First Paramount Modaraba — Annual Report 2025

Oct 2, 2025

Our Ref: No: PSX-225/2025 Date: 01 October, 2025

The General Manager Pakistan Stock Exchange (PSX) Stock Exchange Building Stock Exchange Road Karachi

Subject: FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025

Dear Sir,

This is to inform you that the Board of Directors of the Paramount Investments Limited, the Management Company of First Paramount Modaraba, in its meeting held on Wednesday, 01 October, 2025 at 3:30 PM in the Board Room of First Paramount Modaraba, 1st Floor, 107 & 108, PECHS, Shahrah-e-Quideen, Karachi, has approved the Financial Results for the year ended 30^th June, 2025, as per following:-

Due to recent restrictions imposed by Securities & Exchange Commission of Pakistan, vide S.R.O. 1547 (I)/2022 dated 15 August 2022, First Paramount Modaraba cannot distribute dividends to its certificate holders for the year ended 30 June 2025.

• 1. CASH DIVIDEND: Nil
• 1. BONUS: Nil
• 1. RIGHT SHARE: Nil

The financial results of the company are attached.

The Annual Review Meeting (ARM) of First Paramount Modaraba will be held on Monday, 28th October 2025 at 12:00 pm at PIMA House, 2^nd Floor, Room No: 201, PECHS, Block-2, PECHS Community Hall, Shahrah-e-Quideen, Karachi.

The Certificate Transfer Book of the Company shall remain closed from Monday, 27 October 2025 to Tuesday, 28 October 2025 (both days inclusive) for the purpose of attending annual review meeting.

The annual report of the Company will be transmitted through PUCARS at least 21 days before the Annual Review Meeting.

Thanks & Regards, For First Paramount Modaraba

Syed Mudassir Ali Company Secretary

Encl: as above.

Copy to: Central Depository Company (CDC), Karachi. THK Associates (Pvt.) Ltd., Karachi.

Head Office: Suit No. 107-108, P.E.C.H.S Community Office complex, Block No. 2, P.E.C.H.S, Sharah-e-Quaideen, Karachi. Tel: (021) 34381037-8, 34381052, 34381101 Fax: 34534410 Web: www.fpm.com.pk

FIRST PARAMOUNT MODARABA UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

$\overline{a}$

		2025	2024
ASSETS	Note	-------- (Rupees) --------
NON-CURRENT ASSETS
Fixed assets	5	23,281,703	13,102,420
Intangible assets	6	144,147	205,924
Long term investment	7	9,980	9,980
Murabaha financing	8	19,403,574	31,982,963
Musharaka financing	9		12,000,000
Loan to employees	10	231,503	385,503
Long term deposits		7,700	7,700
		43,078,607	57,694,490
CURRENT ASSETS	D.
Trade debtors	11	262,671,367	175,324,983
Stock in trade		12,475,079	24,102,663
Advances, prepayments and other receivables	12	34,340,715	23,126,655
Short term murabaha financing	13	4,791,668
Current maturity of non-current assets	14	41,883,622	57,638,094
Short term deposit	15	256,800	1,863,994
Accrued profit	16	70,332	1,532,576
Short term investment	17	23,434,916	21,308,669
Taxation - net		68,067,855	64,106,437
Cash and bank balances	18	18,210,311	47,115,806
		466,202,665	416,119,877
TOTAL ASSETS		509,281,272	473,814,367
EQUITY AND LIABILITIES CERTIFICATE CAPITAL AND RESERVES Authorised certificate capital
40,000,000 (2024: 25,000,000) certificates of Rupees 10/- each		400,000,000	250,000,000
Issued, subscribed and paid-up certificate capital	19	137,884,193	137,884,193
Capital reserves	20	113,616,388	89,718,187
Revenue reserves		22,392,468	22,392,468
		273,893,049	249,994,848
LIABILITIES
NON-CURRENT LIABILITIES
Deferred income	21	3,362,988	7,962,634
Certificates of musharaka	22	131,875,000	121,150,000
		135,237,988	129,112,634
CURRENT LIABILITIES
Creditors, accrued and other liabilities	23	28,531,267	15,273,672
Current maturity of deferred income	21	5,367,360	7,139,248
Current maturity of certificates of musharaka	22	41,500,000	47,250,000
Certificate of musharaka - matured and payable	24	2,800,000	2,800,000
Accrued profit on certificates of musharaka	25	3,331,368	3,514,280
Unclaimed profit distributions		18,620,240	18,729,685
TOTAL LIABILITIES		100,150,235 235,388,223	94,706,885
			223,819,519
TOTAL EQUITY AND LIABILITIES		509,281,272	473,814,367
CONTINGENCIES AND COMMITMENTS	26

