First Paramount Modaraba — Interim / Quarterly Report 2025

Apr 23, 2025

Our Ref: No: PSX- 92 /2025 Date: 23 April 2025

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

Subject: FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31 MAR 2025

Dear Sir / Madam,

This is to inform you that the Board of Directors of the Paramount Investments Limited, the Managers of First Paramount Modaraba in its meeting held on Wed, 23 April 2025 at 12:00 pm in the Board Room of First Paramount Modaraba, 1st Floor, 107 & 108, PECHS, Shahrah-e-Quideen, Karachi and via Zoom, has approved the standalone and consolidated financial accounts for the period ended 31 Mar 2025, as per following:-

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

The standalone and consolidated financial results of the Modaraba are attached.

The Quarterly Report of the Modaraba for the period ended 31 March 2025 will be transmitted through PUCARS separately and will also be available at FPM's website (www.fpm.com.pk) within the stipulated time.

Thanks & Regards, for First Paramount Modaraba

Malmer

Syed Mudassir Ali Company Secretary Encl: as above.

iad COLU

True Copy

Company Secretary

FIRST PARAMOUNT MODARABA UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT 31 MARCH 2025

$\mathbb{R}^{2n}$

ASSETS	Note	Un-audited March 31, 2025 Rupees	Audited June 30, 2024 Rupees
NON-CURRENT ASSETS Fixed assets	3	24,361,195	13,308,344
Long Term Investments		9,980	9,980
Murabaha financing	4	29,595,111	31,982,963 12,000,000
Musharaka financing	5	12,000,000 251,503	385,503
Loan to employees		264,500	264,500
Long-term deposits		66,482,289	57,951,290
CURRENT ASSETS		17,121,660	24,102,663
Stores and spares		161,821,099	175,324,983
Trade debtors		29,718,402	17,212,171
Advances, prepayments and other receivables		11,979,169
Short-term murabaha financing	4	26,724,317	43,479,040
Current portion of murabaha financing Current portion of musharaka financing	5	13,949,054	13,949,054
Current portion of loans to employees		172,000	210,000
Short-term deposit		2,682,194	2,707,194
Accrued profit		1,528,601	1,532,576 70,020,921
Tax refunds due from Government		89,628,557	21,308,669
Short Term Investment		23,021,271 46,425,281	47,115,806
Cash and bank balances		424,771,605	416,963,077
		424,771,605	416,963,077
		491,253,894	474,914,367
EQUITY AND LIABILITIES
CERTIFICATE CAPITAL AND RESERVES
Authorised certificate capital		400,000,000	250,000,000
40,000,000 certificates of Rupees 10 each		137,884,193	137,884,193
Issued, subscribed and paid-up certificate capital		104,912,839	89,718,187
Capital reserves		22,392,468	22,392,468
Revenue reserves		265,189,500	249,994,848
LIABILITIES
NON-CURRENT LIABILITIES		4,323,178	7,962,634
Deferred income		80,600,000	121,150,000
Certificates of musharaka		84,923,178	129,112,634
CURRENT LIABILITIES		20,718,623	16,373,672
Creditors, Accrued & Other Liabilities		7,139,248	7,139,248
Current portion of deferred income		89,125,000	47,250,000
Current portion of certificates of musharaka COM matured parties		2,800,000	2,800,000 3,514,280
Accrued profit on certificates of musharaka		2,737,786 18,620,559	18,729,685
Unclaimed profit distributions		141,141,216	95,806,885
Liabilities associated with assets classified as held for sale
TOTAL LIABILITIES		226,064,394	224,919,519
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES		491,253,894	474,914,367
The annexed notes from 01 to 08 form an integral part of these financial statements.			$\overline{\phantom{a}}$

For Paramount Investments Limited (Management Company)

FIRST PARAMOUNT MODARABA UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025

		Nine months period ended		Three months period ended
	Note	July-March 2025	July-March 2024	Jan-March 2025	Jan-March 2024
				-------------------------------- (Rupees)
Operating income	6	396,443,677	422,168,993	101,337,265	167,521,078
Operating cost
Operating expenses Allowance for expected credit loss (ECL)		(360, 110, 330)	(374, 694, 993) (243, 171)	(92, 542, 798)	(148, 925, 597)
(Provision)/Reversal for doubtful recoveries		(1,712,312)	608,931	(2,072,415)
		(361, 822, 642)	(374, 329, 233)	(94, 615, 213)	(148, 925, 597)
		34,621,035	47,839,760	6,722,052	18,595,481
Other income		6,241,760	5,968,076	1,576,334	2,691,878
Financial charges		(16,598,716)	(15, 576, 905)	(5,035,081)	(5,906,754)
		24,264,079	38,230,931	3,263,305	15,380,605
Modaraba Company's management fee		(2,426,408)	(3,823,093)	(326, 331)	(1, 538, 061)
		21,837,671	34,407,838	2,936,974	13,842,544
Provision for Sindh Workers' Welfare Fund		(436, 753)	(688, 157)	(58,739)	(276, 851)
Profit before taxation		21,400,918	33,719,681	2,878,235	13,565,693
Taxation		(6, 206, 266)	(9,351,166)	(834, 688)	(3,934,056)
Profit after taxation		15,194,652	24,368,515	2,043,547	9,631,637
Earnings per certificate - basic and diluted		1.10	1.77	0.15	0.70

