First Prudential Modaraba — Interim / Quarterly Report 2025

Apr 29, 2025

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QUARTERLY REPORT MARCH 31, 2025

MANAGED BY

AWWAL MODARABA MANAGEMENT LIMITED

Vision

Awwal Modaraba Management Limited (AMML) will play a role in the economic process and development of Pakistan by providing a range of advisory services and financial support, through Sharia compliant modes; to viable projects in high growth, capital starved sectors of the economy.

Awwal Modaraba Management Limited (AMML) aims to be at the vanguard of innovation in modaraba management services, offering the best solutions to our customers, value to our certificate holders and modaraba investors, complemented with a challenging, equal opportunity to our employees.

Wasl Mobility Modaraba (Formerly First Prudential Modaraba)

CORPORATE INFORMATION

BOARD OF DIRECTORS

Mr. Faraz Akhtar Zaidi Chairman Non-Executive Director Mr. Nazir Ahmed Shaheen Independent Director Ms. Azra Yaqub Vawda Independent Director Mr. Shafiq Ur Rehman Non-Executive Director Ms. Myra Husain Qureshi Non-Executive Director Mr. Saif Tariq Chief Executive Officer Audit Committee Mr. Nazir Ahmed Shaheen Chairman Mr. Faraz Akhtar Zaidi Member Mr. Shafiq Ur Rehman Member Human Resource and Remuneration Committee Ms. Azra Yaqub Vawda Chairperson Mr. Faraz Akhtar Zaidi Member Ms. Myra Husain Qureshi Member Mr. Saif Tariq Member

Company Secretary

Syed Shahid Owais

Chief Financial Officer

Mr. Aftab Afroz Mahmoodi

Auditor

BDO Ebrahim & Co, Chartered Accountants

Bankers Certificate Registrar Habib Bank Limited C & K Management Associates ( Pvt) Limited Dubai Islamic Bank M-13, Progressive Plaza, Plot No. 5 - CL - 10, Civil Lines Quarter, Beaumont Road, Karachi - 75530, Pakistan. Tel: +92 21-35685930 | +92 21-35687839 Fax: +92 21 35687839 Email: zakir@cnk.com.pk

Registered & Branch Office Head Office 3[rd] Floor, Horizon Vista, 818, 8[th] Floor, Plot No: Commercial 10, Block-4, Clifton, Hi-Q Tower, Karachi-75530 Jail Road, Lahore Phone: 021- 35361215-9 Phone : 042-35135117

Directors’ Report

For the Nine months period ended 31 March, 2025

On behalf of the Board of Directors of Awwal Modaraba Management Limited (“AMML”), the management company of Wasl Mobility Modaraba (Formerly First Prudential Modaraba), we are pleased to present Directors’ Report together with the unaudited financial results of Modaraba for the quarter and ended 31 March 2025.

Material Developments

The Registrar Modaraba, Securities on September 19, 2024 granted approval for the sale and transfer of total shares of Awwal Modaraba Management Limited (AMML) held by the Pak Brunei Investment Company Limited to the Wasl Investment Finance Limited (Buyer), the shares were successfully transferred to buyer on November 26, 2024. Pursuant to the transfer of shares, the control of AMML has been transferred to Wasl Investment Finance Limited.

The name of Modaraba has been changed to Wasl Mobility Modaraba after approval of Registrar Modarabas effective March 25, 2025. The Head Office of Modaraba has been shifted to Lahore which will increase its business volume and client base which will improve/enhance profitability of Modaraba. A branch office at Karachi is functional to serve its customers.

Financial Performance

During the nine months of FY2024-2025, overall revenues reduced to PKR 114.85 million compared to PKR 151.16 million in corresponding period last year due to reduced portfolio size. The reduction in portfolio occurred because the Modaraba was effectively not originating new loans as the transfer of ownership process was in effect from April 4, 2024, when the SPA between Pak Brunei and Wasl was signed, till November 26, 2024 when the transaction was consummated. It should be noted that interest rates are also on declining trajectory which will impact income generation. Total operating expenses for the period reduced to PKR 88.48 million while financial expenses reduced to PKR 20.70 million as compared in corresponding period last year. Overall, the Modaraba generated net profit of PKR 16.41 million compared to PKR 59.67 million in the corresponding period last year. The new management has introduced new products to enhance profitability of Modaraba.

Change in Board of Directors & Chief Executive

On the completion of sale and transfer of total shareholding of the company to WSAL Investment Finance Limited, four directors and Chief Executive of the company were resigned and the approval of Registrar Modaraba, Securities & Exchange Commission of Pakistan have been obtained for the incoming directors & CEO. The new composition of the Board is as under:-

1.	Mr. Faraz Akhtar Zaidi	Chairman	Non-Executive Director
2.	Mr. Nazir Ahmed Shaheen		Independent Director
3.	Ms. Azra Yaqub Vawda		Independent Director
4.	Mr. Shafiq Ur Rehman		Non-Executive Director
5.	Ms. Myra Husain Qureshi		Non-Executive Director
6.	Mr. Saif Tariq		Chief Executive Officer

Acknowledgments

The Board of Directors would further like to acknowledge and appreciate SECP and Registrar Modaraba for their continuous guidance and support. Also, we would like to avail this opportunity to thank our customers and investors for placing their trust in the Modaraba.

On behalf of the Board

Saif Tariq Chief Executive Date: April 29, 2025

Faraz Akhtar Zaidi Director

ڈائریکٹک رپورٹز وایل نو ماہ یک مدت ےک لی کو ختم ہون مارچ0202 13

ف رسٹ پروڈنشل اول مضاربہ منیجمنٹ لمیٹڈ ےک بورڈ آف ڈائریکٹ سابقہ مضاربہ یک انتظایم کمپٹز یک جانب ےس، وصل موبلٹ وایل سہ مایہ اور مدت ےک لی مضاربہ ےک غٹ آڈٹ شدہ مالیات نتائج ےک ساتھ کو ختم ہون مارچ0202 مضاربہ، ہمی13 ۔ خوش ہو ریہ ہے ہونز یک رپورٹ پیش کرنڈائریکٹ

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کو پاک برونات لمیٹڈ ےک پاس موجود اول مضاربہ مینجمنٹ انویسٹمنٹ کمپٹ ستمٹر0202 31 رجسٹ نار مضاربہ، سیکیورٹٹ[ ے] ) ےک کل حصص یک فروخت اور منتقیل یک منظوری دے دی جو واسل انویسٹمنٹ فنانس لمیٹڈ (خریدار) کو دے( لمیٹڈAMML ۔ دی گٹ

کو حصص کامیاتر ےک ساتھ خریدار کو منتقل کر دنے گیول۔ حصص یک منتقیل ےک بعد، اے ایم ایم ایل کا کنٹ 0202 , نومٹر02 ۔ وسل انویسٹمنٹ فنانس لمیٹڈ کو منتقل کر دیا گیا ہے

