First Equity Modaraba — Interim / Quarterly Report 2025

Feb 28, 2025

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FIRST EQUITY MODARABA

Half Yearly and Six Months For the period ended December 31, 2024

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

Mr Nadeem Maqbool Mr Qaiser Ahmed Magoon Ms Alizeh Bashir Mr Adil A Ghaffar - Chief Executive Officer

Audit Committee Hunam Resourse Committee Mr Qaiser Ahmed Magoon Mr Qaiser Ahmed Magoon Ms Alizeh Bashir Mr Nadeem Maqbool Mr Nadeem Maqbool Mr Adil A Ghaffar

Registerd and Business address

B-1004 Lakson Square Building # 3 Room No 503-504 Sarwar Shaheed Road Karachi 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
Review Report of Auditors	4
Balance sheet	5
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	16
Equity Textile Ltd - Profit and Loss Accounts	17

Page 2

FIRST EQUITY MODARABA DIRECTORS REPORT

The Directors of Premier Financial Services (Private) Ltd, the management company of FIRST EQUITY MODARABA, are pleased to present their report together with the auditors review on the financial statements of the Modaraba for the half year ended December 31, 2024.

Financial Results

Profit for the half year ended December 31, 2024 amounted to Rs 2.6 million as compared to loss of Rs 4.984 million for the same period last year. The earning per certificate as at December 31, 2024 stood at Rs 0.049 as against Rs (0.095) last December. The break up value per modaraba certificate stands at Rs 11.77

We always had a strong opinion that the diminution in the value of investments is time sensitive, and intrinsic value will prevail. We are pleased to inform that our unrealised loss on diminution in the value of investments has substantially reduced from Rs. (27.29) million in December 31, 2023 to gain of Rs. 27.96 million in these financial statements.

Further to our views expressed in our previous reports for the current financial year on the state of economy, trade, finance and industry. During the review period, the stock market performed well, on one or the other pretext. We anticipate that once the political and economic indecisiveness is settled, the capital market will again show a bullish trend.

Karachi February 27 2025

Adil A Ghaffar

Chief Executive Officer

Page 3

فرسٹ ایکویٹی مضاربہ ڈائریکٹرز رپورٹ

دسمبر ،لمیٹڈ کے ڈائریکٹرز، فرسٹ ایکوئٹی مضاربہ کی انتظامی کمپنی31 پریمیئر فنانشل سروسز(پرائیویٹ) کو ختم ہونے والے ششماہی کے لیے مضاربہ کے مالی بیانات پر آڈیٹرز کے جائزے کے ساتھ اپنی رپورٹ 2024 پیش کرتے ہوئے خوش ہیں۔ مالیاتی نتائج ملین روپے رہا جبکہ گزشتہ سال کی اسی مدت میں کو ختم ہونے والے ششماہی میں منافع2.6 دسمبر202431 روپے رہی جو گزشتہ دسمبر تک فی سرٹیفکیٹ آمدنی0.049 دسمبر2024 ملین روپے کا نقصان ہوا۔314.984 تھی۔ بریک اپ ویلیو فی مضاربہ سرٹیفکیٹ11.77 روپے ہے۔) 0.095 میں روپے( ہماری ہمیشہ سے ایک مضبوط رائے تھی کہ سرمایہ کاری کی قدر میں کمی وقت کی حساسیت ہے، اور اندرونی قدر غالب رہے گی۔ ہمیں یہ بتاتے ہوئے خوشی ہو رہی ہے کہ سرمایہ کاری کی قدر میں کمی پر ہمارا غیر حقیقی نقصان ملین روپے کا فائدہ ہوا۔ ان مالیاتی بیانات میں) 27.29 میں( دسمبر2023 روپے سے کافی حد تک کم ہو گیا ہے۔31 ملین۔معیشت، تجارت، مالیات اور صنعت کی حالت پر رواں مالی سال کے لیے ہماری پچھلی رپورٹس میں27.96 ہمارے خی لت کا اظہار کیا گیا ہے۔ جائزے کی مدت کے دوران، اسٹاک مارکیٹ نے ایک یا دوسرے بہانے اچھی کارکردگی کا مظاہرہ کیا۔ ہم توقع کرتے ہیں کہ ایک بار سیاسی اور معاشی عدم فیصلہ کن صورتحال ختم ہونے کے

