First Imrooz Modaraba — Interim / Quarterly Report 2025

Oct 30, 2025

QUARTERLY ACCOUNTS For the period ended September 30, 2025 (Un-Audited)

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Managed By A R Management Services (Private) Limited

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MODARABA INFORMATION

A R Management Services (Private) Ltd.

Modaraba Management Company Directors of Modaraba Company

Mr. Naveed Riaz – Chief Executive Mr. Ameed Riaz Mr. Omar Mohammad Khan Mr. Aliuddin Ahmed Mr. Sheheryar Ali

Chief Financial Officer Mr. Sheheryar Ali Audit Committee Mr. Aliuddin Ahmed (Chairman) Mr. Omar Mohammad Khan (Member) Human Resource Committee Mr. Aliuddin Ahmed (Chairman) Mr. Omar Mohammad Khan (Member) Mr. Ameed Riaz (Member) Company Secretary Mr. Shabbir Ahmed Jamsa Chief Internal Auditor Mr. Abbas Kerani Auditors M/s. Reanda Haroon Zakaria Aamir Salman Rizwan & Company Chartered Accountants Bankers Soneri Bank Limited Bank Alfalah Limited Bank AL Habib Limited Faysal Bank Limited Meezan Bank Limited Legal Advisors Mr. Masood Aziz Advocate Masood Aziz & Associates Shariah Advisor Mufti Abdul Qadir

Mr. Aliuddin Ahmed (Chairman) Mr. Omar Mohammad Khan (Member) Mr. Aliuddin Ahmed (Chairman) Mr. Omar Mohammad Khan (Member) Mr. Ameed Riaz (Member)

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Principal place of business

Registered Office of the Modaraba Company

Certificate Registration Office

Room No. 405, 4[th] Floor Beaumont Plaza, Beaumont Road Civil Lines Quarters, Karachi. 125-S, Small Industrial Area Kot Lakhpat, Lahore. F.D. Registrar Services (Pvt) Limited Office No. 1705, 17[th] Floor, Saima Trade Tower-A, I.I. Chundrigar Road, Karachi.

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REPORT OF THE DIRECTORS

The Board of Directors of A R Management Services (Private) Limited, the management company of First Imrooz Modaraba is pleased to present the condensed interim un-audited financial statements for the first quarter ended on September 30, 2025.

1. Financial Highlights

Financial results of the Modaraba are summarized as under

	(Rupees in million)	(Rupees in million)
	Three months ended
	30-Sep-25	30-Sep-24
Sales	252.40	308.11
Grossprofit	50.11	74.68
Operatingexpenses	33.0	26.19
Other income	0.13	0.94
(Loss) /Profit for thequarter	(2.18)	29.16
(Loss) / Earnings per certificate - basic & diluted (Rupees)	(0.73)	9.72

2. Review of Operations

During the first quarter of FY 2025-26, Modaraba faced a decline in sales and gross profit compared to the same period last year. The trade war between China and USA has led to inventory buildup in China. This inventory buildup has resulted in China offering products at a considerable discount. Your Modaraba has a substantial stock of such products which have to be sold at a discount over cost price. Resultantly net loss for this quarter is Rs. 2.18 million.

The management remains focused on controlling costs and increasing sales in the coming quarters, leading to better results.

3. Acknowledgement

The Board wishes to express its thanks for continued guidance and support extended by the Registrar Modaraba and other officials of Securities and Exchange Commission of Pakistan. The Board also wishes to thank its certificate holders, bankers, business partners and the employees of the Modaraba for their continued support and co-operation.

For and on behalf of the Board

Naveed Riaz Chief Executive

Ameed Riaz Director

October 28, 2025

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ک ریز ڈائ پرٹ آف ف رس ستمبرتتخیم دمت30 ڈائ یلہپ ہس امیہ یکٹکیز اضمرہب یک وبرڈ )ڈٹیمل ےک رپاویئیظتنیم ینپمک اے آر ٹنمجنیم رسوزس( ارموز اضمرہب یک ۔ 2025 رکےت وہئ رسمت وسحمس رکےت یہ ےک اتنئ وحاےلےس روپرٹ شیپ ٹی امیل ء ےکریغ آ نت ۔ م 1 لت نی اں :ہی ذلی اتنئ دنمرجےک امایلت اضمرہب

30-Sep- 4 2	30-Sep- 5 2
)(م رپ م
308.11	252.40	وخ ف
74.68	50.11	مع مف
26.19	33.0	نم جت اخ
0.94	0.13	ید آمن
29.16	( 2.18 )	( س مہ ک خرہ) / مف
9.72	( 0.73 )	ف ک س ٹ/ )(خرہ آمن (بدی اور ت شہ) روپ