۔ ےس الگو رجسٹ مضاربہ کر دیا گیا ہےار مضاربہ یک منظوری ےک بعد تبدیل کر ےک وصل موبلٹ مارچ0202 مضاربہ کا نام02 مضاربہ کا ہیڈ آفس الہور منتقل کر دیا گیا ہے جس ےس اس ےک کاروباری حجم اور کالئنٹ بیس می اضافہ ہو گا جس ےس مضاربہ ۔ یک خدمت ےک لی فعال ہے صارفی ک برانچ آفس اپن۔ کراچی می ای یکی آنےک منافع می بہٹ

کل کارکردما

ےک نو مہینوں ےک دوران، پورٹ فولیو ےک سائز می کیم یک وجہ ےس گزشتہ سال یک اش مدت میPKR 0202- مایل سال0202 ملی کیونکہ مضاربہ۔ پورٹ فولیو می کیم اس لی ہوت تک کم ہو گٹ 332412 PKR ملی ےک مقابےل می مجمویع آمدت 151.16 ےس نافذ العمل تھا، جب پاک برونات اور اپریل0202 نہی دے رہا تھا کیونکہ ملکیت یک منتقیل کا عمل2 مؤثر طریق قرض ےس نی مکمل ہو گیا تھا۔ واضح رہے کہ شح سود بیھ گرت دین تک جب لی نومٹر0202 تھے02 ،پر دستخط ہون وسل ےک درمیانSPA ملی جبکہ مایل تک کم ہو گی پر اثر پڑے گا۔ اس مدت ےک لی کل آپریٹنگ اخراجاتPKR 88.48 جا ریہ ہے جس ےس آمدت ملی کا PKR 16.41 ملی ۔ مجمویع طور پر، مضاربہ ن تک کم ہو گی اخراجات گزشتہ سال یک اش مدت ےک مقابےلPKR 20.70 ملی ےک لی نٹ مضاربہ ےک منافع کو بڑھان انتظامیہ ن تھا۔ نٹ خالص منافع کمایا جو گزشتہ سال یک اش مدت میPKR 59.67 ۔ ہی مصنوعات متعارف کرات

ل تبد ز اور چیف ایگزیکٹو میبورڈ آف ڈائریکٹ

ہو گی اور آن ز اور چیف ایگزیکٹو مستعف ہولڈنگ یک فروخت اور منتقیل ےک مکمل ہون ےک چار ڈائریکٹ پر کمپٹ کمپٹ ےک کل شیٹ ۔ واےل ڈائریکٹ ہے اینڈ ایکسچینج کمیشن آف پاکستان یک منظوری حاصل کر یل گٹار مضاربہ، سکیورٹٹ[ ے] ز اور ش ای او ےک لی رجسٹ ۔ تشکیل حسب ذیل ہےبورڈ یک نٹ

نان ایگزیکٹوڈائریکٹ	چیٹ می	فرازاخٹ زیدیصاحب	1
آزاد ڈائریکٹ		جنابنذیراحمد شاہی	2
آزاد ڈائریکٹ		محٹ مہ عذرایعقوب واوڈا	3
نان ایگزیکٹوڈائریکٹ		شفیقالرحمان صاحب	4
نان ایگزیکٹوڈائریکٹ		محٹ مہ مائرہ حسی قریش	5
چیف ایگزیکٹو		جنابسیف طارق	6

افاتاعٹ

۔ بورڈ آف ڈائریکٹاف اور تعریف کرنا چاہی ےک اور تعاون کا مزید اعٹار مضاربہ کو ان یک مسلسل رہنماتز ایس ای ش تی اور رجسٹ ہ ی ےک لی اس موقع ےس فائدہ اٹھانا چا اور شمایہ کاروں کا شکریہ ادا کرن صارفی ےک لی اپناس ےک عالوہ، ہم مضاربہ پر اعتماد کرن ۔ ےک

بورڈ یک جانب ےس

ڈائریکٹ چیف ایگزیکٹو اپریل0202 :تاری خ01

WASL MOBILITY MODARABA (FORMERLY FIRST PRUDENTIAL MODARABA)

CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2025

MANAGED BY

AWWAL MODARABA MANAGEMENT LIMITED

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2025 Note ASSETS NON CURRENT ASSETS Property and equipment - own use 5 Property, plant and equipment - Ijarah 6 Investment properties 7 Long term portion of Diminishing Musharika Finance 8 Long term investments 9 Long term advances and deposits Deferred tax asset CURRENT ASSETS Modaraba, Musharika, Murabaha and Other finance - net 10 Current portion of Diminishing Musharika Finance 8 Short term investments 11 Ijarah rentals receivable 12 Receivable against sale of agriculture produce - net 13 Advances, prepayments and other receivables 14 Taxation - net 15 Cash and bank balances 16 TOTAL ASSETS EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorized certificate capital 152,217,660 modaraba certificates of rupees 10/- each Issued, subscribed and paid-up certificate capital 129,391,676 modaraba certificates of rupees 10/- each Statutory reserve Reserve arising out of merger Accumulated loss NON CURRENT LIABILITIES Unrealised loss on remeasurement of investment classified as fair value through other comprehensive income	March 31, June 30, 2025 2024 Un-audited Audited 17,578,816 2,433,724 52,686,980 60,614,607 74,180,000 74,180,000 220,278,483 355,590,778 10,330,390 5,611,474 3,319,040 864,445 6,546,781 10,013,865 384,920,490 509,308,893 - - 147,583,092 228,145,583 114,625,827 16,957,897 3,761,809 1,528,722 - - 35,692,078 4,745,419 30,377,175 29,009,587 294,514,280 231,763,932 626,554,261 512,151,140 1,011,474,751 1,021,460,033 1,522,176,600 1,522,176,600 1,293,916,760 1,293,916,760 157,982,325 157,982,325 (208,031,240) (208,031,240) (508,420,476) (486,013,717) 735,447,369 757,854,128 (2,069,176) (6,080,254) 733,378,193 751,773,874 ----------Rupees------------	March 31, June 30, 2025 2024 Un-audited Audited 17,578,816 2,433,724 52,686,980 60,614,607 74,180,000 74,180,000 220,278,483 355,590,778 10,330,390 5,611,474 3,319,040 864,445 6,546,781 10,013,865 384,920,490 509,308,893 - - 147,583,092 228,145,583 114,625,827 16,957,897 3,761,809 1,528,722 - - 35,692,078 4,745,419 30,377,175 29,009,587 294,514,280 231,763,932 626,554,261 512,151,140 1,011,474,751 1,021,460,033 1,522,176,600 1,522,176,600 1,293,916,760 1,293,916,760 157,982,325 157,982,325 (208,031,240) (208,031,240) (508,420,476) (486,013,717) 735,447,369 757,854,128 (2,069,176) (6,080,254) 733,378,193 751,773,874 ----------Rupees------------
Long term portion of Lease liability against right-of-use asset 17	10,492,892	-
Long term portion of Ijarah deposits 18 CURRENT LIABILITIES Short term finance 19	9,679,306 150,000,000	21,863,249 150,000,000
Current portion of Lease liability against right-of-use asset 17	3,855,369	-
Redeemable capital - participatory and unsecured Current portion of Ijarah deposits 18 Accrued and other liabilities Unclaimed profit distribution TOTAL EQUITY AND LIABILITIES CONTINGENCIES AND COMMITMENTS 20	815,000 23,888,680 26,676,172 52,689,139 257,924,360 1,011,474,751	815,000 10,688,681 33,297,435 53,021,794 247,822,910 1,021,460,033

The annexed notes from 1 to 29 form an integral part of these financial statements.