بعد کیپٹل مارکیٹ دوبارہ تیزی کا رجحان دکھائے گی۔ بورڈ کے لیے اور اس کی جانب سے کراچی 2025, فروری27

Page 4 FIRST EQUITY MODARABA AUDITORS’ REPORT TO THE CERTIFICATE HOLDERS ON REVIEW OF UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS

Introduction

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We have reviewed the accompanying condensed interim balance sheet of First Equity Modaraba (the Modaraba) as at December 31, 2024 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and notes to the condensed interim financial information for the six months period then ended (here-in-after referred to as the "condensed interim financial information"). The Modaraba Management Company [Premier Financial Services (Private) Limited] is responsible for the preparation and presentation of this condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended December 31, 2024 and December 31, 2023 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2024

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Qualification

Modaraba has charged unrealized gain of Rs. 50.45 million, in respect of investment classified as financial asset at fair value through profit and loss, in other comprehensive income instead of profit and loss account as required under IFRS 9. �

Had the Modaraba charged the unrealized gain to the profit and loss account, its loss for the period would have been decreased by Rs. 50.45 million

Qualified Conclusion

Based on our review, except for the matter referred in the above paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial information as at December 31, 2024 is not prepared, in all material respects, in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the audit resulting in this independent auditor’s report is Muhammad Aqeel Ashraf Tabani.

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Karachi

Dated: February 27, 2025

Page 5

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT DECEMBER 31, 2024

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT DECEMBER 31, 2024
		Unaudited	Audited
		December 31,	June 30,
		2024	2024
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital and reserves
Certificate capital
Authorised capital
60,000,000 (June 30, 2024: 60,000,000) modarabacertificates of Rs. 10 each		600,000,000	600,000,000
Certificate capital	5	524,400,000	524,400,000
Reserves		61,736,101	59,180,043
Remeasurement of define benefit liability - Actuarial gain		2,873,713	2,873,713
Unrealised(loss)on re-measurement of investments		27,955,567	(24,749,991)
Certificate holders' equity		616,965,381	561,703,765
Non-current liabilities
Deferred liabilities		7,170,120	7,170,120
Secuitydeposit		575,000	200,000
Total non-current liabilities		7,745,120	7,370,120
Current liabilities
Creditors, accrued and other liabilities		32,196,876	19,473,557
Unclaimedprofit distributions		31,116,073	31,116,073
Total current liabilities		63,312,949	50,589,630
Total liabilities		71,058,069	57,959,750
Contingencies & Commitments	6
Total equity and liabilities		688,023,450	619,663,515
ASSETS
Non - current assets
Fixed assets
- tangible	7	1,997,286	2,288,587
- intangible	8	-	-
		1,997,286	2,288,587
Investment property		811,667	871,667
Investments	9	420,481,357	418,239,233
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		427,550,310	425,659,487
Current assets
Short term investments		121,925,083	77,664,074
Advances		13,285,423	12,425,129
Trade deposits and prepayments		16,091,070	15,311,748
Other receivables		76,578,356	72,057,556
Cash and bank balances		32,593,208	16,545,521
Total current assets		260,473,140	194,004,028
Total assets		688,023,450	619,663,515

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Alizeh Bashir Director Director Premier Financial Premier Financial Services (Private) Limited Services (Private) Limited

Page 6

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FIRST EQUITY MODARABA

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2024

					Quarter ended	Quarter ended	Quarter ended
					December 31, 2024 Rupees		December 31,
							2023
							Rupees
Income
	13,734,872		6,280,167		12,043,786		5,830,499
Expenditure
Operating expenses Financial charges	(10,876,348) (1,275)		(11,036,995) (710)		(6,050,629) (1,217)		(5,952,864) (278)
	(10,877,623)		(11,037,705)		(6,051,846)		(5,953,142)
Operating profit / (loss) Other income	2,857,249 504,203		(4,757,538) 350,226		5,991,940 413,875		(122,643) 237,734
Profit/(loss) before income tax and levy	3,361,452		(4,407,312)		6,405,815		115,091
Final taxes Minimum taxes	(604,059) (201,335)		(576,592) -		(596,160) (166,708)		(510,211) -
Profit/(loss) before income tax
Income tax expense
Current For the period Prior	-		-		-		-
	-		-		-		-
	-		-		-		-
Profit for theperiod	2,556,058		(4,983,904)		5,642,947		(395,120)
Earnings /(loss) per certificate 10	0.049		(0.095)		0.108		(0.008)