رہک جئ ۔ گ کد ک 2 یا ڑپا ۔ نیچ اورک اک اسانم رکی ت اور ومجمیع انمعف روخفرہب وک ےلھچپ اسل ےک اقمےلب ںیم یک یلہپ ہس امیہ ےک دوران، اضم ء26 -ل2025امیل اس ضف ینیچ الپسئ ۔ رپ شیپ ںیکرز ےن امنی اں راعی وہا ، جذریخ ہ ںیم اخم امل ےک ارمہکی ےک درایمن اجری اجترت دیشکیگ ےک ےجیتن ںیم نیچ ںیم ً، اس ہساس وصرت احل ےک شیپِ رظن، دمارہب ےک ی اس اےسی اخم امل ت[ن تتی ج] ا ڑپا۔ رکیروخ ےس مک تمیق رپ فاک اخرط وخاہ ذریخہ ومجد ےہ ےسج الگ نیلم روپ اک اسخرہ ئ رداس ا ڑپا۔ رکی امیہ ےک دوران دمارہب وک2.18

روخ لص ےیک اجضف رکےن رپ اینپ وتج رموکز رےھک وہئ ےہ، یتاہک رتہب اتنئ احت ںیم جت رپ اقوب ی اےن اور ف یم اخس امویہ ظتنہیم آدنئ ںیکس۔

ام ۔ ا3 عاف ی رکیہظر اےنپرکشت اکتسکن ےک درگی اکحم یک لسلسم رامنہیئ اور دمد ےک ےئل ٹسجار اضمرہب اور وکیسرزیٹ اڈنی اجنیچسکی نشیمک آف ی رپ ومعق وبرڈ اس ی ارویٹں یک رامنہیئ اوراضمرہب ےک امتم المزنیم یکاکروی اری ، اکنیبروں،اکروں ،اکر رسامہی ، اماکلن راقفئ ےہ۔ وبرڈ اس ےک العوہ اےنپ رسٹیکفیٹ ا رکشزگار ےہ۔ حم اور نگل ےک ےئل ان س اک ت

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CONDENSED INTERIM BALANCE SHEET AS AT SEPTEMBER 30, 2025

Note ASSETS NON CURRENT ASSETS Property and equipment 4 Intangible assets Long term deposits CURRENT ASSETS Stock in trade Trade debtors Advances, deposits, prepayments and other receivables Cash & bank balances TOTAL ASSETS EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised Capital 10,000,000 Modaraba Certificates of Rs. 10 each Issued, subscribed and paid-up certificate capital Statutory reserve Revenue reserve NON-CURRENT LIABILITIES Obligation under financing facilities - Secured 5 Defined benefit plan - Staff gratuity CURRENT LIABILITIES Current portion of obligation under financing facilities - Secured 5 Running musharaka Qard-e-Hasana from Modaraba Management Company Creditors, accrued and other liabilities TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS 6	September 30, 2025 Rupees (Un-audited) 22,579,011 344,675 902,702 23,826,388 445,408,028 182,889,890 6,314,422 5,918,463 640,530,804 664,357,192 100,000,000 30,000,000 118,733,257 76,385,390 225,118,647 1,179,250 6,719,947 7,899,197 161,576,912 8,465,218 25,000,000 236,297,218 431,339,348 664,357,192	June 30, 2025 Rupees (Audited) 15,072,279 435,500 902,702 16,410,481 450,669,478 204,651,757 4,555,285 2,550,461 662,426,981 678,837,462 100,000,000 30,000,000 118,733,257 123,570,792 272,304,049 1,573,486 6,719,947 8,293,433 161,576,912 29,785,817 3,000,000 203,877,251 398,239,980 678,837,462

The annexed notes from 1 to 11 form an integral part of this condensed interim financial information.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ ALIUDDIN AHMED AMEED RIAZ SHEHERYAR ALI

CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025

Sales Cost of sales Gross profit Operating expenses Operating profit Financial charges Other income Provision for Sindh Workers' Welfare Fund Profit before levies & taxation Levies (Loss) / Profit before taxation Taxation Net (Loss) / Profit after taxation Other Comprehensive Income Total Comprehensive Income (Loss) / Earnings per certificate - basic & diluted	Jul - Sep 2025 Rupees 252,402,160 (202,289,437) 50,112,723 (32,996,763) 17,115,961 (5,703,391) 125,645 - 11,538,214 (13,723,616) (2,185,402) - (2,185,402) - (2,185,402) (0.73) Quarter	Jul - Sep 2024 Rupees 308,119,409 (233,434,820) 74,684,589 (26,193,162) 48,491,427 (8,078,033) 940,921 (827,086) 40,527,229 (11,364,876) 29,162,353 - 29,162,353 - 29,162,353 9.72 ended

The annexed notes from 1 to 11 form an integral part of this condensed interim financial information.