For Awwal Modaraba Management Limited (Management Company)

CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025

Note Income Ijarah rentals earned Income from deposits with banks Income from Diminishing Musharika Finance	Period ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 19,841,788 22,508,903 6,484,616 7,092,911 23,914,632 2,549,312 6,865,145 1,064,195 68,878,637 122,311,453 14,358,395 38,879,286 -------------------------------Rupees-------------------------------- Quarter ended	Period ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 19,841,788 22,508,903 6,484,616 7,092,911 23,914,632 2,549,312 6,865,145 1,064,195 68,878,637 122,311,453 14,358,395 38,879,286 -------------------------------Rupees-------------------------------- Quarter ended	Period ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 19,841,788 22,508,903 6,484,616 7,092,911 23,914,632 2,549,312 6,865,145 1,064,195 68,878,637 122,311,453 14,358,395 38,879,286 -------------------------------Rupees-------------------------------- Quarter ended	Period ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 19,841,788 22,508,903 6,484,616 7,092,911 23,914,632 2,549,312 6,865,145 1,064,195 68,878,637 122,311,453 14,358,395 38,879,286 -------------------------------Rupees-------------------------------- Quarter ended
Dividend income Rental income from investment properties Other income 11.4 Unrealized (loss)/gain on investments classified as 'fair value through profit or loss	734,145 - 1,480,554 114,849,756	922,266 310,185 2,562,483 151,164,602	167,632 - 302,138 28,177,926	250,404 - 316,751 47,603,547
	(2,332,070)	5,994,752	488,471	1,160,004
Reversal of Allowance for expected credit loss	496,933	972,333	(1,547,295)	100,000
Allowance for expected credit loss 12.1 Expenses Depreciation on Ijarah assets Administrative expenses Finance charges Modaraba Company's remuneration 21 22 23 Earnings per certificate - basic and diluted 24 Provision for Workers' Welfare Fund Profit before taxation Taxation Profit after taxation Provision for service sales tax on Management ' Company's remuneration	(407,720)	-	27,571	-
	112,606,899 (13,468,637) (54,305,522) (20,705,416) (88,479,575) 24,127,324 - - - (425,151) 23,702,173 (7,291,429) 16,410,744 0.13	158,131,687 (14,649,178) (49,305,752) (27,393,970) (91,348,900) 66,782,787 - - - (1,178,867) 65,603,920 (5,933,884) 59,670,036 0.46	27,146,673 (4,537,845) (16,754,156) (5,835,265) (27,127,266) 19,407 - - - (342) 19,065 (716,893) (697,828) (0.01)	48,863,551 (4,729,896) (11,339,094) (8,739,900) (24,808,890) 24,054,661 - - - (421,069) 23,633,592 (6,947,721) 16,685,871 0.13

The annexed notes from 1 to 29 form an integral part of these financial statements.

For Awwal Modaraba Management Limited (Management Company)

CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025

		Period ended Quarter ended
Profit for the year	Note	March 31, March 31, March 31, March 31, 2025 2024 2025 2024 16,410,744 59,670,036 (697,828) 16,685,871 -------------------------------Rupees--------------------------------
Other comprehensive Income/(loss) for the period:
Item that will be not be reclassified subsequently to
profit or loss
Unrealised gain/(loss) on remeasurement of
investment classified as 'fair value through other h i i		4,011,078 (3,511,889) 164,664 (1,699,741)
Total comprehensive income for the period		20,421,822 56,158,147 (533,164) 14,986,130
The annexed notes from 1 to 29 form an integral part of these financial statements.

For Awwal Modaraba Management Limited (Management Company)

CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES Amortization on intangible assets Gain on disposal - ijarah assets Gain on disposal - own assets Financial charges Cash flows before movements in working capital Unclaimed dividend CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal - own assets Payment of lease rental - Right of Use Assets CASH FLOWS FROM FINANCING ACTIVITIES Profit paid to certificate holders Net cash used in financing activities Purchase of own assets Cash and cash equivalents at end of the period Financial charges NET CASH GENERATED FROM OPERATING ACTIVITIES Dividend received Proceeds from disposal - ijarah assets Purchase of ijarah assets Net increase/(decrease) in cash and cash equivalents Profit before taxation Adjustments for: Dividend income Unrealised (gain)/loss on investments Depreciation - own use assets Depreciation - Ijarah assets Depreciation - Right of Use Assets Short term investment Decrease / (increase) in current assets Diminishing Musharika Finance Ijarah rentals receivable Net cash flows generated from investing activities Advances, prepayments and other receivables Increase / (decrease) in current liabilities Ijarah deposits Accrued and other liabilities Cash and cash equivalents at beginning of the period Taxes (paid) / received		Period ended Period ended March 2025 March 2024 23,702,173 65,603,920 533,993 152,838 923,523 - 13,468,637 14,649,178 - 41,111 (734,145) (922,266) 2,332,070 (5,994,752) (295,769) (266,811) (266,250) - 20,705,416 27,393,970 36,667,475 35,053,267 60,369,648 100,657,188 215,874,786 (5,941,195) (100,000,000) - (2,233,087) (1,444,745) (33,401,255) 39,999,885 80,240,444 32,613,945 1,016,056 (5,481,875) (332,655) 6,865,353 (6,621,263) (22,384,085) (5,937,862) (21,000,607) 134,672,230 112,270,526 (5,899,770) (927,006) (20,407,452) (27,393,970) 108,365,008 83,949,550 (1,341,166) (439,000) 692,519 2,949,873 266,250 - (1,211,145) - (5,937,760) - 734,145 922,266 (6,797,157) 3,433,139 (38,817,503) (38,817,503) (38,817,503) (38,817,503) 62,750,348 48,565,186 231,763,932 86,330,327 294,514,280 134,895,513 ----------Rupees------------

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The annexed notes from 1 to 29 form an integral part of these financial statements.

For Awwal Modaraba Management Limited (Management Company)

CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025

Balance at July 1, 2023 ( Audited) Total comprehensive income for the year Profit for the period Other comprehensive income Distribution @ Rs. 0.30 per certificate for the year ended June 2023 Balance at March 31, 2024 ( Un-audited) Balance at July 1, 2024 ( Audited) Profit for the period Other comprehensive income Distribution @ Rs. 0.30 per certificate for the year ended June 2024 Balance at March 31, 2025 ( Un-audited)

Issued, subscribed, and paid up certificate capital Merger Reserve Statutory reserve Accumulated loss Unrealised (loss) / gain on investment classified as fair value through other comprehensive income Total 1,293,916,760 (208,031,240) 157,982,325 (508,892,154) (3,757,902) 731,217,789 - - 59,670,036 59,670,036 (3,511,889) (3,511,889) - - - 59,670,036 (3,511,889) 56,158,147 (38,817,503) (38,817,503) 1,293,916,760 (208,031,240) 157,982,325 (488,039,621) (7,269,791) 748,558,433 1,293,916,760 (208,031,240) 157,982,325 (486,013,717) (6,080,254) 751,773,874 - - 16,410,744 16,410,744 4,011,078 4,011,078 20,421,822 (38,817,503) (38,817,503) 1,293,916,760 (208,031,240) 157,982,325 (508,420,476) (2,069,176) 733,378,193 -------------------------------------------------- (Rupees) --------------------------------------------------

The annexed notes from 1 to 29 form an integral part of these financial statements.