The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements.

$\sim$

For Paramount Investments Limited
(Management Company)

CHIEF FINANCIAL OFFICER

DIRECTOR

FIRST PARAMOUNT MODARABA UNCONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2025

		2025	2024
	Note	-------- (Rupees) -	------
Income from trading operations	27	81,790,354	88,983,786
Income from murabaha financing	21.1	13,232,119	14,065,787
Income from diminishing musharaka financing			108,939
Income from musharaka financing		2,291,391	1,993,135
		97,313,864	105,151,647
Administrative and operating expenses	28	(46, 017, 578)	(45, 534, 739)
Provision for doubtful recoveries - net		(511, 514)	(155,660)
Other income	29	7,619,110	8,194,969
		58,403,882	67,656,217
Financial charges	30	(22, 145, 656)	(21, 556, 893)
		36,258,226	46,099,324
Modaraba Management Company's remuneration	31	(3,625,823)	(4,609,932)
		32,632,403	41,489,392
Provision for Sindh Workers' Welfare Fund		(652, 648)	(829, 788)
Profit before levy and taxation		31,979,755	40,659,604
Levy	32	(711, 691)	(621, 877)
Profit before taxation		31,268,064	40,037,727
Taxation	32	(7, 369, 863)	(11, 495, 250)
Profit after taxation		23,898,201	28,542,477
Other comprehensive income
Total comprehensive income		23,898,201	28,542,477
Earnings per certificate - basic and diluted	33	1.73
			2.07

The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements.

$e_{\mathcal{V}1_{L}}$

For Paramount Investments Limited (Management Company)

CHIEF FINANCIAL OFFICER

DIRECTOR

FIRST PARAMOUNT MODARABA
UNCONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2025

		2025	2024
	Note	-------- (Rupees) --------
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before levy and taxation		31,979,755	40,659,604
Adjustments for non-cash items:
Depreciation and amortization
Gain on disposal of fixed assets	28	4,281,697	2,369,720
Provision for Sindh Workers' Welfare Fund		(1, 544, 342)	(367, 952)
Financial charges	30	652,648	829,788
Provision for doubtful recoveries - net		22,145,656	21,556,893
Bad debts written off		511,514	155,660
		26,047,173	3,730,868
		58,026,928	28, 274, 977 68,934,581
Decrease / (increase) in current assets
Murabaha financing - net		23,950,873
Diminishing Musharaka financing - net			39,803,857 683,764
Musharaka financing - net		12,000,000	3,000,000
Modaraba financing - net			1,822,314
Stock in trade		11,627,584	13,676,459
Trade debtors		(87, 346, 384)	(87, 646, 310)
Advances, prepayments and other receivables		(10, 824, 060)	14,640,509
Short term deposit		225,000	2,342,806
Receivable from Al-burg associates			1,221,554
Short term investment		(2, 126, 247)	(532, 254)
Accrued profit		1,462,244	962,036
Increase / (decrease) in current liabilities
Creditors, accrued and other liabilities
Deferred income		12,604,947	5,345,815
Cash generated from operations		(6,371,534)	(3,817,616)
Financial charges paid		13,229,351	60,437,515
Recovery from loans to employees		(10, 034)	(52, 836)
Levy and income tax paid		226,000	173,998
Net cash generated from operating activities		(12,042,972) 1,402,345	(28, 642, 935)
			31,915,742
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets	0	(15,027,361)	(3,634,427)
Investment in subisdiary			(9,980)
Sale proceed on disposals of fixed assets		2,172,500	690,000
Net cash used in investing activities		(12, 854, 861)	(2,954,407)
CASH FLOWS FROM FINANCING ACTIVITIES
Certificates of Musharaka - issuance
Certificates of Musharaka - redemption	22	35,700,000	26,375,000
Paid against matured certificate of musharaka	22	(30, 725, 000)	(25, 475, 000)
Profit paid to certificates of Musharaka holders			(7,050,000)
Profit distributed to certificate holders		(22, 318, 534)	(21, 603, 415)
Net cash used in financing activities		(109, 445) (17, 452, 979)	(505, 170)
Net (decrease) / increase in cash and cash equivalents			(28, 258, 585)
Cash and cash equivalents at beginning of the year		(28, 905, 495)	702,750
Cash and cash equivalents at end of the year		47,115,806	46,413,056
	18	18,210,311	47,115,806
The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements.

