First Prudential Modaraba — Interim / Quarterly Report 2025

Apr 29, 2025

Ref: PMI / PSX/2025 April 29, 2025

The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi

Dear Sir,

SUBJECT: FINANCIAL RESULTS FOR THE QUARTER ENDED 31 MARCH 2025

We have to inform you that the Board of Directors of the Company in their meeting held on 29th April, 2025 at 11:00 A.M at Karachi has approved the financial statements of Wasl Mobility Modaraba (Formerly First Prudential Modaraba) for the quarter ended 31 March 2025 and has approved the following: (i) CASH DIVIDEND: NIL

(ii) BONUS SHARES: NIL

(iii) RIGHT SHARES: NIL

(iv) ANY OTHER ENTITLEMENT/CORPORATE ACTION: NONE

(v) ANY OTHER PRICE-SENSITIVE INFORMATION: NONE

In compliance of Notice # PSX/N-062 dated Jan, 10, 2025, the following are enclosed herewith:-

• Condensed Interim Statement of Financial Position (unaudited) 1.
• II. Condensed Interim Statement of Profit or Loss (Unaudited)
• Ш. Condensed Interim Statement of Changes in Equity (unaudited)
• Condensed Interim Statement of Cash flow (Unaudited) IV.

The Quarterly Report of the Modaraba for the quarter ended 31 March, 2025 will be transmitted through PUCARS, within the specified time.

Yours Sincerely.

Syed Shahid Owais Company Secretary

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA) CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)

FOR THE PERIOD ENDED MARCH 31, 2025

		Period ended		Quarter ended
		March 31,	March 31,	March 31,	March 31,
		2025	2024	2025	2024
	Note			-Rupees---------------------
Income
Ijarah rentals earned		19,841,788	22,508,903	6,484,616	7,092,911
Income from deposits with banks		23,914,632	2.549,312	6,865,145	1,064,195
Income from Diminishing Musharika Finance		68,878,637	122,311,453	14,358,395	38,879,286
Dividend income		734.145	922,266	167,632	250,404
Rental income from investment properties			310,185
Other income		1,480,554	2.562,483	302.138	316,751
		114,849,756	151,164,602	28,177,926	47,603,547
Unrealized (loss)/gain on investments classified
as 'fair value through profit or loss	11.4	(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	(407, 720)		27,571
		112,606,899	158.131,687	27,146,673	48,863,551
Expenses
Depreciation on Ijarah assets		(13, 468, 637)	(14, 649, 178)	(4,537,845)	(4,729,896)
Administrative expenses		(54, 305, 522)	(49,305,752)	(16, 754, 156)	(11, 339, 094)
Finance charges		(20, 705, 416)	(27, 393, 970)	(5,835,265)	(8,739,900)
		(88, 479, 575)	(91, 348, 900)	(27, 127, 266)	(24,808,890)
		24,127,324	66,782,787	19,407	24,054,661
Modaraba Company's remuneration	21
Provision for service sales tax on Management'
Company's remuneration	22
Provision for Workers' Welfare Fund		(425, 151)	(1, 178, 867)	(342)	(421,069)
Profit before taxation		23,702,173	65,603,920	19,065	23,633,592
Taxation	23	(7, 291, 429)	(5,933,884)	(716, 893)	(6.947.721)
Profit after taxation		16,410,744	59,670,036	(697, 828)	16,685,871
Earnings per certificate - basic and diluted	24	0.13	0.46	(0.01)	0.13

united $9900$

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

		Period ended		Ouarter ended
	March 31. 2025	March 31, 2024	March 31, 2025	March 31, 2024
			-Rupees----------------------------------
	Note
Profit for the year	16,410,744	59,670,036	(697.828)	16,685,871
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	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

Municipal

WASL MOBILITY MODARABA

(FORMERLY FIRST PRUDENTIAL MODARABA)

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2025

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

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

	Issued, subscribed, certificate capital and paid up	Merger Reserve	Statutory reserve	Accumulated loss	value through other gain on investment Unrealised (loss) classified as fair comprehensive income	Total
				$-$ (Rupees) $-$
Balance at July 1, 2023 (Audited)	1,293,916,760	(208, 031, 240)	157,982,325	(508, 892, 154)	(3,757,902)	731,217,789
Total comprehensive income for the year
Profit for the period				59,670,036		59,670,036
Other comprehensive income					(3,511,889)	(3, 511, 889)
Distribution $@$ Rs. 0.30 per certificate for the year ended June 2023				(38, 817, 503) 59,670,036	(3,511,889)	(38, 817, 503) 56,158,147
Balance at March 31, 2024 (Un-audited)	1.293,916,760	(208, 031, 240)	157,982,325	(488,039,621)	(7,269,791)	748,558,433
Balance at July 1, 2024 (Audited)	1,293,916,760	(208, 031, 240)	157,982,325	(486, 013, 717)	(6,080,254)	751,773,874
Profit for the period			f,	16,410,744		16,410,744
Other comprehensive income					4,011,078	4,011,078
Distribution $@$ Rs. 0.30 per certificate for the year ended June 2024				(38, 817, 503)		(38, 817, 503) 20,421,822
Balance at March 31, 2025 (Un-audited)	1,293,916,760	(208, 031, 240)	157,982,325	(508, 420, 476)	(2,069,176)	733,378,193

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

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

Shimman