For Awwal Modaraba Management Limited (Management Company)

CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2025

1 LEGAL STATUS AND NATURE OF BUSINESS

• 1.1 Wasl Mobility Modaraba (Formerly First Prudential Modaraba) is a multipurpose, perpetual Modaraba. The Modaraba is registered under the Modaraba (Floatation and Control) Ordinance, 1980 and the Modaraba Companies and Modaraba Rules, 1981. The Registrar (Modarabas) with the approval of SECP vide order dated April 03, 2019 appointed Awwal Modaraba Management Limited (AMML) to takeover and manage the affair of the Modaraba. AMML (the management company) has taken over the management and administrative control of the Wasl Mobility Modaraba (Formerly First Prudential Modaraba) effective from February 03, 2020. AMML was wholly owned subsidiary of Pak Brunei Investment Company Limited (PBICL).

On September 19, 2024, the Registrar of Modaraba, SECP granted approval for the sale and transfer of all shares of AMML held by PBICL to the Wasl Investment Finance Limited (WASL). Subsequently, these shares were successfully tranferred to the WASL on November 26, 2024.

2 BASIS OF PREPARATION

2.1 Statement of Compliance

• 2.1.1 These condensed interim financial statements have been prepared in accordance with the approved accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards comprise of:

• International Accounting Standards (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) for interim Financial Reporting notified under the Company Act, 2017;

• 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

• 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 these condensed interim financial statements have, however, been limited based on the requirements of IAS 34. These condensed interim financial statements 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, 2024.

• 2.1.3 The comparative condensed interim statement of financial position presented in these condensed interim financial statements has been extracted from the annual audited financial statements of the Modaraba for the year ended June 30, 2024, whereas the comparative condensed interim profit and loss, condensed interim cash flow statement, condensed interim statement of changes in equity of the Modaraba are extracted from the unaudited condensed interim financial statements for the period ended March 31, 2024.

2.2 Basis of measurement

These condensed interim financial statements have been prepared under the historical cost convention, unless otherwise stated.

2.3 Functional and presentation currency

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

2.4 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, 2024.

3 Standards, interpretations of and amendments to published approved accounting standards that are effective in current period:

There are certain new and amended standards, issued by International Accounting Standards Board (IASB), interpretations and amendments that are mandatory for the Modaraba's accounting periods beginning on or after January 1, 2024 but are considered not to be relevant or did not have any significant effect on the Modaraba's operations and therefore not detailed in these condensed interim financial statements.

Standards, interpretations of and amendments to accounting and reporting standards as applicable in P ki h ff i There are certain standards, amendments to the accounting standards and interpretations that are mandatory for the Modaraba's accounting periods beginning on or after January 1, 2025, but are considered not to be relevant or expected to have any significant effect on the Modaraba's operations and are therefore, not detailed in these condensed interim financial statements.

4 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION, ACCOUNTING ESTIMATES AND JUDGEMENTS

• 4.1 The accounting policies adopted for the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements of the Modaraba for the year ended June 30, 2024. The policy for Right-of-use asset and related lease liability (4.4) is adopted in the current period.

• 4.2 The preparation of these condensed interim financial statements are 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.

• 4.3 The material 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, 2024.

• 4.4

Right-of-use assets and their related lease liablity

4.4.1 Right-of-use asset

Right-of-use asset is initially measured at an amount equal to the initial measurement of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to be incurred to dismantle and remove the underlying assets or to restore the underlying assets or the site on which the assets are located.

Right-of-use asset is subsequently stated at cost less any accumulated depreciation / accumulated impairment losses and are adjusted for any remeasurement of lease liability. The remeasurement of lease liability will only occur in cases where the terms of the lease are changed during the lease tenure.

Right-of-use asset is depreciated over its expected useful life using the straight-line method. Depreciation on additions (new leases) is charged from the month in which leases are entered into while no depreciation is charged from the date the leases mature or are terminated.

4.4.2 Lease liability against right-of-use asset

The lease liability is initially measured at the present value of the lease payments over the period of lease term and that are not paid at the commencement date, discounted using the Company's incremental borrowing rate.

In determining the lease term, the management considers all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

Lease payments include fixed payments less any lease incentive receivable, variable lease payment that are based on an index or a rate which are initially measured using the index or rate as at the commencement date, amounts expected to be payable by the Company under residual value guarantees, the exercise price of a purchase option if the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. The extension and termination options are incorporated in determination of lease term only when the Company is reasonably certain to exercise these options.

The lease liability is subsequently measured at amortised cost using the effective interest rate method. The lease liability is also remeasured to reflect any reassessment or lease modification, or to reflect revised insubstance fixed lease payment.

The lease liability is remeasured when the Company reassesses the reasonable certainty of exercising the extension or termination option upon occurrence of either a significant event or a significant change in circumstances, or when there is a change in assessment of an option to purchase underlying asset, or when there is a change in amount expected to be payable under a residual value guarantee, or when there is a change in future lease payments resulting from a change in an index or rate used to determine those payment. The corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit or loss if the carrying amount of right-of-use asset has been reduced to zero.

When there is a change in scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease, it is accounted for as a lease modification. The lease modification is accounted for as a separate lease if modification increases the scope of lease by adding the right to use one or more underlying assets and the consideration for lease increases by an amount that is commensurate with the stand-alone price for the increase in scope adjusted to reflect the circumstances of the particular contracts, if any. When the lease modification is not accounted for as a separate lease, the lease liability is remeasured and corresponding adjustment is made to right-of-use asset.