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited Services (Private) Limited

Alizeh Bashir Director Premier Financial Services (Private) Limited

Page 7

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FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2024

	December 31, December 31, 2024 2023 Rupees Rupees 2,556,058 (4,983,904) Half Yearly	Quarter ended
		December 31, December 31, 2024 2023 Rupees Rupees 5,642,947 (395,120)
Profit/ (loss) for the period Other comprehensive income / (loss)
Unrealized (loss) /gain on re-measurement of investments fair value through profit and loss	61,402,618 44,643,305 (10,948,845) (7,587,344) 2,251,785 9,862,460	52,681,618 31,963,193 (5,799,031) (2,031,712) 2,251,785 9,862,460
Reversal of unrealised gain on disposal of investments
Unrealized gain on remeasurement of investment held at fair value through other comprehensive income
	52,705,558 46,918,421	49,134,372 39,793,941
Total comprehensive income /(loss) for the Period	55,261,616 41,934,517	54,777,319 39,398,821

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

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Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Director Premier Financial Services (Private) Limited

Alizeh Bashir Director Premier Financial Services (Private) Limited

Page 8 FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

Page 8
FIRST EQUITY MODARABA
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
	December 31,		December 31,
	2024		2023
	Rupees		Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit Before Income Tax	3,361,452		(4,407,312)
Adjustments for non cash items:
Depreciation	451,801		441,430
Dividend income	(4,027,063)		(3,843,947)
	(3,575,262)		(3,402,517)
Operating (loss) before working capital changes	(213,810)		(7,809,829)
(Increase) / decrease in current assets
Advances	(860,294)		(234,785)
Trade deposits and prepayments	(779,322)		(64,986)
Other receivables	(4,520,801)		(15,882,856)
	(6,160,417)		(16,182,627)
Increase /(Decrease) in current liabilities
Creditors,accrued and other liabilities	12,723,319		(1,283,573)
	6,349,092		(25,276,029)
Security deposit	375,000		-
Advance taxpaid	(805,393)		(576,592.00)
Net cash generated from operating activities	5,918,699		(25,852,621)
CASH FLOW FROM INVESTING ACTIVITIES
Investments - net	6,202,425		20,374,526
Dividends received	4,027,063		3,843,947
Addition in tangle assets	(100,500)		(84,500)
Net cash (Used in) / generated from investing activities	10,128,988		24,133,973
Net Increase in cash and cash equivalents	16,047,687		(1,718,648)
Cash and cash equivalents at the beginning of the period	16,545,521		11,122,553
Cash and cash equivalents at the end of the halfyear	32,593,208		9,403,905
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Alizeh Bashir Director Director Premier Financial Premier Financial Services (Private) Limited Services (Private) Limited

Page 9

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

FIRST EQUITY MODARABA

		Reserve	Reserve
	Remeasurement of defined benefit liability Unrealized gain / (loss) on re- measurement of investments Certificate capital Statutory resrve Certificate premium account General reserve Accumulated loss Total Reserve			Total
	Rupees Rupees Rupees Rupees Rupees Rupees Rupees			Rupees
Balance as at July 01, 2023 Profit for the Half year ended December 31, 2023	524,400,000 164,334,210 131,100,000 17,321,036 (234,139,225) 78,616,021 1,688,143 (74,207,492) - - - - (4,983,904) (4,983,904) -			530,496,672
	- - - - (4,983,904) (4,983,904) -			(4,983,904)
Other Comprehensive Income	46,918,421			46,918,421
Total Comprehensive Income for the Period	- - - - (4,983,904) (4,983,904) - 46,918,421			41,934,517
Balance as at December 31, 2023	524,400,000 164,334,210 131,100,000 17,321,036 (239,123,129) 73,632,117 1,688,143 (27,289,071)			572,431,189
Balance as at July 01, 2024	524,400,000 164,334,210 131,100,000 17,321,036 (253,575,203) 59,180,043 2,873,713 (24,749,991)			561,703,765
Profit for the Half year ended December 31, 2024	- - - - 2,556,058 2,556,058 -			2,556,058
Other Comprehensive Income	52,705,558			52,705,558
Total Comprehensive Income for the Period	- - - - 2,556,058 2,556,058 - 52,705,558 .			55,261,616
Balance as at December 31, 2024	524,400,000 164,334,210 131,100,000 17,321,036 (251,019,145) 61,736,101 2,873,713 27,955,567			616,965,381

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Director Premier Financial Services (Private) Limited

Alizeh Bashir Director Premier Financial Services (Private) Limited

Page 10

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

1 LEGAL STATUS AND OPERATIONS

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

The Modaraba is a perpetual, multipurpose modaraba and is 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 a member of the Pakistan Stock Exchange Limited and is currently operating its brokerage activities in Pakistan Stock Exchange Limited.

The Modaraba is listed on Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated at B-1004, 10th floor, Lakson Square Building 3, Sarwar Shaheed Road, Karachi. The Modaraba has the following wholly owned subsidiary companies.

• Equity Textiles Limited

• Capital Financial Services (Private) Limited

• Apex Financial Services (Private) Limited

• 2 BASIS OF PREPARATION

The unaudited condensed interim financial information is being presented and submitted to the shareholders as required by Rule 10 of the Modaraba Companies and Modaraba Rules, 1981

These condensed interim financial information has been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Approved accounting standards comprise of such International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board as are notified under the Companies Act, 2017, Islamic Financial Accounting Standards (IFASs) issued by the institute of Chartered Accountants of Pakistan, and the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan (SECP).

The disclosures made in these condensed interim financial information have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting. These condensed interim financial information does not include all the information required for a full set of financial statements and should be read in conjunction with the annual published financial statements of the Modaraba for the year ended June 30, 2024.

• 3

MATERIAL ACCOUNTING POLICY INFORMATION

The material accounting policy information adopted by the Modaraba in the preparation of these condensed interim financial information are the same as those applied in preparation of the preceding published financial statements of the Modaraba for the year ended June 30, 2024.

4 USE OF ESTIMATES

Judgments and estimates made by the management in the preparation of the condensed interim financial information was same as those that were applied to the financial statements as at and for the year ended June 30, 2024.

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FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

					Page 11
5	CERTIFICATE	CAPITAL
	Fully paid modaraba certificates		of Rs. 10 each.
				Unaudited	Audited
	December 31,	June 30,		December 31,	June 30,
	2024	2024		2024	2024
	(Number of	certificates)		Rupees	Rupees
	46,220,000	46,220,000	Issued for cash	462,200,000	462,200,000
	6,220,000	6,220,000	Issued as bonus certificates	62,200,000	62,200,000
	52,440,000	52,440,000		524,400,000	524,400,000

6 CONTINGENCIES AND COMMITMENTS

Modaraba has filed a suit against Samba Bank Ltd. for the recovery of deposit amounting to Rs. 21 million alongwith mark up. The matter is pending before the Honourable High Court of Sindh. Management of the Modaraba and its legal advisor are of the opinion that Modaraba has reasonable chance and it appears unlikely that Modaraba may suffer any loss from the same.

	Unaudited Audited December 31, June 30, 2024 2024
7	TANGIBLE FIXED ASSETS Rupees Rupees
8	Opening WDV 2,288,587 2,965,489 Additions during the period 100,500 105,200 Disposal during the period - - Depreciation for theperiod (391,801) (782,102)
	ClosingWDV 1,997,286 2,288,587
	Unaudited Audited December 31, June 30, 2024 2024 Rupees Rupees
	INTANGIBLE FIXED ASSETS
	Trading right entitlement certificate (TREC) 10,000,000 10,000,000
	Advance against TREC (10,000,000) (10,000,000)
	- -

8.1 The Modaraba has received Rs.10 million against the sale of Trading Right Entitlement Certificate (TREC) to wholly owned subsidiaries (Capital Financial Services (Private) Limited and Apex Financial Services (Private) Limited) in pursuance of the agreement dated April 18, 2017.The process of the sale of TREC is pending with PSX.

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

9		Page 12
	INVESTMENT Wholy Owned Subsidaries 350,000,000 350,000,000 Un-listed securities 70,481,357 68,239,233
	420,481,357 418,239,233

9.1 Breakup value of wholly owned subsidiary is Rs. 27.29 (June 30 2024: Rs. 31.13) per share as per unaudited accounts as at December 31, 2024.

		(Unaudited	(Unaudited
		December 31,	December 31,
		2024	2023
10	EARNINGS PER CERTIFICATE- BASIC	Rupees	Rupees
	AND DILITED
	Profit / (Loss) for the period	2,556,058	(4,983,904)
		Number	Number
	Weighted average number of certificates
	outstanding during the period	52,440,000	52,440,000
		Rupees	Rupees
	Earnings per certificate - basic and diluted	0.049	(0.095)
10.1	There is no dilution effect on the basic earnings per share of the modaraba as the modaraba has no such
	commitments.

Page 13

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

11 SEGMENT INFORMATION

The modaraba determines the operating segments based on the services provided by it, further their segment analysis

are used internally by the management to make strategic decision.

The modaraba has three primary source of revenue i.e. musharaka facility, brokerage operations and capital market based on the nature of business and related risk associated with each type of business segment which are not deemed by the management to be sufficiently significant to disclose as separate items are reported.

Segment assets and liabilities include all assets and liabilities related to the segment relevant proportion of the assets and liabilities allocated to the segment on reasonable basis.

Segment revenue and expenses include all revenue and expenses related to the segment and relevant proportion of the revenue and expenses allocated to the segment on reasonable basis.

December 31, 2023 Brokerage Capital Others TOTAL TOTAL operation market ---Rupees--- Segment revenues 2,090,304 9,909,127 2,239,642 14,239,073 6,630,393 December 31, 2024 ---------------------------------------------Rupees------------------------------------------	December 31, 2024	December 31, 2023
	Brokerage Capital Others TOTAL operation market	TOTAL
Segment result Unallocated cost Operating expenses	(922,261) 9,909,127 2,239,642 11,226,508 (7,865,056)	3,162,066 (7,569,378)
Loss before income Income tax & Levy	tax 3,361,452 (805,394)	(4,407,312) (576,592)
Loss for theperiod	2,556,058	(4,983,904)
June 30 2024 Brokerage Capital Others TOTAL TOTAL operation market ---Rupees--- Other information Segment assets 20,009,716 192,406,440 - 212,416,156 523,238,476 Unallocated assets 475,607,294 96,257,997 December 31, 2024 ---------------------------------------------Rupees------------------------------------------	December 31, 2024	June 30 2024
	Brokerage Capital Others TOTAL operation market	TOTAL
Total assets 20,009,716 192,406,440 688,023,450 619,496,473
Segment liabilities - 26,723,563 - - 26,723,563 4,766,519 Unallocated liabilities 44,334,506 42,298,765
Total liabilities - 26,723,563 - 71,058,069 47,065,284

Page 14

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024

12 TRANSACTIONS WITH RELATED PARTIES

	The related parties of the modaraba comprise management company, staff retirement funds, directors of	The related parties of the modaraba comprise management company, staff retirement funds, directors of	The related parties of the modaraba comprise management company, staff retirement funds, directors of	The related parties of the modaraba comprise management company, staff retirement funds, directors of	the management
	company and	key management personnel. Transactions with related parties other than remuneration			and benefits to
	officers and employees under the terms of their		employment are as follows:
12.1	Balance payable at end of the period / year			Unaudited	Audited
				December 31	June
				2024	2024
				Rupees	Rupees
	Modaraba management Company			1,485,804	1,134,095
12.2	Transactions during the period		Relationship	December 31,	December 31,
				2024	2023
				Rupees	Rupees
	Services acquired		Associated company	147,127	227,707
	Brokerage commission		Associated company	1,087,091	690,280

13 AUTHORIZATION FOR ISSUE

The condensed interim financial information was authorized for issue in accordance with a resolution of the Board of Directors on February, 27 2025.