$c_{11}$

For Paramount Investments Limited (Management Company)

CHIEF FINANCIAL OFFICER

DIRECTOR

FIRST PARAMOUNT MODARABA UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2025

	Issued,	Reserves
	subscribed and	Capital			Revenue
	paid up certificate capital	Merger reserve	*Statutory reserve	Total	Unappropriated profit	Total
				(Rupees)
Balance as at July 1, 2023	137,884,193	1,935,160	59,240,550	61,175,710	22,392,468	221,452,371
Profit after taxation
Other comprehensive income Total comprehensive income for the year					28,542,477	28,542,477
					28,542,477	28,542,477
Transferred to statutory reserve @ 100% Balance as at June 30, 2024			28,542,477	28,542,477	(28, 542, 477)
	137,884,193	1,935,160	87,783,027	89,718,187	22,392,468	249,994,848
Profit after taxation	$\qquad \qquad \blacksquare$
Other comprehensive income Total comprehensive income for the year	۰		۰		23,898,201	23,898,201
					23,898,201	23,898,201
Transferred to statutory reserve @ 100% Balance as at June 30, 2025			23,898,201	23,898,201	(23,898,201)
	137,884,193	1,935,160	111,681,228	113,616,388	22,392,468	273,893,049

*The statutory reserve represents profit set aside as required under the Modaraba Regulations, 2021 for Modarabas as issued by the Securities and Exchange Commission of

The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements. $c_{\mathcal{H}_L}$