5 Property and equipment - own use

The following is the statement of operating fixed assets - own use at the reporting date:

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March 31, 2025
Office Office Furniture Computer Right-of- use
Description Vehicles Total
premises equipment and fixtures equipments Assets
Rupees
As at July 01, 2024
Cost 3,100,000 153,400 2,102,716 1,160,130 2,789,154 - 9,305,400
- - -
Accumulated impairment (595,950) (2,102,716) (2,698,666)
Accumulated depreciation (932,218) (153,400) - (298,238) (2,789,154) - (4,173,010)
Carrying amount 1,571,832 - - 861,892 - - 2,433,724
Period ended March 31, 2025
Opening carrying amount 1,571,832 - - 861,892 - 2,433,724
Additions - at cost - 526,926 150,240 664,000 - 15,261,442 16,602,608
- - - -
Disposal - at cost (2,662,500) (2,662,500)
- - - - - -
Unrealized loss for the year
Depreciation charge for the period (111,564) (90,337) (8,346) (323,746) - (923,523) (1,457,516)
Accumulated depreciation on disposal - - - - 2,662,500 2,662,500
Closing carrying amount 1,460,268 436,589 141,894 1,202,146 - 14,337,919 17,578,816
As at March 31, 2025
Cost 3,100,000 680,326 2,252,956 1,824,130 126,654 15,261,442 23,245,508
- - -
Accumulated impairment (595,950) (2,102,716) (2,698,666)
Accumulated depreciation (1,043,782) (243,737) (8,346) (621,984) (126,654) (923,523) (2,968,026)
Carrying amount 1,460,268 436,589 141,894 1,202,146 - 14,337,919 17,578,816
Depreciation rate (% per annum) 5 33 20 33 20 33
June 30, 2024
Office Office Furniture Computer Right-of- use
Description Vehicles Total
premises equipment and fixtures equipments Assets
Rupees
As at July 01, 2023
Cost 3,100,000 153,400 2,102,716 281,130 2,789,154 - 8,426,400
Accumulated impairment (595,950) - (2,102,716) - - - (2,698,666)
Accumulated depreciation (783,466) (153,400) - (186,248) (2,789,154) - (3,912,268)
Carrying amount 1,720,584 - - 94,882.00 0 1,815,466
Year ended June 30, 2024
Opening carrying amount 1,720,584 - - - 94,882 - 1,815,466
- - - - - - -
Disposal - at cost
Additions - at cost - - - 879,000 - - 879,000
Depreciation charge for the year (148,752) - - (111,990) - - (260,742)
Closing carrying amount 1,571,832 - - 767,010 94,882 2,433,724
As at June 30, 2024
Cost 3,100,000 153,400 2,102,716 1,160,130 2,789,154 - 9,305,400
Accumulated impairment (595,950) - (2,102,716) - - - (2,698,666)
- -
Accumulated depreciation (932,218) (153,400) (298,238) (2,789,154) (4,173,010)
Carrying amount 1,571,832 - - 861,892 - - 2,433,724
Depreciation rate (% per annum) 5 - - 33 -
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6 PROPERTY, PLANT AND EQUIPMENT - IJARAH

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March 31, 2025
Plant and Office
Description Vehicles Total
machinery equipment
Rupees
As at July 01, 2024
Cost 86,558,681 801,000 101,506,839 188,866,520
Accumulated impairment (8,768,012) (288,850) (17,142,477) (26,199,339)
Accumulated depreciation (47,278,872) (512,150) (54,261,552) (102,052,574)
-
Carrying amount 30,511,797 30,102,810 60,614,607
Period ended March 31, 2025
-
Opening carrying amount 30,511,797 30,102,810 60,614,607
Additions - at cost - - 5,937,760 5,937,760
-
Disposal - at cost (290,000) (5,525,100) (5,815,100)
-
Depreciation charge for the period (6,249,996) (7,218,641) (13,468,637)
-
Accumulated depreciation on disposal 290,000 5,128,350 5,418,350
-
Closing carrying amount 24,261,801 28,425,179 52,686,980
As at March 31, 2025
Cost 86,268,681 801,000 101,919,499 188,989,180
Accumulated impairment (8,768,012) (288,850) (17,142,477) (26,199,339)
Accumulated depreciation (53,238,868) (512,150) (56,351,843) (110,102,861)
-
Carrying amount 24,261,801 28,425,179 52,686,980
Useful life (months) 36 to 60 24 to 60 24 to 60
June 30, 2024
Plant and Office
Description Vehicles Total
machinery equipment
Rupees
As at July 01, 2023
Cost 86,558,681 801,000 109,931,839 197,291,520
Accumulated impairment (8,768,012) (288,850) (17,142,477) (26,199,339)
Accumulated depreciation (38,945,544) (512,150) (48,957,744) (88,415,438)
-
Carrying amount 38,845,125 43,831,618 82,676,743
Year ended June 30, 2024
-
Opening carrying amount 38,845,125 43,831,618 82,676,743
Additions - at cost - - - -
- -
Disposal - at cost (8,425,000) (8,425,000)
-
Depreciation charge for the year (8,333,328) (11,045,746) (19,379,074)
- -
Accumulated depreciation on disposal 5,741,938 5,741,938
-
Closing carrying amount 30,511,797 30,102,810 60,614,607
As at June 30, 2024
Cost 86,558,681 801,000 101,506,839 188,866,520
Accumulated impairment (8,768,012) (288,850) (17,142,477) (26,199,339)
Accumulated depreciation (47,278,872) (512,150) (54,261,552) (102,052,574)
-
Carrying amount 30,511,797 30,102,810 60,614,607
Useful life (months) 36 to 60 24 to 60 24 to 60
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7 INVESTMENT PROPERTIES - CARRIED AT FAIR VALUE

Investment property is revalued by an independent valuer named Oceanic Surveyors (Private) Limited as at June 30, 2024. There is no material change in fair value at the period end.

Note 8 DIMINISHING MUSHARIKA Diminishing musharika finance - considered good 8.1 Diminishing musharika finance - doubtful Unearned Income Less: Allownce for expected credit loss 8.2 Less: Current portion of diminishing musharika	March 31 June 30 2025 2024 (Un-audited) (Audited) 453,770,733 810,793,660 14,282,368 14,468,381 (85,909,158) (227,057,299) 382,143,943 598,204,742 (14,282,368) (14,468,381) 367,861,575 583,736,361 (147,583,092) (228,145,583) 220,278,483 355,590,778 ----------Rupees------------

8.1 8.2 Movement of Expected Credit Loss 14,468,381 539,959 Charge/ (Reversal) for the period (186,013) 13,802,247 Transfer from unearned income against suspended income - 126,175 Closing balance 14,282,368 14,468,381 9 LONG TERM INVESTMENTS Unquoted Companies 9.1 - - Quoted Companies 9.2 10,330,390 5,611,474 10,330,390 5,611,474 9.1 Unquoted companies This represent diminishing musharaka financing for a term of 3 to 5 years. These carry profit rate ranging from 14.43% and 26.00% ( June 2024: 14.00% and 28.58%). All diminishing musharika arrangements are secured against hypothecation of assets, personal guarantees and promissory notes. Investment classified as 'fair value through other comprehensive income Opening balance	8.1 8.2 Movement of Expected Credit Loss 14,468,381 539,959 Charge/ (Reversal) for the period (186,013) 13,802,247 Transfer from unearned income against suspended income - 126,175 Closing balance 14,282,368 14,468,381 9 LONG TERM INVESTMENTS Unquoted Companies 9.1 - - Quoted Companies 9.2 10,330,390 5,611,474 10,330,390 5,611,474 9.1 Unquoted companies This represent diminishing musharaka financing for a term of 3 to 5 years. These carry profit rate ranging from 14.43% and 26.00% ( June 2024: 14.00% and 28.58%). All diminishing musharika arrangements are secured against hypothecation of assets, personal guarantees and promissory notes. Investment classified as 'fair value through other comprehensive income Opening balance	8.1 8.2 Movement of Expected Credit Loss 14,468,381 539,959 Charge/ (Reversal) for the period (186,013) 13,802,247 Transfer from unearned income against suspended income - 126,175 Closing balance 14,282,368 14,468,381 9 LONG TERM INVESTMENTS Unquoted Companies 9.1 - - Quoted Companies 9.2 10,330,390 5,611,474 10,330,390 5,611,474 9.1 Unquoted companies This represent diminishing musharaka financing for a term of 3 to 5 years. These carry profit rate ranging from 14.43% and 26.00% ( June 2024: 14.00% and 28.58%). All diminishing musharika arrangements are secured against hypothecation of assets, personal guarantees and promissory notes. Investment classified as 'fair value through other comprehensive income Opening balance
	14,468,381 (186,013) - 14,282,368 - 10,330,390 10,330,390	539,959 13,802,247 126,175 14,468,381 - 5,611,474 5,611,474