The annexed notes from 01 to 08 form an integral part of these financial statements.

For Paramount Investments Limited (Management Company)

Certified True Copy

FIRST PARAMOUNT MODARABA UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025

	Nine months period ended		Three months period ended
	July-March 2025	July-March 2024	Jan-March 2025	Jan-March 2024
Profit after taxation	15,194,652	24,368,515	2,043,547	9,631,637
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit and loss account		$\sim$
Items that may be reclassified subsequently to profit and loss account	$\bullet$
Other comprehensive income for the Period
Total comprehensive income for the Period	15,194,652		2.043.547	9,631,637

The annexed notes from 01 to 08 form an integral part of these financial statements.

For Paramount Investments Limited (Management Company)

Certified True Copy

Company Secreta

FIRST PARAMOUNT MODARABA UNCONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025

and Court

		March 31, 2025	March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES	Note	Rupees	Rupees
Profit before taxation		21,400,918	33,719,681
Adjustments for non-cash items: Depreciation and amortization Gain on disposal Provision for Sindh Workers' Welfare Fund Financial charges (Reversal of provision) / Provision for doubtful recoveries Operating profit before working capital changes (Increase) / decrease in current assets		2,982,272 (1,531,012) 436,753 16,598,716 1,712,312 20,199,041 41,599,959	1,660,333 (389, 798) 688,157 15,576,905 (365,760) 17,169,837 50,889,518
Murabaha financing - net Diminishing Musharaka financing - net Musharaka financing - net Modaraba financing - net Loans to employees Stores and spares Trade debtors - net Advances, prepayments and other receivables Receivable from Al-burg associates Short Term Investment Accrued profit		5,451,094 172,000 6,981,003 13,503,884 (12, 481, 231) (1,712,602) 3,975	47,718,475 265,988 3,000,000 1,717,579 117,998 7,664,194 (119, 822, 965) 9,986,758 1,221,554 1,029,341
(Decrease) / increase in current liabilities Deferred income Creditors, accrued and other liabilities Net cash generated from operations		(3,639,456) 3,908,198 53,786,824	(6,534,419) 9,867,359 7,121,380
Financial charges paid Tax (paid) / refunded - net Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES		(9,133) (25, 813, 902) 27,963,789	(52, 313) (16,078,285) (9,009,218)
Purchase of fixed assets Long term investments Sale proceed on disposals of fixed assets Net cash (used in)		(14, 659, 111) 2,155,000 (12,504,111)	(2,587,472) (9,980) 650,000 (1, 947, 452)
CASH FLOWS FROM FINANCING ACTIVITIES
Certificate of Musharaka - issuance Certificate of Musharaka - redemptions Profit paid to certificates of Mushraka (COM) holder Profit distributed to Certificate holders		29,600,000 (28, 275, 000) (17, 366, 077) (109, 126)	19,575,000 (21, 275, 000) (15,699,578) (500, 912)
Net cash used in financing activities		(16, 150, 203)	(17,900,490)
Net increase in cash and cash equivalents		(690, 525)	(28, 857, 160)
Cash and cash equivalents at beginning of the year
		47,115,806	46,413,056 17,555,896

The annexed notes from 01 to 08 form an integral part of these financial statements.

For Paramount Investments Limited (Management Company)