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

Balance at June 30, 2023 Profit for the period Other comprehensive income Balance as at September 30, 2024 Profit distribution for the year ended June 30, 2024 @ Rs. 15 per certificate Profit for the period Other comprehensive income Balance at June 30, 2025 Loss for the period Other comprehensive income Profit distribution for the year ended June 30, 2025 @ Rs. 15/- per certificate Balance as at September 30, 2025 Comprehensive income for the period: July 2024 to Sept 2024 Comprehensive income for the period: Oct 2024 to Jun 2025 Comprehensive loss for the period: July 2025 to Sept 2025	Paid-up certificate 30,000,000 - - 30,000,000 - - - 30,000,000 - - - 30,000,000	Statutory reserve 118,733,257 - - 118,733,257 - - - 118,733,257 - - - 118,733,257	Revenue reserve Unappropriated profit 73,124,705 29,162,353 - 102,287,058 (45,000,000) 66,283,734 - 123,570,792 (2,185,402) - (45,000,000) 76,385,390 Rupees	Total 221,857,962 29,162,353 - 251,020,315 (45,000,000) 66,283,734 - 272,304,049 (2,185,402) - (45,000,000) 225,118,647

The annexed notes from 1 to 11 form an integral part of this condensed interim financial information.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ ALIUDDIN AHMED AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025

A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Adjustments for non-cash and other items: Depreciation Amortization of intangible assets Financial Charges Gain on disposal of property and equipement Operating profit before working capital changes Changes in operating assets and liabilities (Increase) / Decrease in current assets Stock in trade Trade debtors Advances, deposits, prepayments and other receivables Decrease in current liabilities Creditors, accrued and other liabilities Cash generated from / (used in) operations Financial charges paid Income Taxes paid Net cash generated from / (used in) operating activities B. CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Proceeds from disposal of property and equipment Net cash generated from investing activities C. CASH FLOWS FROM FINANCING ACTIVITIES Receipts from Musawamah finances Repayment of Musawamah finances Receipts from Musharaka finances Repayment of Musharaka finances Net cash generated from financing activities Net decrease in cash and bank balances A+B+C Cash and bank balances at the beginning of the period Cash and bank balances at the end of the period Receipts of Qard-e-Hasana from Modaraba Management Company Repayment of Qard-e-Hasana to Modaraba Management Company	Sept. 30, 2025 Rupees 11,538,214 1,541,288 90,825 5,703,391 - 7,335,504 18,873,718 5,261,450 21,761,867 (1,759,137) 25,264,179 (12,366,767) 31,771,131 (5,916,658) (13,723,616) 12,130,857 (9,048,020) - (9,048,020) 69,000,000 (47,000,000) 160,000,000 (160,000,000) 398,263,570 (419,978,406) 285,165 3,368,002 2,550,461 5,918,463 Quarter	Sept. 30, 2024 Rupees 40,527,229 983,175 130,224 8,983,003 (15,000) 10,081,402 50,608,630 121,197,173 43,113,269 5,174,904 169,485,346 (300,166,321) (81,962,537) (4,983,431) (14,244,475) (101,190,443) - 15,000 15,000 133,000,000 (70,000,000) 95,000,000 (95,000,000) 438,692,093 (438,844,521) 62,847,573 (38,327,870) 52,255,980 13,928,110 ended

The annexed notes from 1 to 11 form an integral part of this condensed interim financial information.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ ALIUDDIN AHMED AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025

1 NATURE AND STATUS OF BUSINESS

• 1.1 First Imrooz Modaraba (the Modaraba) was formed on September 27, 1993 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and the Rules framed there under and is managed by A R Management Services (Private) Limited. The Modaraba commenced its commercial operations from March 01, 1994. The Modaraba is listed on Pakistan Stock Exchange.

• 1.2 The principal place of the business of the Modaraba is situated at room No. 405, 4[th] Floor, Beaumont Plaza, Beaumont Road, Civil Line Quarters, Karachi, in the province of Sindh, Pakistan.