March 31 June 30 2025 2024 1,594,744 1,594,744 Prudential Securities Limited Cost Less: Impairment 9.1.1 Number of Shares	March 31 June 30 2025 2024 (Un-audited) (Audited) ----------Rupees------------	March 31 June 30 2025 2024 (Un-audited) (Audited) ----------Rupees------------
	9,048,707 (9,048,707)	9,048,707 (9,048,707)
	- -	-
		-

9.1.1 The investment is fully impaired due to adverse financial conditions of the investee Company.

9.2 Quoted Companies

Note

March 31 June 30 2025 2024 LSE Venture Limited 842,810 842,810 Cost Fair value adjustment LSE Capital Limited 245,294 245,294 Cost Fair value adjustment Number of Shares	March 31 June 30 2025 2024 (Un-audited) (Audited) ----------Rupees------------	March 31 June 30 2025 2024 (Un-audited) (Audited) ----------Rupees------------
	9,450,764 (432,697)	9,450,764 (4,604,607)
	9,018,067	4,846,157
	3,313,951 (2,001,628)	3,313,951 (2,548,634)
	1,312,323	765,317
	10,330,390	5,611,474

10 MODARABA, MUSHARIKA, MURABAHA AND OTHER FINANCE

Modaraba, Musharaka and Morabaha Finance

Considered good Considered doubtful 10.1	- 446,089,606 446,089,606	- 446,294,606 446,294,606
Less: Allowance for expected credit loss 10.2	(446,089,606)	(446,294,606)
	-	-

10.1 This include amount of Modaraba, Musharaka and Morabaha finance receivable from various parties, outstanding since many years. Based on the guidelines of Modaraba Regulations outstanding balances against these finances have been fully provided and suspended accordingly.

10.2 Movement of Expected Credit Loss

Opening balance 10.3 Written off during the year Reversal of provision during the year Closing balance	446,294,606 - (205,000) 446,089,606	468,341,342 (21,641,736) (405,000) 446,294,606

10.3 The reversal of provision has been made to extent of actual amount recovered from the customers.

11 SHORT TERM INVESTMENTS

Amortised cost

11.1 Fair value through profit or loss Quoted securities 11.2 Mutual Fund Units 11.3 Term Deposits Receipts - considered doubtful	- 14,571,927 100,053,900 114,625,827	- 16,957,897 - 16,957,897

• 11.1 Modaraba had entered into an agreement dated December 06, 2012, with the Invest Capital Investment Bank Limited (ICIBL) for settlement of the Term Deposit Receipt of Rs.10 million. As per the terms, the entire mark-up/profit/penalties accrued upto the date of settlement agreement were waived off by the Modaraba.The balance was receivable in 60 equal monthly instalments of Rs. 166,667 beginning from December 10, 2012 at Nil profit. Rescheduled amount was as follows:

Note Term Deposit Receipt as at December 06, 2012 Less: Amortization charge Less: received in earlier period Net receivable Less: Allowance for expected credit loss	March 31 June 30 2025 2024 (Un-audited) (Audited) 10,000,000 10,000,000 (2,000,000) (2,000,000) (3,219,433) (3,219,433) 4,780,567 4,780,567 (4,780,567) (4,780,567) - - ----------Rupees------------

11.2 Quoted securities

Following is the detail of shares of listed entities - held by the Modaraba at the reporting date:

Shares of listed companies - Fully paid up ordinary shares of Rs. 10 each, unless stated otherwise:

March 31 June 30 2025 2024 Name of Investee Company / Fund Note 525 525 Nishat Mills Limited 54,367 54,367 The Hub Power Company Limited 1,495 1,495 Sui Northern Gas Pipeline Limited 16,468 16,468 Thal Limited 348 348 Hussain Industries Limited 11.2.1 1,670,720 1,670,720 Prudential Stock Fund 11.2.1 360,000 360,000 Zeal-Pak Cement Factory Limited 11.2.1 2,103,923 2,103,923 Number of Shares / Units

March 31 June 30 2025 2024 (Un-audited) (Audited) 57,860 37,196 7,954,979 8,866,170 169,174 94,888 6,389,913 7,959,643 - - - - - - ----------Rupees------------

2,103,923

14,571,927 16,957,897

11.2.1 These investee Companies and Fund are suspended or delisted in prior years, and have been provided in full.

11.3 Mutual Fund Units

This represents investment (Rs.100 Million) in MCB- Fixed Rate Fund (Alhamara Wada Plan XVIII). Investment shall be matured on June 26, 2025 with a return of 11.10% p.a. and revalued on the basis of net assets value provided by the MCB Funds.

Note 11.4 Net unrealized gain / (loss) on re-measurement of investments classified as financial assets at fair value through profit or loss' - net Weighted to average cost -Quoted Securities -Mutual Fund Units Unrealized gain/(loss) on changes in fair value Market value of investments 12 IJARAH RENTAL RECEIVABLE Considered good Considered doubtful Less: Allowance for expected credit loss 12.1 12.1 Movement of Expected Credit Loss Opening balance Charge for the year Reversal of provision during the year Closing balance

March 31 June 30 2025 2024 (Un-audited) (Audited) 16,957,897 6,539,334 100,000,000 116,957,897 6,539,334 (2,332,070) 10,418,563 114,625,827 16,957,897 3,761,809 1,571,434 62,191,969 61,847,457 65,953,778 63,418,891 (62,191,969) (61,890,169) 3,761,809 1,528,722 61,890,169 61,847,457 407,720 42,712 (105,920) - 62,191,969 61,890,169 ----------Rupees------------

13 RECEIVABLE AGAINST SALE OF AGRICULTURE PRODUCE - SECURED

There is no change in the status of matters associated with receivable against sale of agricultural produce as disclosed in note 16 of the audited financial statements for the year ended June 30, 2024.

14 ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES

Advance To staff - Secured Against purchase of assets Deposits Prepayments Other receivables from Brokers on account - of sale of shares - of advance for shares A bank Return on deposits with banks Others Sub total Provision for doubtful receivables Note 14.1 14.2 14.2 14.2	Consideredgood	Considered doubtful	To	tal
	March 2025 June 2024	March 2025 June 2024	March 2025	June 2024
	- - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - Rupees - - - - - - -	- - - - - - - - - - - -	- - - - - - - - - - - -
	645,022 1,045,579 22,745,340 - - - 5,269,627 987,698 - - - - - - 2,247,896 2,594,550 4,784,193 117,592	1,814,000 1,814,000 - - - - 78,095,768 77,095,768 18,432,273 19,432,273 10,241,347 10,241,347 - - 18,381,590 18,381,590	2,459,022 22,745,340 - - 5,269,627 78,095,768 18,432,273 10,241,347 2,247,896 23,165,783	2,859,579 - - 987,698 77,095,768 19,432,273 10,241,347 2,594,550 18,499,182
	35,692,078 4,745,419 - -	126,964,978 126,964,978 (126,964,978) (126,964,978)	162,657,056 (126,964,978)	131,710,397 (126,964,978)
	35,692,078 4,745,419	- -	35,692,078	4,745,419

14.1 The employees balances are secured against Provident Fund (PF) balances of employees.

14.2 There is no change in status of matters with regards to doubtful advances and other receivables as disclosed in notes 17.1.1, 17.2, 17.3, 17.4 of the audited financial statements for the year ended June 30, 2024

Note 15 TAXATION - NET Advance tax Provision for taxation	March 31 June 30 2025 2024 Un-audited Audited 34,909,357 36,521,858 (4,532,182) (7,512,271) 30,377,175 29,009,587 ----------Rupees------------

• 15.1 This includes an amount of Rs. 1.674 million forcefully withdrawn from bank by the Taxation Authorities on March 14, 2016 against which the Modaraba has filed an application for refund due to the fact that the amount was wrongly withdrawn on the ground that original return filed for the year 2009 was erroneous. The withdrawal was based on the original return filed whereas the revised return filed and order passed by the Additional Commissioner of Inland Revenue in favor of the Modaraba has been ignored. The management is confident that the amount will be recovered from the tax authority.

16 CASH AND BANK BALANCES

Cash in hand Balances with banks Current accounts Saving accounts 16.1	27,135 31,719,806 262,767,339 294,487,145 294,514,280	- 32,053,013 199,710,919 231,763,932 231,763,932

• 16.1 The balance in saving accounts carry profit at an average rates ranging from 3.04% to 17.00% per annum (June 30, 2025: 6.00% to 18.50% per annum).

17 LEASE LIABILITY AGAINST RIGHT-OF-USE ASSET Opening Addition during the period / year Finance cost Payments of lease rental Closing Current portion Long term portion	March 31 June 30 2025 2024 - 15,261,442 - 297,964 - (1,211,145) - 14,348,261 - 3,855,369 - 10,492,892 - ----------Rupees------------

18 IJARAH DEPOSITS Ijarah deposits Less: Current portion ijarah deposit 19 SHORT TERM FINANCE 19.1	March 31 June 30 2025 2024 Un-audited Audited 33,567,986 32,551,930 (23,888,680) (10,688,681) 9,679,306 21,863,249 150,000,000 150,000,000 ----------Rupees------------

19.1 The Modaraba availed finance facility of Rs.150 million from Pak Brunei Investment Company Ltd (PBICL) under Wakalat-ul- Istismar Agreement dated December 30, 2021. The facility is being renewed every year upon maturity by both the parties for further period through addendums to the Wakala Agreement.At last, the facility has been extended through fourth addendum dated November 26, 2024 for further period of six months.

As per terms of the facility agreement. The PBICL acts as Muwakil (the Principal) and Modaraba act as a Wakil (the agent) to execute the Shariah Compliant transactions through and as part of the Wakil’s Pool of assets for deployment of funds under the extended facility. Return the Muwakil on investment is expected at 3 months KIBOR + 2% per anum.

The facility is secured by way of hypothecation charge over current / fixed assets, assignment of receivables (Only on occurrence of Event of Default / Termination) in favor of PBICL and equitable mortgage over the immovable properties.

19.2 Settlement of this loan shall take place as per mechanism directed by SECP vide letter No. SC/M/AMML/46/2024/36 dated September 19, 2024 and an amount of Rs. 150 million shall be injected by the WASL Investment Finance Limited (the holding company of AMML) which would later be converted into equity not later that 6 months from the date of injection.

20 CONTINGENCIES AND COMMITMENTS

20.1 Contingencies

The status of contingencies are same as disclosed in the annual audited financial statements for the year ended June 30, 2024.

20.2 Commitment

There was no commitment as at the reporting date.

21 MANAGEMENT COMPANY'S REMUNERATION

The Modaraba Management Company is entitled to a remuneration for services rendered to the Modaraba under provisions of the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980 up to a maximum of 10% per annum of the net annual profits of the Modaraba.

The management records accrual in repect of Management Company out of the net annual profit of the Modaraba on the basis of annual audited accounts. Therefore, no Management Company's remuneration has been accrued in these condensed interim financial statements.

22 PROVISION FOR SERVICE SALES TAX ON MANAGEMENT COMPANY'S REMUNERATION

The Sindh Revenue Board (SRB) has imposed Sindh Sales Tax (SST) on the Modaraba Management Company's remuneration with effect from 01 November 2011. However, certain modaraba management companies have approached the Honourable Sindh High Court (HSC) and Appellate Tribunal of SRB, challenging the levy of SST on management company's remuneration. The Modaraba Management Company has not received any demand notice from SRB for payment of SST on Management Company's remuneration and based on legal advisor's opinion obtained by one of the Modaraba under common management, can neither file any petition challenging the levy of SST on Management Company's remuneration nor can join the proceedings of pending petition in the Court (HSC). As a matter of abundant caution the management is accruing SST on Management Company's remuneration and will discharge the liability on direction of the Court (HSC) based on outcome of the petition filed by other Modaraba Management Companies.

23 TAXATION Current Deferred `	March 31 March 31 2025 2024 Un-audited Audited 4,532,182 10,994,599 2,759,247 (5,060,715) 7,291,429 5,933,884 ----------Rupees------------

Provision for current taxation is based on taxable income for the period at the current rates of taxation after taking into account applicable tax credits, rebates and exemptions available, if any.

24 EARNINGS PER CERTIFICATE - BASIC AND DILUTED

Basic earning per certificate Profit for the period after taxation Weighted average number of certificate outstanding during the period Earnings per certificate	March 31, 2025 16,410,744 Period ---------------------	March 31, March 31, March 31, 2024 2025 2024 59,670,036 (697,828) 16,685,871 March 31, March 31, March 31, 2024 2025 2024 129,391,676 129,391,676 129,391,676 0.46 (0.01) 0.13 (Un-audited) -------------- (Number) ---------------------------------- --------------- (Rupee) ----------------------------------- ended Quarter ended (Un-audited) -------------- (Rupees) ----------------------------------- ended Quarter ended	March 31, March 31, March 31, 2024 2025 2024 59,670,036 (697,828) 16,685,871 March 31, March 31, March 31, 2024 2025 2024 129,391,676 129,391,676 129,391,676 0.46 (0.01) 0.13 (Un-audited) -------------- (Number) ---------------------------------- --------------- (Rupee) ----------------------------------- ended Quarter ended (Un-audited) -------------- (Rupees) ----------------------------------- ended Quarter ended
	March 31, 2025 s 129,391,676 --------------------- Period
	0.13 ---------------------		0.13 --------------------

Diluted

Diluted earnings per certificate has not been presented as the Modaraba does not have any convertible instruments in issue as at reporting date which would have any effect on the earnings per certificate if the option to convert is exercised.

25 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Fair values of financial assets that are traded in active markets are based on quoted market prices. For all other financial instruments the Modaraba determine fair values using valuation techniques unless the fair value cannot be reliably measured.

For assets that are recognised in the financial statements at fair value on a recurring basis, the Modaraba recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers between different levels of fair values mentioned above.

The table below shows the carrying amounts and fair values of a financial asset and financial liability including their fair value hierarchy for financial instruments measured at fair value. It does not include the fair value information of financial assets and financial liabilities not measured at fair value if the carrying amount is reasonable approximation of fair value.

Financial assets Cash and bank balances Investments Modaraba term deposit Diminishing Musharika Finance Ijarah rentals receivable Advances, prepayments and other receivables Long term investments Long term advances and deposits Financial liabilities Short term finance Ijarah deposits Accrued and other liabilities Investment classified as 'fair value through profit or loss Quoted securities Mutual Fund Units Investment classified as 'fair value through other comprehensive income Listed companies	Level 1 14,571,927 - 10,330,390 - - - 10,330,390 - 10,330,390 - - - ------------ Fair value through other comprehensive income - - ----------------------- - -	Amortized cost Level 2 Level 3 - - 100,053,900 - - - - 210,244,158 - 33,567,986 - 26,676,172 114,625,827 705,148,782 - 150,000,000 - - - 3,319,040 - 3,761,809 - 35,692,078 Carrying Amount -- As at March 31, 2025 -------------- Fair value through profit or loss - - - 367,861,575 -------------------- Rupees in '000------------------ - 294,514,280 114,625,827 -	294,514,280 114,625,827 - 367,861,575 3,761,809 35,692,078 10,330,390 3,319,040 477,327,109 150,000,000 33,567,986 26,676,172 210,244,158 Total 14,571,927 100,053,900 10,330,390 Total -------------------------

Financial assets Cash and bank balances Investments Modaraba term deposit Diminishing Musharika Finance Investment against repurchase agreement Ijarah rentals receivable Advances, prepayments and other receivables Long term investments Long term advances and deposits Financial liabilities Short term finance Ijarah deposits Accrued and other liabilities Investment classified as 'fair value through profit or loss Quoted securities Investment classified as 'fair value through other comprehensive income Listed companies	- Level 1 16,957,897 5,611,474 - - 5,611,474 - 5,611,474 - - - - - ----------------------- - ----------- Fair value through other comprehensive income	Amortized cost - - - 150,000,000 Level 2 Level 3 - - - - - 34,112,435 - 216,664,365 16,957,897 822,638,879 - 32,551,930 - - 864,445 - 1,528,722 - 4,745,419 16,957,897 - - 583,736,361 -------------------- Rupees in '000------------------ - 231,763,932 Carrying Amount --- As at June 30, 2024 -------------- Fair value through profit or loss	231,763,932 16,957,897 - 583,736,361 - 1,528,722 4,745,419 5,611,474 864,445 845,208,250 150,000,000 32,551,930 34,112,435 216,664,365 Total 16,957,897 5,611,474 ------------------------- Total

26 RELATED PARTY TRANSACTIONS

The related parties of the Modaraba comprise of the Management Company and its Holding Company, other associated companies, staff retirement funds, Directors and Key Management Personnel. Transactions with related parties are carried out at agreed rates.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Modaraba. The Modaraba considers its Chief Financial Officer and business heads to be its key management personnel. There are no transactions with key management personnel other than their terms of employment / entitlement. Details of certificate holding of Holding Company, Management Company, Directors, Key Management Personnel and their family members are disclosed in pattern of certificate holding included in the annual report of the Modaraba. Details of transactions and balances at period end are as follows:

26.1 Transactions during the period:

Expense / (income) for the nine months	Relationship with Modaraba	Nature of transaction	Nature of transaction	March 31, 2025	March 31, 2025	March 31, 2024	March 31, 2024
Staff Provident Fund	Staff retirement benefit	Contribution made			806,173	481,381
Pak Brunei Investment Company Limited	Former- Holding Company of the Management Company	Return on short term finance			-	27,381,416
		Against collection agent fee			-	(153,283)
		Shared service cost			-	7,117,305
AWWAL Corporate Restructuring Company	Former- Associated Company	Sharingof common expenses			-	1,434,619
		Staff cost of deputed employee			-	3,048,914
Jubilee Life Insurance	Former- Other related Party	Takafulpremium			-	489,155
Payments / (Receipts) made during the period
Staff Provident Fund	Staff retirement benefit	Contribution made			806,173	481,381
Pak Brunei Investment Company Limited	Former- Holding Company of the Management Company	Receipt against collection agent fee			-	(153,283)
		Return on Short Term Finance			-	27,385,888
		Shared service cost			-	7,053,777
AWWAL Corporate Restructuring Company	Former- Associated Company	Sharingof common expenses			-	2,417,360
		Staff cost of deputed employee			-	6,358,721
Awwal Modaraba Management Limited	Modaraba Management Company	Management Company's remuneration			7,126,101	9,629,014
Jubilee Life Insurance	Former- Other related Party	Takafulpremium			-	489,155
Balance atperiod end
Balances with related parties	Relationship with Modaraba		Nature of transaction		March 31, 2025		June 30, 2024
					Un-audited Audited ----------Rupees------------
Pak Brunei Investment Company Limited	Former- Holding Company of the Modaraba Management Company		Short term finance payeble		-		150,000,000
			Payable against return on Short Term Finance		-		196,639
			Payable against shared service cost		-		772,991
Awwal Modaraba Management Limited	Modaraba Management Company		Payable against Management Company's remuneration		-		7,126,101

26.2 Balance at period end

27 CORRESPONDING FIGURES

Corresponding figures have been rearranged or reclassified wherever necessary for the purpose of comparison and better presentation. There were no major reclassifications in these financial statements.

28 DATE OF AUTHORISATION

These financial statements were authorised for issue on ____by the Board of Directors of the Management Company.

29 GENERAL

Figures have been rounded off to nearest rupees unless otherwise stated.

For Awwal Modaraba Management Limited (Management Company)

CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR

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Registered & Branch Office

3[rd] Floor, Horizon Vista,

Plot No: Commercial 10, Block-4, Clifton, Karachi

Phone: 021- 35361215-9

Head Office

818, 8[th] Floor, Hi-Q Tower,

Jail Road, Lahore Phone : 042-35135117