,065 250,000,000 250,000,000 (79,735,072) 805,671 657,505,064	Audited June 2025 Rupees
		71,896,414 7,373,793 10,600,116
		89,870,323
		38,896,486 42,633,230 - 3,014,060 59,331,605 115,930,697 34,014,098 5,873,711 7,050,244
		306,744,131 1,371,951,175
		1,768,565,629
		250,000,000
		250,000,000 (67,060,743) (1,642,940) 674,639,525
	658,310,735 828,575,663 102,612,277 102,612,277 455,120,239 294,911,570 17,884,051 52,884,264 - 820,800,124 1,751,988,065	672,996,585
		855,935,842
		104,695,413
		104,695,413
		441,538,395 294,911,570 14,804,653 52,883,889 3,795,867
		807,934,374
		1,768,565,629

CHIEF EXECUTIVE

DIRECTOR

Page 13

EQUITY TEXTILES LIMITED PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED SEPTEMBER 30, 2025

Sales Cost of Sales Gross profit / (loss) Administrative and general expenses Distribution and selling expenses Operating loss Financial charges Other charges Other income Profit before taxation Minimum tax differential Provision for taxation Current Prior Deferred Loss after taxation Earning per share - basic and diluted	September 2025 Rupees 1,722,931 (17,829,108) (16,106,177) (13,898,571) - (30,004,748) (3,529,966) - (3,529,966) (33,534,714) 1,664,325 (31,870,389) (21,537) (31,891,926) - - 2,083,136 2,083,136 (29,808,790) (1.192)	September 2024 . 274,290,466 (311,571,719)
		(37,281,253) (18,210,658) (3,691,071)
		(59,182,982)
		(11,106,776) -
		(11,106,776)
		(70,289,758) 3,960,606
		(66,329,152) (3,418,881)
		(69,748,033)
		- - 28,876,549
		28,876,549
		(40,871,484)
		(1.635)

CHIEF EXECUTIVE

DIRECTOR