• 1.3 It is a multi purpose, perpetual Modaraba and is mainly engaged in domestic and international trading activities.

2 BASIS OF PREPARATION

2.1 Statement of compliance

• 2.1.1 This condensed interim financial information has been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of International Accounting Standard (IAS) 34 - Interim Financial Reporting, Islamic Financial Accounting Standards (IFAS) as notified under the provisions of the Companies Act, 2017 and made applicable to Modarabas, Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan (SECP) ['the Modaraba Regulations'].

Wherever the requirements of 'the Modaraba Regulations' differ from the requirements of International Accounting Standard (IAS) 34 - Interim Financial Reporting and Islamic Financial Accounting Standards (IFAS) as notified under the provisions of the Companies Act, 2017 and made applicable to Modarabas, requirements of 'the Modaraba Regulations' have been followed.

• 2.1.2 The disclosures made in this condensed interim financial information have, however, been limited based on the requirements of IAS 34. This condensed interim financial information does not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published audited financial statements of the Modaraba for the year ended June 30, 2025.

• 2.1.3 The comparative statement of balance sheet presented in this condensed interim financial information has been extracted from the annual audited financial statements of the Modaraba for the year ended June 30, 2025, whereas the comparative condensed interim profit and loss account, condensed interim cash flow statement, condensed interim statement of changes in equity of the Modaraba are extracted from the unaudited condensed interim financial information for the quarter ended September 30, 2025.

• 2.1.4 This condensed interim financial information is un-audited.

2.2 Basis of measurement

This condensed interim financial information has been prepared under the historical cost convention except for defined benefit plan - staff gratuity which is carried as per actuarial valuation.

2.3 Functional and presentation currency

This condensed interim financial information is prepared in Pakistani Rupees which is the Modaraba's functional and presentation currency. The figures in this condensed interim financial information have been rounded off to the nearest rupee unless otherwise specified.

• 3 SIGNIFICANT ACCOUNTING AND RISK MANAGEMENT POLICIES, ACCOUNTING ESTIMATES, JUDGEMENT AND CHANGES THEREIN

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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025

• 3.1 The accounting policies adopted for the preparation of the condensed interim financial information are the same as those applied in the preparation of the annual audited financial statements of the Modaraba for the year ended June 30, 2025.

• 3.2 The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use of judgements that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.

• 3.3 The significant estimates, judgements and assumptions made by the management in applying the accounting policies and the key sources of estimation uncertainty are the same as those applied to the annual audited financial statements as at and for the year ended June 30, 2025.

• 3.4 There are certain standards, interpretations and amendments to approved accounting standards which have been published and are mandatory for the Modaraba's accounting period beginning on or after January 01, 2021. These standards, interpretations and amendments are either not relevant to the Modaraba's operations or are not expected to have a significant effect on this condensed interim financial information.

• 3.5 The Modaraba's financial risk management objectives and policies are consistent with that disclosed in annual audited financial statements of the Modaraba for the year ended June 30, 2025.

Note Following additions and disposals, at cost, were made during the period / year : Opening fixed assets (Net book value) Additions Disposals Depreciation charge for the period / year Depreciation on disposals during the period / year Closing fixed assets (Net book value) PROPERTY AND EQUIPMENT	September 30, 2025 (Rupees) (Un-audited) 15,072,279 9,048,020 (445,940) (1,541,288) 445,940 22,579,011	June 30, 2025 (Rupees) (Audited) 11,727,765 11,508,828 (2,822,038) (5,342,276) - 15,072,279

4 PROPERTY AND EQUIPMENT

• 5 OBLIGATION UNDER FINANCING FACILITIES - SECURED

Diminishing Musharaka financing facility 5.1 & 5.2 Less: non-current portion under Diminishing Musharaka financing facility 5.1 & 5.2 Current portion under Diminishing Musharaka financing facility Musawamah Financing Facility 5.3	2,756,162 (1,179,250) 1,576,912 160,000,000 161,576,912	3,150,398 (1,573,486) 1,576,912 160,000,000 161,576,912

5.1 The Modaraba has availed Running Musharaka Financing facility from Bank AL Habib Limited with sanctioned limit of Rs. 30 million (June 30, 2025 : Rs. 30 million). This facility has been obtained to finance working capital requirements of the Modaraba carries profit at the rate of 1.5% (June 30, 2025 : 1.5%) over 3 months average KIBOR.