	The annexed notes from 01 to 08 form an integral part of these financial statements	Balance as at 31 March 2025	Transferred to statutory reserve @ 100%		Profit after taxation Other comprehensive income	Total comprehensive income:	Bahance as at 30 June 2024	Transferred to statutory reserve @ 100%		Other comprehensive income Profit after taxation	Total comprehensive income:	Balance as at 01 July 2023		÷,
		137,884,193	$\,$	t	$\mathbf{1}$ $\,$ 1		137,884,193	$\mathbf{t}$	٠	$\mathbf{I}$ ٠		137,884,193	Rupees	certificate capital dn pied	subscribed and	Issued,	UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
For Paramicumt Investments (Yanagement Company)		1,935,160	J.	ı	$\mathbf{I}$ $\mathbf I$		1,935,160	٠	×	$1 \quad 1$		1,935,160	Rupees	Merger reserve			FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025 FIRST PARAMOUNT MODARABA
Limited		$102$ 649'456'	15,194,652	$\blacksquare$	$\mathbf{r}$		87,783,027	28,542,477				59,240,550	Rupees	Statutory reserve	Cg pital	Reserves
		104,912,839	15,194,652		$\mathbf i$		89,718,187	28,542,477				61,175,710	Rupees	Tetel
RACentified		22,392,468	(15,194,652)	15,194,652	15,194,652		22,392,468	(28,542,477)	28,542,477	28,542,477		22,392,468	Rupees	Unappropriated profit	Revenue
Concentry Ago	KOUNT	265,189,500		15,194,652	15,194,652		249,994,848		28,542,477	28,542,477		221,452,371	Rupees		reisi

arachi.

FIRST PARAMOUNT MODARABA CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) AS AT 31 MARCH 2025

		Un-audited	Audited
		March 31,	June 30,
		2025	2024
ASSETS	Note	Rupees	Rupees
NON-CURRENT ASSETS	3	24,361,195	13,308,344
Fixed assets	4	29,595,111	31,982,963
Murabaha financing Musharaka financing	5	12,000,000	12,000,000
Loan to employees		251,503	385,503
Long-term deposits		264,500	264,500
		66,472,309	57,941,310
CURRENT ASSETS			24,102,663
Stores and spares		17,121,660 161,821,099	175,324,983
Trade debtors		30,223,064	17, 212, 171
Advances, prepayments and other receivables		11,979,169
Short-term murabaha financing	4	26,724,317	43,479,040
Current portion of murabaha financing	5	13,949,054	13,949,054
Current portion of musharaka financing		172,000	210,000
Current portion of loans to employees		2,682,194	2,707,194
Short-term deposit		1,528,601	1,532,576
Accrued profit		89,627,503	70,020,921
Tax refunds due from Government		23,021,271	21,308,669
Short Term Investment		46,433,567	47,123,633
Cash and bank balances		425,283,499	416,970,904
		425,283,499	416,970,904
		491,755,808	474,912,214
EQUITY AND LIABILITIES
CERTIFICATE CAPITAL AND RESERVES
Authorised certificate capital
40,000,000 certificates of Rupees 10 each		400,000,000	250,000,000
Issued, subscribed and paid-up certificate capital		137,884,193	137,884,193
Capital reserves		104,709,359	89,550,505
Revenue reserves		22,392,468	22,392,468
Equity attributable to certificate holders of the holding company		264,986,020	249,827,166
Non-controlling interest		(388)	(316) 249,826,850
Total Equity		264,985,632
LIABILITIES
NON-CURRENT LIABILITIES
Deferred income		4,323,178	7,962,634
Certificates of musharaka		80,600,000	121,150,000 129,112,634
		84,923,178
CURRENT LIABILITIES Creditors, Accrued & Other Liabilities		21,424,405	16,539,517
Current portion of deferred income		7,139,248	7,139,248
Current portion of certificates of musharaka		89,125,000	47,250,000
COM matured parties		2,800,000 2,737,786	2,800,000 3,514,280
Accrued profit on certificates of musharaka		18,620,559	18,729,685
Unclaimed profit distributions		141,846,998	95,972,730
Liabilities associated with assets classified as held for sale
TOTAL LIABILITIES		226,770,176	225,085,364
CONTINGENCIES AND COMMITMENTS		491,755,808
TOTAL EQUITY AND LIABILTTIES
The annexed notes from 01 to 03 form an integral part of these financial statements. For Paramount Investments Limited			True Copy
(Management Company)			Company Secretary

FIRST PARAMOUNT MODARABA CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025

		Nine months period ended		Three months period ended
	Note	July-March 2025	July-March 2024	Jan-March 2025	Jan-March 2024
			(Rupees)
Operating income	6	396,443,677	422,168,993	101,337,265	167,521,078
Operating cost
Operating expenses		(360, 146, 713)	(374, 773, 878) (243, 171)	(92,572,186)	(149,004,482)
Allowance for expected credit loss (ECL) (Provision)/Reversal for doubtful recoveries		(1,712,312)	608,931	(2,072,415)
		(361, 859, 025)	(374, 408, 118)	(94, 644, 601)	(149,004,482)
		34,584,652	47,760,875	6,692,664	18,516,596
Other income		6,242,604	5,968,076	1,576,828	2,691,878
Financial charges		(16, 598, 975)	(15,576,905)	(5,035,167)	(5,906,754)
		24,228,281	38,152,046	3,234,325	15,301,720
Modaraba Company's management fee		(2,426,408)	(3,823,093)	(323, 433)	(1,538,061)
		21,801,873	34,328,953	2,910,892	13,763,659
Provision for Sindh Workers' Welfare Fund		(436,753)	(688, 157)	(58, 218)	(276, 851)
Profit before taxation		21,365,120	33,640,796	2,852,674	13,486,808
Taxation		(6,206,266)	(9,351,166)	(834, 688)	(3,934,056)
Profit after taxation		15,158,854	24,289,630	2,017,986	9,552,752
Earnings per certificate - basic and diluted		1.10	1.76	0.15	0.69