CHIEF FINANCIAL OFFICER

FIRST PARAMOUNT MODARABA CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

ASSETS		2025	2024
NON-CURRENT ASSETS	Note		-------- (Rupees) --------
Fixed assets
Intangible assets	6	23, 281, 703	13, 102, 420
Murabaha financing	7	144,147	205,924
Musharaka financing	8	19,403,574	31,982,963
Loan to employees	9		12,000,000
Long term deposits	10	231,503	385,503
		7,700	7,700
CURRENT ASSETS		43,068,627	57,684,510
Trade debtors
Stock in trade	11	262,671,367	175,324,983
Advances, prepayments and other receivables		12,475,079	24,102,663
Short term murabaha financing	12	34,956,461	23,126,655
Current maturity of non-current assets	13	4,791,668
Short term deposit	14 15	41,883,622	57,638,094
Accrued profit	16	256,800	1,863,994
Short term investment	17	70,332	1,532,576
Taxation - net		23,434,916	21,308,669
Cash and bank balances	18	68,067,855	64,106,437
		18,994,547 467,602,647	47,123,633
TOTAL ASSETS		510,671,274	416,127,704
			473,812,214
EQUITY AND LIABILITIES
CERTIFICATE CAPITAL AND RESERVES Authorised certificate capital
40,000,000 (2024: 25,000,000) certificates of Rupees 10/- each Issued, subscribed and paid-up certificate capital		400,000,000	250,000,000
Capital reserves	19	137,884,193	137,884,193
Revenue reserves	20	113,095,758	89,550,505
Equity attributable to certificate holders of the holding company		22,392,468	22,392,468
Non-controlling interest		273,372,419	249,827,166
Total equity		(558)	(316)
		273,371,861	249,826,850
LIABILITIES
NON-CURRENT LIABILITIES
Deferred income
Certificates of musharaka	21	3,362,988	7,962,634
	22	131,875,000	121,150,000
CURRENT LIABILITIES		135,237,988	129, 112, 634
Creditors, accrued and other liabilities	23
Current maturity of deferred income	21	30,442,457	15,439,517
Current maturity of certificates of musharaka	22	5,367,360	7,139,248
Certificate of musharaka - matured and payable	24	41,500,000 2,800,000	47,250,000
Accrued profit on certificates of musharaka	25	3,331,368	2,800,000
Unclaimed profit distributions		18,620,240	3,514,280
TOTAL LIABILITIES		102,061,425	18,729,685
		237,299,413	94,872,730 223,985,364
TOTAL EQUITY AND LIABILITIES
		510,671,274	473,812,214
CONTINGENCIES AND COMMITMENTS
	26
The annexed notes from 1 to 42 form an integral

1 to 42 form an integral part of these unconsolidated financial statements. $41$

For Paramount Investments Limited
(Group Management Company)

CHIEF FINANCIAL OFFICER

DIRECTOR

FIRST PARAMOUNT MODARABA

$\label{eq:2.1} \frac{1}{1-\epsilon_1}\sum_{i=1}^{N-1}\frac{1}{1-\epsilon_i}=-0.$

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2025

		2025	2024
	Note	-------- (Rupees) --------
Income from trading operations	27	81,790,354
Income from murabaha financing	21.1	13,232,119	88,983,786
Income from diminishing musharaka financing			14,065,787
Income from musharaka financing			108,939
		2,291,391 97,313,864	1,993,135
			105, 151, 647
Administrative and operating expenses	28	(46, 372, 156)	(45, 702, 749)
Provision for doubtful recoveries - net		(511, 514)	(155,660)
Other income	29	7,620,843	8,195,102
		58,051,037	67,488,340
Financial charges	30	(22, 146, 001)	(21, 557, 034)
		35,905,036	45,931,306
Modaraba Management Company's remuneration	31	(3,625,823)	(4,609,932)
		32,279,213	41,321,374
Provision for Sindh Workers' Welfare Fund		(652, 648)	(829, 788)
Profit before levy and taxation		31,626,565	40,491,586
Levy	32	(711, 691)	(621, 877)
Profit before taxation		30,914,874	39,869,709
Taxation	32	(7, 369, 863)	(11, 495, 250)
Profit after taxation		23,545,011	28,374,459
Other comprehensive income
Total comprehensive income		23,545,011	28,374,459
Share of profit attributable to: Certificate holders of the Modaraba
Non-controlling interest		23,545,253	28,374,795
		(242)	(336)
		23,545,011	28,374,459
Earnings per certificate - basic and diluted	33	1.71	2.06

The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements.