14 GENERAL

14.1 Figures in the condensed interim financial information have been rounded off to the nearest of rupee.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Alizeh Bashir Director Director Premier Financial Premier Financial Services (Private) Limited Services (Private) Limited

Page 15

EQUITY TEXTILES LIMITED

Wholly Owned Subsidiary of First Equity Modaraba half yearly ended December 31, 2024

Page 16

EQUITY TEXTILES LIMITED BALANCE SHEET AS AT DECEMBER 31 2024

ASSETS NON CURRENT ASSETS Property, plant and equipment Intangibles Capital Work in Progress Long Term Investment Long Term Deposits Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Tax refund due from government Tax net Deferred Taxation Cash and bank balances TOTAL ASSETS Authorized share capital 25,000,000 shares of Rs. 10/- each Issued, subscribed and paid-up share capital Unappropriated profit Unrealized loss on investments Surplus on revaluation of property, plant and equipment Surplus on revaluation of fixed assets Liabilities against assets subject to finance lease Deferred taxation Trade and other payables Accrued Markup Short term borrowings GIDC Payable Current portion of lease liability TOTAL EQUITY AND LIABILITIES CURRENT LIABILITIES SHARE CAPITAL AND RESERVES NON CURRENT LIABILITIES CURRENT ASSETS EQUITY AND LIABILITIES	UN-AUDITED Dec 2024 Rupees 1,053,744,271 7,783,449 25,021,950 8,578,037 - 1,095,127,707 52,885,904 51,120,271 10,571,235 1,954,735 107,718,997 122,335,340 34,014,098 4,017,724 39,187,363 10,382,720 434,188,387 1,529,316,094 250,000,000 250,000,000 39,968,622 (3,665,019) 395,945,900 682,249,503 - - - 472,893,765 8,986,736 62,009,380 294,911,570 8,265,139 847,066,590 1,529,316,093	AUDITED June 2024 Rupees
		1,109,637,440 8,193,104 - 9,320,554 6,660,800
		1,133,811,898
		63,849,440 343,303,063 79,285,344 4,625,364 102,710,100 178,358,383 21,813,739 14,245,016 - 2,858,597
		811,049,046
		1,944,860,944
		250,000,000
		250,000,000 114,340,502 (2,922,502) 416,785,158
		778,203,158
		7,304,667 12,774,144
		20,078,811
		609,490,093 17,092,517 210,530,033 294,173,782 15,292,552
		1,146,578,977
		1,944,860,946

CHIEF EXECUTIVE DIRECTOR

Page 17

EQUITY TEXTILES LIMITED PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED DECEMBER 31, 2024

Sales Cost of Sales Gross profit Administrative and general expenses Distribution and selling expenses Operating profit/(loss) Financial charges Operating Profit/ (loss) Other income Profit / (Loss) before taxation and Levy Minimum Tax Fixed Tax Profit / (Loss) before taxation and Levy Provision for taxation Current Prior Deferred Profit / (Loss) after taxation Loss per share - basic and diluted	UN-AUDITED Dec 2024 Rupees 307,927,031 (404,867,518) (96,940,487) (33,074,905) (3,681,181) (133,696,573) (15,546,397) (15,546,397) (149,242,970) 5,909,664 (143,333,306) (3,839,338) - (147,172,644) - - 51,961,507 51,961,507 (95,211,137) (3.808)	UN-AUDITED Dec 2023 Rupees 3,229,549,436 (3,172,037,151)
		57,512,285 (37,783,787) (64,706,475)
		(44,977,977)
		(54,005,493)
		(54,005,493)
		(98,983,470) 4,211,569
		(94,771,901) (39,571,157)
		(134,343,058)
		- (2,470,915) 61,219,533
		58,748,618
		(75,594,440)
		(3.024)

CHIEF EXECUTIVE

DIRECTOR