The annexed notes from 01 to 08 form an integral part of these financial statements.

For Paramount Investments Limited (Management Company)

EXAMOUNT MODARABA
CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025

	Nine months period ended		Three months period ended
	July-March 2025	July-March 2024	Jan-March 2025	Jan-March 2024
Profit after taxation	15,158,854	24,289,630	2,017,936	9,552,752
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit and loss account	×	$\bullet$	$\mathbf{m}$	$\ddot{}$
Items that may be reclassified subsequently to profit and loss account
Other comprehensive income for the Period
'fotal comprehensive income for the Period	15,158,854	24,289,630	2,017,986	9,552,752
Contract of the Contract of the Contract Contract Contract of the Contract of the Contract of the Contract of Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the Contract of the

The annexed notes from 01 to 08 form an integral part of these financial statements.

For Paramount Investments Limited (Management Company)

FIRST PARAMOUNT MODARABA CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31 MARCH 2025

		March 31, 2025	March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES	Note	Rupees	Rupees
Profit before taxation		21,365,120	33,640,796
Adjustments for non-cash items: Depreciation and amortization Gain on disposal Provision for Sindh Workers' Welfare Fund Financial charges (Reversal of provision) / Provision for doubtful recoveries		2,982,272 (1,531,012) 436,753 16,598,975 1,712,312	1,660,333 (389, 798) 688,157 15,576,905 (365,760)
		20,199,300	17,169,837
Operating profit before working capital changes		41,564,420	50,810,633
(Increase) / decrease in current assets Murabaha financing - net Diminishing Musharaka financing - net Musharaka financing - net Modaraba financing - net Loans to employees Stores and spares Trade debtors - net Advances, prepayments and other receivables Receivable from Al-burg associates Short Term Investment Accrued profit		5,451,094 172,000 6,981,003 13,503,884 (12,985,893) (1,712,602) 3,975	47,718,475 265,988 3,000,000 1,717,579 117,998 7,664,194 (119, 822, 965) 9,986,758 1,221,554 1,029,341
(Decrease) / increase in current liabilities		(3,639,456)	(6, 534, 419)
Deferred income Creditors, accrued and other liabilities		4,448,063	9,857,379
Net cash generated from operations		53,786,488	7,032,515
Financial charges paid Tax (paid) / refunded - net Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES		(9,392) (25, 812, 848) 27,964,248	(52, 313) (16,078,285) (9,098,083)
Purchase of fixed assets		(14, 659, 111)	(2,587,472)
Long term investments Sale proceed on disposals of fixed assets Net cash (used in)		2,155,000 (12, 504, 111)	650,000 (1,937,472)
CASH FLOWS FROM FINANCING ACTIVITIES
Certificate of Musharaka - issuance Certificate of Musharaka - redemptions Profit paid to certificates of Mushraka (COM) holder Profit distributed to Certificate holders		29,600,000 (28, 275, 000) (17, 366, 077) (109, 126)	19,575,000 (21, 275, 000) (15,699,578) (500, 912)
Net cash used in financing activities		(15, 150, 203)	(17,900,490)
Net increase in cash and cash equivalents		(690, 066)	(28, 936, 045)
Cash and cash equivalents at beginning of the year		47,123,633	46,413,056
Cash and cash equivalents at end of the Period		46,433,567	17,477,011

The annexed notes from 01 to 03 form an integral part of these financial statements.

For Paramount Investments Limited (Management Company)

The annexed notes from 01 to 08 form an integral part of these financial statements. For Paramount Investments Limited

(Management Company)

PA

$\widehat{\omega}$

Anabany Secretary True Copy Certified

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

DZ

FIRED CONDENSED INTO A TRAMOUNT MODERNISAL AND MARCH THROUGHTY (UN-AUDITED)
CONSOLIDATED CONDENSED INTRIPIER STATE MINIMUSED OF CHANGES IN EQUITY (UN-AUDITED)