$42$

For Paramount Investments Limited

(Group Management Company)

CHIEF FINANCIAL OFFICER

DIRECTOR

FIRST PARAMOUNT MODARABA CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2025

		2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES	Note	-------- (Rupees) --------
Profit before levy and taxation
		31,626,565	40,491,586
Adjustments for non-cash items:
Depreciation and amortization	28	4,281,697	2,369,720
Gain on disposal of fixed assets		(1, 544, 342)	(367, 952)
Provision for Sindh Workers' Welfare Fund		652,648	829,788
Financial charges	30	22,146,001	21,557,034
Provision for doubtful recoveries - net		511,514	155,660
Bad debts written off			3,730,868
		26,047,518	28,275,118
		57,674,083	68,766,704
Decrease / (increase) in current assets Murabaha financing - net
		23,950,873	39,803,857
Diminishing Musharaka financing - net Musharaka financing - net			683,764
Modaraba financing - net		12,000,000	3,000,000
Stock in trade			1,822,314
Trade debtors		11,627,584	13,676,459
Advances, prepayments and other receivables		(87, 346, 384)	(87, 646, 310)
Short term deposit		(11, 439, 806)	14,640,509
Receivable from Al-burg associates		225,000	2,342,806
Short term investment			1,221,554
Accrued profit		(2, 126, 247)	(532, 254)
		1,462,244	962,056
Increase / (decrease) in current liabilities
Creditors, accrued and other liabilities		14,350,292	5,511,660
Deferred income		(6,371,534)	(3,817,616)
Cash generated from operations		14,006,105	60,435,503
Financial charges paid		(10, 379)	(52, 977)
Recovery from loans to employees		226,000	173,998
Levy and income tax paid		(12,042,972)	(28, 642, 935)
Net cash generated from operating activities		2,178,754	31,913,589
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
Investment in subisdiary		(15,027,361)	(3,634,427)
Sale proceed on disposals of fixed assets
Net cash used in investing activities		2,172,500	690,000
		(12,854,861)	(2,944,427)
CASH FLOWS FROM FINANCING ACTIVITIES
Certificates of Musharaka - issuance	22	35,700,000	26,375,000
Certificates of Musharaka - redemption	22	(30,725,000)	(25, 475, 000)
Paid against matured certificate of musharaka			(7,050,000)
Profit paid to certificates of Musharaka holders		(22, 318, 534)	(21, 603, 415)
Profit distributed to certificate holders		(109, 445)	(505, 170)
Net cash used in financing activities		(17, 452, 979)	(28, 258, 585)
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year		(28, 129, 086)	710,577
Cash and cash equivalents at end of the year		47,123,633	46,413,056
	18	18,994,547	47,123,633

$\kappa = -\infty$

The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements.

$4n$

For Paramount Investments Limited
(Group Management Company)

CHIEF FINANCIAL OFFICER

DIRECTOR

FIRST PARAMOUNT MODARABA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2025

	Issued, subscribed and paid up certificate capital	Reserves
		Capital			Revenue	Non-
		Merger reserve	*Statutory reserve	Total	Unappropriated profit	controlling interest	Total
				(Rupees)
Balance as at July 1, 2023	137,884,193	1,935,160	59,240,550	61,175,710	22,392,468		221,452,371
Ordinary shares issue to non-controlling interest						20	20
Profit after taxation					28,374,795
Other comprehensive income						(336)	28,374,459
Total comprehensive income for the year					28,374,795	(336)	28,374,459
Transferred to statutory reserve @ 100%			28,374,795	28,374,795	(28, 374, 795)
Balance as at June 30, 2024	137,884,193	1,935,160	87,615,345	89,550,505	22,392,468	(316)	249,826,850
Profit after taxation
Other comprehensive income					23,545,253	(242)	23,545,011
Total comprehensive income for the year					23,545,253	(242)
Transferred to statutory reserve @ 100%			23,545,253				23,545,011
Balance as at June 30, 2025	137,884,193	1,935,160	111,160,598	23,545,253	(23, 545, 253)
				113,095,758	22,392,468	(558)	273.371.861

*The statutory reserve represents profit set aside as required under the Modaraba Regulations, 2021 for Modarabas as issued by the Securities and Exchange Commission of

The annexed notes from 1 to 42 form an integral part of these unconsolidated financial statements.

CHIEF FINANCIAL OFFICER

$G_{12}$