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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025

• 5.2 In prior year, the Modaraba had obtained Diminishing Musharaka financing facility with a sanctioned limit of Rs. 10 million from Bank AL Habib Limited for the purchase of locally manufactured brand new / used commercial and noncommercial vehicles for Modaraba's / staff use. The facility carries profit at the rate 2.25% over 1 year KIBOR and is repayable within 5 years from the date of delivery of vehicle(s).

• 5.3 The Modaraba has also availed Musawamah finance facility from Bank AL Habib Limited with a sanctioned limit of Rs. 230 million (June 30, 2025: Rs. 230 million) to finance sale of inventory owned by the Modaraba. The facility carries profit at the rate of 1.5% (June 30, 2025 : 1.5%) over 3 months average KIBOR.

• 5.4 All facilities are secured against hypothecation charge on current assets (stock in trade and trade debts) of Modaraba.

6 CONTINGENCIES AND COMMITMENTS

6.1 Contingencies

• 6.1.1 The Deputy Commissioner (DC), Unit 37 of the Sindh Revenue Board (SRB) issued Show Cause Notices (SCNs) in October 2023, relating to the tax period ended June 2016 to June 2022 for recovery of Sindh Workers Welfare Fund (SWWF).

The Modaraba has filed its responses to the said SCNs taking plea that the Modaraba is not engaged in any kind of activity whatsoever related to banking or financing, since its inception. It is engaged in the business of commercial imports of specialty chemicals. Therefore, provisions of SWWF are not applicable on the Modaraba.

However, the DC of SRB passed seven orders in November 2023, and in January 2024, creating aggregate demand of Rs.26,087,353/-, which includes Penalties at Rs.778,000/- and default surcharge at Rs.9,749,348/-.

The Modaraba has filed appeals before the Commissioner Appeals, SRB, Karachi where the matter is pending. The SRB Tribunal has been pleased to grant stay of disputed demand, subject to the payment of Rs.1,500,000. The Modaraba has paid a sum of Rs. 1,500,000 . The advisor of the Modaraba is hopeful of positive outcome.

• 6.1.2 The Modaraba has issued post dated cheques to the Collector of Customs amounting to Rs. 74.920 million (June 30, 2025 : Rs. 113.162 million) on account of custom dues and taxes on goods at bonded warehouse.

6.2 Commitments

Commitments in respect of outstanding letters of credit as at year end date for trading stock are amounting to Rs. 7.58 million (June 30, 2025 : Rs. NIL).

7 TAXATION

Provision for taxation is based on taxable income for the year at the current rates of taxation after taking into account tax credits and exemptions available, if any. For items covered under minimum tax regime (MTR), the management compared it with normal tax regime (NTR), alternate corporate tax (ACT) and turnover tax and record tax on the basis of which ever is higher. The Modaraba has followed a policy for tax recognition, whereby the tax paid at import stage is recognized as tax expense in the year in which the related goods are sold and the portion of the tax paid pertaining to the unsold inventory is carried forward in the balance sheet as an advance tax.

Deferred tax asset is recognized for available credits to the extent that it is probable that sufficient taxable temporary differences and taxable profits will be available against which credits can be utilized. Significant judgement is exercised to determine the amount of deferred tax asset to be recognized.

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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025

8

FAIR VALUE OF FINANCIAL INSTRUMENTS

As at quarter ended September 30, 2025, the Modaraba does not hold any financial asset or liability measured at fair value. Therefore, fair value hierarchies have not been disclosed.

Further, carrying value of all financial assets and liabilities reflected in the condensed interim financial information approximate their fair value.

9 RELATED PARTY TRANSACTIONS

The related parties of the Modaraba include the management company, associated undertakings, directors of the management company and key management personnel. Significant transactions with related parties are as follows:

	September 30,	September 30,
	2025	2024
	Rupees	Rupees
	(Un-audited)	(Un-audited)
Share of common expenses to Group Companies	240,264	297,017
Warehouse rent to Group Companies	1,455,000	1,455,000
Receipt of Qard-e-Hasana from Modaraba Management Company	69,000,000	56,000,000
Repayment of Qard-e-Hasana to Modaraba Management Company	47,000,000	56,000,000

10 DATE OF AUTHORIZATION FOR ISSUE

This condensed interim financial information was approved by the Board of Directors of the Modaraba Management Company and authorised for issue on 28 October 2025 .

11 GENERAL

Amounts have been presented and rounded off to the nearest Rupee.

For A R Management Services (Private) Limited (Modaraba Management Company)

NAVEED RIAZ ALIUDDIN AHMED AMEED RIAZ SHEHERYAR ALI CHIEF EXECUTIVE DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER