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Trust Modaraba Interim / Quarterly Report 2025

Apr 25, 2025

72475_rns_2025-04-25_1646de8d-1110-4160-a23b-49391ef04f4b.pdf

Interim / Quarterly Report

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March 31, 2025

CONTENTS

  • 4 CORPORATE INFORMATION

  • 5 DIRECTOR’S REPORT

  • 6 DIRECTOR’S REPORT (URDU)

  • 7 CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

  • 8 CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS

  • 9 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

  • 10 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

  • 11 CONDENSED INTERIM CASH FLOW STATEMENT

  • 12 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

DIRECTORS’ REPORTCORPORATE INF MATION

The Board of Directors of Al-Zamin Modaraba Management Company (Private) Limited, the management company of Modaraba Company Trust Modaraba are pleased to present the financial statements of Trust Modaraba for the period ended on 31st March, AL-Zamin Modaraba Management (Private) Limited 2024.

Board of Directors

Mr. Mian Sheikh Arshad Farooq Chairman ECONOMIC OUTLOOK Mr. Basheer Ahmed Chowdry Chief Executive At the heart of the challenges facing Pakistan today are basically three interconnected issues, namely Politics, Economics Mr. Syed Shahnawaz Ahmed Rizvi Director Mr. Syed Etrat Hussain Rizvi and the Climate Change. These challenges require a holistic strategy to bring all these elements together to put the country Director Mr. Mohammad Yasin on a sustainable trajectory of growth and development. On the economic front, positive outcome of revival efforts aimed Director Mr. Muhammad Sami Ullah Director at boosting the activity across the sectors is visible. The real sector is experiencing growth leading to a positive market Dr. Mrs. Namoos Baquar Director response and signs of recovery. The Pak Rupee has stabilized and Pakistan Stock Exchange has shown performance

improvement reflecting a conducive environment for economic activity. Though the pace of overall expansion is slow, Management nevertheless, improvement in major indicators signify an optimistic outlook for the forthcoming period,Mr. Basheer Ahmed Chowdry Chief Executive Ms. Hamida Aqeel However, the positive outlook is contingent upon sustainable implemChief Operating Offic e r/Company Secretaryntation of sound economic policies entailing Mr. Shiraz Butt interalia, prudent fiscal management, strategic investment, and measures to enhance export competitiveness and Chief Financial Officer

diversification while safeguarding the economy against inflation and debt defaults.

Audit Committee

Mr. Syed Etrat Hussain Rizvi Chairman PERFORMANCE REVIEW Mr. Mian Sheikh Arshad Farooq Member Mr. Muhammad Sami Ullah It is encouraging to report that Trust Modaraba maintained a steady trend of growth in business operations and profitability Member Mr. Mohammad Yasin Member during the period under consideration as all the key performance indicators registered appreciable increase as compared to Ms. Hamida Aqeel Secretary to the committee the previous comparable period. Income from core business operations stood at Rs.44.37million during the first three

quarters of the current financial year ended on 31st March, 2024 translating into an increase of 60% from the previous Human Resource Committee comparable period. The aforesaid increase in income was achieved through effective utilization of financial resources, Mr. Muhammad Yasin Chairman improvement in the risk profile of the clients, meticulous follow-up of recoveries and operating efficiencies. During the Mr. Syed Etrat Hussain Rizvi Member period, PSX also witnessed appreciable performance with the index crossing 67,000 points at one point in time. Dr. Mrs. Namoos Baquar Member Mr. Basheer Ahmed Chowdry Appreciation in the stock market index and consequential increase in the share prices provided unrealized gain of Rs.13.6 Member Ms. Hamida Aqeel million which, taking into account loss on sale of shares (Rs.6.39 million) contributed a net gain of Rs.7.23 million during Secretary to the committee

the period. Dividend income of Rs. 625,654 was also realized. As a prudent portfolio risk management policy, provision Internal Auditors coverage was enhanced to Rs.1.38 million against certain accounts. The period under consideration also witnessed a decline UHY Hassan Naeem & Co. in the operating expenses (Rs.27.05 million) by 6% compared to the preceding period despite high inflationary pressures on Chartered Accountants costs across the board. Profit before management fee worked out to be Rs.21.90 million as against loss of Rs.3.30 million

Auditors of the Modaraba shown for the previous comparable period. As a result of enhanced profitability, management company earned a fee of Rs.2.19 million for the period ended on 31st March, 2024. Profit after tax stood at Rs.16.05 million increasing the earnings Grant Thornton Anjum Rahman. Chartered Accountantsper certificate to Rs.0.54. Asset base of your Modaraba as at 31st March, 2024 increased to Rs.399.96 million from Rs.388.76 million as at 30th June, 2023. Banker Moving forward your management aims to maintain the momentum of growth based on sound business norms and Meezan Bank Limited practices to achieve further growth in its operations and profitability.

Legal Advisors

Holscott International EARNINGS PER CERTIFICATE S&B Durrani Law Assoicates Earnings per certificate for the period under review stood at Rs.0.54 as against loss of Rs.0.15 of the previous comparable

period. Registered Office/Principal Place of Business

104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi-75600 Telephone: 021-35876651, 35876652, 35873373, 35873369, 35867102 ACKNOWLEDGMENT Fax: 021-35870408 Web: trustmodaraba.com The Board wishes to put on record its appreciation for the continued support of the SECP, certificate holders, valuable Email: [email protected] guidance of the members of the Board and commitment of the staff members for achieving positive performance.

Regional Office

320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore Telephone: 042-35941957-8 Fax: 042 35866513

Registrars

Hameed Majeed Associates (Private) Limited 1st Floor, H.M. House, 7-Bank Square, Lahore Telephone: 042- 37235081-2 Fax: 042-3735881726th April, 2024. Mr. Basheer A. Chowdry Mr. Mian Sheikh Arshad Farooq Chief Executive Chairman

TRUST MODARABA Half Yearly Report March, 31, Quarterly Report March 31, 20 2 5024

DIRECTORS’ REPORT

The Board of Directors of Al-Zamin Modaraba Management (Private) Limited, the management company of Trust Modaraba is pleased to present financial statements of Trust Modaraba for the period ended on 31st March, 2025.

ECONOMIC OUTLOOK

As Pakistan’s economy progresses into second half of the fiscal year, strengthened economic fundamentals well position the country for a continued growth momentum throughout FY 2025. Sound macro-economic management, effective inflation control and enhanced fiscal and external account stability has been the main factors supporting positive economic outlook.

The external sector saw marked improvement in remittance inflows along with resilient export performance contributing to a substantial improvement in the current account balance. Effective monetary policy measures have played a crucial role in alleviating inflationary pressures fostering a more stable macro-economic environment. The government has also taken measures to reform the fiscal sector by broadening the tax base, and ensuring long term debt sustainability. The decline in inflationary pressures, easing policy rates, and stable commodity prices have created a favorable environment for investment and private sector led expansion. Macro economic stabilization reflected in sharp interest rate cuts and a stable PKR enabled PSX equity market valuations to bounce back to record levels.

However, the path to sustained growth is not without its challenges. Geo-political uncertainties, global inflationary pressures and potential rise in oil prices could drive up inflation increasing costs for consumers and businesses alike. Overcoming these challenges will be essential for maintaining growth potential.

PERFORMANCE REVIEW

It is encouraging to report that Trust Modaraba maintained a steady trend of growth in business operations and profitability during the period under consideration as all the key performance indicators registered increase as compared to the previous comparable period. Gross income from business operations stood at Rs.57.0 million for the first three quarters of the current financial year ended on 31st March, 2025 translating into an increase of 39% from the previous comparable period. The aforesaid increase in income was achieved through effective utilization of financial resources, and careful selection of clients to minimize delays in re-payments. During the period, PSX also witnessed appreciable performance with the index crossing 113,000 points at one point in time. Notable feature of performance during the period was capital gain and dividend income earned on the equity portfolio which contributed 9% to the gross revenue in contrast to loss during the previous comparable period. Appreciation in the stock market index and consequential increase in the share prices provided unrealized gain of Rs.3.12 million. As a prudent portfolio risk management policy, provision coverage was enhanced to Rs.1.10 million against certain accounts. Due to inflationary impact on costs, operating expenses increased but remained within the budgetary allocation for the period. Profit before management fee worked out to be Rs.23.70 million as against Rs.21.90 million shown for the previous comparable period. Management company earned a fee of Rs. 2.37 million for the period ended on 31st March, 2025. Profit after tax stood at Rs.17.77 million increasing the earnings per certificate to Rs.0.60. Asset base of your Modaraba as at 31st March, 2025 stood at Rs. 401 million.

Moving forward your management aims to maintain the momentum of growth based on sound business norms and practices to achieve further progress in operations and profitability of your Modaraba.

EARNINGS PER CERTIFICATE

Earnings per certificate for the period under review stood at Rs.0.60 as compared to Rs.0.54 of the previous comparable period.

ACKNOWLEDGMENT

The Board wishes to put on record its appreciation for the continued support of the SECP, certificate holders, valuable guidance of the members of the Board and commitment of the staff members for achieving positive performance.

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22[nd] April, 2025.

Mr. Basheer A. Chowdry Dr. Mrs. Namoos Baquar Chief Executive Director

TRUST MODARABA Quarterly Report March 31, 2025

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TRUST MODARABA Quarterly Report March 31, 2025

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2025

,
ASSETS
Note
Current assets
Cash and bank balances
Short term investments
3
Advances, prepayments and other receivables
4
Murabaha finances - secured
5
Ijarah rental receivables - secured
6
Current portion of long term murabaha finances
7
Musharakah finances (secured - considered good)
8
Current portion of diminishing musharakah finances
9
Income tax refundable

Total current assets
Non-current assets
Murabaha finances
7
Diminishing musharakah financing
9
Deposits
Long term investments
Fixed assets given on lease / ijarah - tangible
10
Fixed assets in own use
11
Intangible asset
12
Deferred taxation - net
Total non-current assets
Total assets
EQUITY AND LIABILITIES
LIABILITIES
Current liabilities
Unclaimed profit distributions
13
Creditors, accrued and other liabilities
14
Charity payable
15
Current portion of deferred income on murabaha

Current portion of customers' security deposits
Current portion of lease liabilities against right of use assets
Total current liabilities
Non-current liabilities
Deferred income on murabaha
Customers' security deposits
Lease liabilities against right of use assets
Total non-current liabilities
Total liabilities
NET ASSETS

REPRESENTED BY
CAPITAL AND RESERVES
Certificate capital
Reserves

Total equity
Unrealized loss on revaluation of investments

Contingencies and commitments
16		 (Un-audited)
(Audited)
31-Mar-25
30-Jun-24
-----------------Rupees-----------------		 (Un-audited)
(Audited)
31-Mar-25
30-Jun-24
-----------------Rupees-----------------
7,509,321
11,973,800
14,030,644
25,380,000
3,455,773
42,313,678
9,553,000
68,901,059
5,920,282		 10,384,061
20,970,987
11,365,248
25,400,000
3,788,925
41,708,561
13,395,756
45,244,359
3,997,069
189,037,557 176,254,966
8,393,943
139,976,548
294,662
-
36,121,154
25,505,361
643,444
911,425
 6,109,160
129,420,831
294,662
2,284,801
74,450,750
22,948,196
948,940
1,639,122
211,846,537 238,096,462
400,884,094 414,351,428
13,697,088
4,853,813
12,884
2,563,200

7,063,622
2,166,769		 12,828,131
10,266,832
269,532
2,272,786
11,660,170
1,799,923
30,357,376 39,097,374
1,356,850
11,539,368

8,467,212		 907,964
24,338,468

6,142,142
21,363,430 31,388,574
51,720,806 70,485,948
349,163,288 343,865,480
298,000,000
51,163,288		 298,000,000
49,737,575
349,163,288

-		 347,737,575

(3,872,095)
349,163,288 343,865,480

The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

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DIRECTOR

CHIEF FINANCIAL OFFICER

CHIEF EXECUTIVE

DIRECTOR

TRUST MODARABA Quarterly Report March 31, 2025

CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

Note
Income from ijarah - net
19
Profit on murabaha finances
Profit on diminishing musharakah/musharakah finances
Dividend income on equity investments
Gain/(loss) on sale of short term investments
Other income
20
Provision for doubtful receivables
Loss on disposal of assets classified as held for sale
Operating expenses
19
Modaraba Management Company's fee
Workers' Welfare Fund
Profit before taxation
Taxation
Net profit for the period
Earnings per certificate - basic and diluted
20
Unrealized gain on revaluation of financial assets at fair
value through profit or loss		 2025
2024
----------Rupees----------
March 31,
Nine Months Ended		 2025
2024
1,523,382
3,108,137
863,306
820,975
12,644,251
11,411,165
350,000
88,750
1,227,154
53,086
262,350
1,636,270
----------Rupees----------
March 31,
Quarter Ended
6,123,844
10,589,272
2,970,230
3,363,727
37,784,570
30,415,988
779,000
625,654
4,437,455
(6,394,502)
4,895,003
2,225,199
56,990,102
40,825,338
(1,075,589)
(1,381,730)
-
(4,125,000)
3,116,701
13,628,087		 16,870,443
17,118,383
(750,000)
-
(4,125,000)
(274,782)
(700,683)
59,031,214
48,946,695
(35,338,269)
(27,047,384)		 15,845,661
12,292,700
(12,087,516)
(8,832,539)
23,692,945
21,899,311
(2,369,295)
(2,189,931)
(426,473)
(394,188)		 3,758,145
3,460,161
(375,815)
(346,016)
(67,647)
(62,283)
20,897,177
19,315,192
(3,125,394)
(3,261,672)		 3,314,683
3,051,862
(789,778)
(553,533)
17,771,783
16,053,520		 2,524,905
2,498,329
0.60
0.54		 0.08
0.08

The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

==> picture [32 x 36] intentionally omitted <==

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

TRUST MODARABA Quarterly Report March 31, 2025

CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025

Note
rofit for the period
Other comprehensive income:

t
e
m
s
t
h
a
t
w
i
l
l
n
o
t
b
e
r
e
c
l
a
s
s
i
f
i
e
d
t
o
p
r
o
f
i
t
a
n
d
l
o
s
s
a
c
c
o
u
n
t
Net change in fair value of investments classified as
'fair value through other comprehensive income - net of tax
Other comprehensive income for the period
otal comprehensive income for the period		 2025
2024
2025
2024
17,771,783
16,053,520
2,524,905
2,498,329
Nine Months Ended
Quarter Ended
------------------Rupees-------------------
March 31,
March 31,		 2025
2024
2025
2024
17,771,783
16,053,520
2,524,905
2,498,329
Nine Months Ended
Quarter Ended
------------------Rupees-------------------
March 31,
March 31,		 2025
2024
2025
2024
17,771,783
16,053,520
2,524,905
2,498,329
Nine Months Ended
Quarter Ended
------------------Rupees-------------------
March 31,
March 31,		 2025
2024
2025
2024
17,771,783
16,053,520
2,524,905
2,498,329
Nine Months Ended
Quarter Ended
------------------Rupees-------------------
March 31,
March 31,
17,771,783 16,053,520
2,676,246 2,838,702 - 482,872
2,676,246 2,838,702 - 482,872
20,448,029 18,892,222 2,524,905 2,981,201

The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

==> picture [32 x 36] intentionally omitted <==

CHIEF EXECUTIVE

DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER

TRUST MODARABA Quarterly Report March 31, 2025

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025 Total
Total
Revenue reserves
Certificate
Capital reserves		 Statutory reserve
Accumulated losses
reserves
equity
capital
Particulars		 --------------------------------------------------- (Rupees)--------------------------------------------------- Balance as at June 30, 2023
298,000,000 83,785,844 (55,279,395)28,506,449 326,506,449		 Profit for the period
-
-
16,053,520
16,053,520 16,053,520		 Other comprehensive income for the period
-
-
-
-
-		 Total comprehensive income for the period
-
-

16,053,520
16,053,520
16,053,520		 Balance as at March 31, 2024
298,000,000
83,785,844
(39,225,875)
44,559,969
342,559,969		 Balance as at June 30, 2024
298,000,000 88,032,069 (38,294,494) 49,737,575 347,737,575		 Profit for the period
-
-
17,771,783
17,771,783
17,771,783		 Other comprehensive (loss) for the period
-
-
(1,446,070)
(1,446,070)
(1,446,070)		 Total comprehensive income for the period
-
-
16,325,713
16,325,713
16,325,713		 Transactions with owners Profit distribution for the year ended June 30, 2024 @ Rs. 0.50 per certificate
-
-
(14,900,000)
(14,900,000)
(14,900,000)		 Balance as at March 31, 2025
298,000,000
88,032,069

(36,868,781)
51,163,288
349,163,288		 The annexed notes from 1 to 23 form an integral part of these condensed interim financial information. For Al-Zamin Modaraba Management (Private) Limited (Modaraba Management Company) CHIEF EXECUTIVE
CHIEF FINANCIAL OFFICER
DIRECTOR
DIRECTOR

TRUST MODARABA Quarterly Report March 31, 2025

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES
Note
Cash generated from operations
Cash generated from operations
21
Decrease / (Increase) in non-current assets:
- Long term murabaha finances
- Long term musharakah finances
(Decrease) / Increase in non-current liabilities:
- Deferred income on murabaha
- Customers security deposits
Purchase of ijarah assets
Proceeds from disposal of ijarah assets
Income tax paid / deducted
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of owned assets
Purchase of intangible assets
Proceeds from disposal of owned assets
Disposal of investments - net
Dividends received
Net cash generated from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Payment made against lease liability
Profit distributed to certificate holders
Net cash used in financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 March 31, March 31,
2025
2024
22,597,885
57,567,194
(3,037,417)
13,242,857
(35,283,478)
(91,738,577)
739,300
(1,580,202)
-
(7,474,145)

-
(1,100,000)
10,012,256
10,311,209
(4,571,132)
(3,457,273)
----------Rupees----------
22,597,885
(3,037,417)
(35,283,478)
739,300
-
-
10,012,256
(4,571,132)
(9,542,586) (24,228,937)
(712,478)
-
2,379,240
22,262,895
-
779,000		 (800,352)
(1,022,000)
-
4,500,000
22,519,457
(800,000)
615,654
24,708,657
.		 25,012,759
(4,009,768)
(14,031,043)		 (1,166,400)
(2,123)
(18,040,811) (1,168,523)
(2,874,740)
10,384,061		 (384,701)
7,403,438
7,509,321 7,018,737

The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

==> picture [32 x 36] intentionally omitted <==

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

CHIEF EXECUTIVE

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE NINE MONTHS ENDED MARCH 31, 2025

  • 1 LEGAL STATUS AND NATURE OF BUSINESS

Trust Modaraba (the Modaraba) was formed in Pakistan under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is managed by Al-Zamin Modaraba Management (Private) Limited (AZMML). The Modaraba commenced its business operations from November 12, 1991. It is listed on Pakistan Stock Exchange Limited. The principal place of business and registered office is located at 104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi - 75600 while regional office is located at 320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore.The Modaraba is perpetual, multi-purpose and multi-dimensional, engaged in the business of Murabahas, Musharakahs, Ijarah, investment in marketable securities, trading and other permissible businesses. The affairs, activities and transactions performed by the modaraba during the period comply with the rules and principles of Islamic Shariah in accordance with the guidelines and directives given by the Shariah advisor, Registrar (Modaraba) and the Securities & Exchange Commission of Pakistan.

2 BASIS OF PREPARATION

2.1 Statement of compliance

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

  • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

  • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act, 2017; and

  • Provisions of and directives issued under the Companies Act, 2017, Modaraba Companies and Modarabas (Flotation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981 and Modaraba Regulation 2021 issued by the Securities and Exchange Commission of Pakistan (hereinafter referred to as the relevant laws).

Where the provisions of relevant laws differ with the requirements of IAS 34, IFASs and Companies act, 2017, the provisions of and directives of relevant laws have been followed.

2.2

The disclosures in these condensed interim financial information do not include the information reported for full annual financial statements and should therefore be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2024. Comparative condensed interim statement of financial position is extracted from annual financial statements as at June 30, 2024, whereas comparative condensed interim statement of profit or loss, condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows are extracted from un-audited condensed interim financial statements of the Company for the nine month period ended March 31, 2024.

2.3 These condensed interim financial information are un-audited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange. These condensed interim financial statements for the nine month period ended March 31, 2025 has been subjected to limited scope review by the auditors.

2.4 Critical accounting estimates and judgments

The preparation of these condensed interim financial information in conformity with the approved accounting standards as applicable in Pakistan requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgments in application of the Modaraba's accounting policies. The estimates, judgments and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both the current and future periods. In preparing these condensed interim financial statements, the significant judgments made by the management in applying the Modaraba's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied in the annual published audited financial statements for the year ended June 30, 2024.

2.5 Functional and presentation currency

These condensed interim un-audited financial statements are presented in Pak Rupees, which is the Modaraba's functional and presentational currency. All the figures have been rounded off to the nearest rupees, unless otherwise stated.

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025

(Un-audited) (Audited) March 31 June 30 2025 2024 Note ----------Rupees----------

3
SHORT TERM INVESTMENTS
Financial assets at fair value through profit or loss:
NIT Islamic Equity Fund
Shares of listed companies
3.1
3.1
Shares of listed companies
Unless otherwise stated, the holdings are in fully paid ordinary shares of Rs. 10 each.		 814
20,970,173
-
11,973,800
11,973,800 20,970,987
4 Name of Investee
Number of shares		 March 31, 2025
June 30,2024
(Un-audited)
(Audited)		 March 31, 2025
June 30,2024
(Un-audited)
(Audited)		 March 31, 2025
June 30,2024
(Un-audited)
(Audited)		 March 31, 2025
June 30,2024
(Un-audited)
(Audited)
Mar-25
June-24
-
40,000
Fauji Cement Company Limited
250,000
100,000
Cnergyico Pk Limited
-
120,000
Hascol Petroleum Limited
-
30,000
Pakistan Petroleum Limited
-
15,000
Shell Pakistan Limited
-
25,500
Nishat Mills Limited
-
10,000
Netsol Technologies Limited
-
10,000
Oil & Gas Development Company
-
10,000
Unity Foods Ltd
19,500
10,000
-
5,000
-
4,000
40,000
20,000
Engro Polymer & Chemical Limited
-
20,000
Fauji Foods Limited
20,000
10,000

Hub Power Company
-
20,000
Maple Leaf Cement Limited
-
25,000
Pakistan International Bulk Terminal
10,000
25,000
Pakistan Refinery Limited
-
11,000
Pakistan State Oil Company Limited
-
6,086
Sui Northern Gas Pipelines Limited
-
20,000
TPL Properties Limited
30,000
-
Flying Cement Company Limited
50,000
-
K-Electric Limited
30,000
-
Octopus Digital Limited
50,000
-
Sui Southern Gas Company Limited
Loans to / receivable from employees - considered good
Prepayments
Advance against lease
Advance against expenses
Accrued profit (secured - considered good)
Trade receivables - considered good (secured)
Legal suits' charges receivable (secured - considered good)
Receivable against sale of Faisalabad Property
Sundry receivables (unsecured - considered good)
Century Paper and Board Mills
The Searle Company Limited
Attock Refinery Limited
ADVANCES, PREPAYMENTS AND OTHER
RECEIVABLES		 Market Value
Average Cost
Market Value
-
-
888,863
916,400
2,117,416
2,065,000
1,092,241
385,000
-
-
1,622,511
742,800
-
-
3,563,730
3,513,300
-
-
2,427,483
2,011,500
-
-
2,488,379
1,806,675
-
-
1,372,309
1,357,600
-
-
1,377,431
1,353,700
-
-
327,977
301,500
790,112
495,300
498,164
299,500
-
-
294,629
285,600
-
-
1,509,564
1,406,360
1,707,262
1,508,400
959,374
898,400
-
-
220,678
177,400
2,539,403
2,926,400
1,632,763
1,630,800
-
-
756,280
760,000
-
-
163,098
154,250
391,675
368,300
822,742
580,000
-
-
1,968,341
1,828,310
-
-
434,668
386,278
-
-
231,678
174,800
865,490
834,000
-
-
271,725
219,500
-
-
1,968,391
1,725,900
-
-
1,888,352
1,831,000
-
-
--------------------Rupees--------------------
-
2,117,416
-
-
-
-
-
-
-
790,112
-
-
1,707,262
-
2,539,403
-
-
391,675
-
-
-
865,490
271,725
1,968,391
1,888,352		 -
2,065,000
-
-
-
-
-
-
-
495,300
-
-
1,508,400
-
2,926,400
-
-
368,300
-
-
-
834,000
219,500
1,725,900
1,831,000
12,539,826 11,973,800 24,652,903 20,970,173
Note
4.1
4.2
4.3		 (Un-audited)
(Audited)
March 31
June 30
2025
2024
302,000
344,500
5,683,385
4,128,226

-
962,000
22,222
550,000
3,103,189
2,527,683
-
-
2,316,076
2,311,076
-
-
2,603,772
541,763
----------Rupees----------
302,000
5,683,385
-
22,222
3,103,189
-
2,316,076
-
2,603,772
14,030,644 11,365,248

TRUST MODARABA Quarterly Report March 31, 2025t

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025

4.1 Trade receivables

4.2
Legal suits' charges receivable
4.3
Receivable against sale of Faisalabad Property
5
MURABAHA FINANCES - SECURED
Note
Considered good
Considered doubtful:
- Regular parties
- Parties under litigation
Provision for doubtful receivables
6.1
Opening balance
Expenses incurred
Opening balance
Gross amount
Allowance for doubtful trade receivables
Closing balance
Write off due to settlement
Gross amount
Allowance for doubtful legal suits' charges receivables
Closing balance
Opening balance
Provision made during the period
Closing balance		 100,000 100,000
100,000
(100,000)		 100,000
(100,000)
- -
2,718,002
5,000
-		 2,675,852
102,150
(60,000)
2,723,002
(406,926)		 2,718,002
(406,926)
2,316,076 2,311,076
549,000
(549,000)		 549,000
(549,000)
- -
(Un-audited)
(Audited)
March 31,
June 30
2025
2024
----------Rupees----------
-
33,800,000		 -
33,800,000
33,800,000
(8,420,000)		 33,800,000
(8,400,000)
25,380,000 25,400,000

5.1 These represent receivables from 3 (June 30, 2024: 3) customers under Murabaha finance. Legal proceedings against these customers are in process in the Honorable Courts of Law (Banking court of Lahore). The Courts have awarded decree in favor of Modaraba in 3 (June 30, 2024: 3) cases for recovery of Rs. 39.727 million (June 30, 2024: Rs. 39.727 million).

2024: 3) cases for recovery ofRs. 39.727million (June 30, 2024: Rs. 39.727 million).
6
IJARAH RENTAL RECEIVABLES - SECURED
Note
Considered good
6.1
Parties under litigation - considered doubtful
Suspended ijarah income - considered doubtful
Provision for doubtful ijarah rental receivables		 (Un-audited)
(Audited)
March 31,
June 30
2025
2024
534,382877,656
5,026,2125,026,107
(843,499)
(843,499)
(1,261,322)
(1,271,339)
----------Rupees----------
534,382
5,026,212
(843,499)
(1,261,322)
3,455,773 3,788,925

6.1 These are secured against ijarah assets and personal guarantees. In some ijarahs, additional collateral is also obtained in the form of mortgaged property. The Modaraba is entitled to repossess and sell the ijarah assets in case of default by the customers.

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025

7
Note
Considered good
Considered doubtful
7.2
Provision for doubtful long term murabaha finances
Current / overdue portion shown under current assets
MURABAHA FINANCES - SECURED		 (Un-audited)
(Audited)
March 31
June 30
2025
2024
21,332,214
16,579,718
36,728,930
37,912,999
(7,353,523)
(6,674,996)
----------Rupees----------		 (Un-audited)
(Audited)
March 31
June 30
2025
2024
21,332,214
16,579,718
36,728,930
37,912,999
(7,353,523)
(6,674,996)
----------Rupees----------
21,332,214
36,728,930
(7,353,523)
50,707,621
(42,313,678)		 47,817,721
(41,708,561)
8,393,943 6,109,160



8,393,943
6,109,160		 8,393,943
6,109,160		 8,393,943
6,109,160
7.1
(Un-audited)
(Audited)
March 31
June 30
2024
2024
7.2
Break up of considered doubtful Murabaha
Note
finances
Considered doubtful
38,251,664
39,511,777
Suspended income
7.2.1
(1,522,734)
(1,598,778)
7.2.2
36,728,930
37,912,999
7.2.1
Suspended income
Opening balance
1,598,778
1,710,508
Reversal during the period / year
(76,044)
(221,600)
Suspension made during the period / year
-
109,870
Closing balance
1,522,734
1,598,778
7.2.2
(Un-audited)
(Audited)
March 31
June 30
2025
2024
7.3
Provision for doubtful long term murabaha finances
Note
Opening balance
6,674,996
5,511,015
Provision for the period / year
750,000
1,430,395
Reversal for the period / year
(71,473)

(266,414)
Closing balance
7,353,523
6,674,996
8
MUSHARAKAH FINANCES - SECURED
Considered good
Provision for Musharakah finances
9,553,000
13,716,817
Closing balance
8.1
-
(321,061)
9,553,000
13,395,756
8.1
Provision for Musharakah finances
Opening balance
(Reversal) / provision for the period / year
321,061
820,474
Closing balance
(321,061)
(499,413)
~~-~~
~~321,061~~
Considered good
213,340,569
178,400,012
Current / overdue portion
(68,901,059)
(45,244,359)
Provision for Diminishing Musharakah finances
(4,462,962)
(3,734,822)
Closing balance
139,976,548
129,420,831
9
DIMINISHING MUSHARAKAH FINANCING - SECURED
----------Rupees----------
The doubtful murabaha finances include receivables from 5 (June 30, 2024: 6) customers under murabaha finance which is
under litigation. Legal proceedings against these customers are in process in the Courts of Law. The Courts have awarded
decree in favor of Modaraba in 2 (June 30, 2024: 2) cases for recovery of Rs. 54.002 million (June 30, 2024: Rs. 54.002
million).
The Modaraba has sold goods under murabaha arrangements whereby payment is deferred along with specified profit
margin. These finances are secured by way of hypothecation stocks, mortgage of properties, demand promissory notes,
charge on assets and personal guarantees.
----------Rupees----------		 (Un-audited)
(Audited)
March 31
June 30
2024
2024
38,251,664
39,511,777
(1,522,734)
(1,598,778)
is deferred along with specified profit
properties, demand promissory notes,
----------Rupees----------
38,251,664
(1,522,734)
36,728,930 37,912,999
1,598,778
(76,044)
-		 1,710,508
(221,600)
109,870
1,522,734 1,598,778
6,674,996
750,000
(71,473)
7,353,523 6,674,996
9,553,000
-		 13,716,817
(321,061)
9,553,000 13,395,756
321,061
(321,061)		 820,474
(499,413)
~~-~~ ~~321,061~~
213,340,569
(68,901,059)
(4,462,962)		 178,400,012
(45,244,359)
(3,734,822)
139,976,548 129,420,831

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025

FIXED ASSETS GIVEN ON LEASE/IJARAH - TANGIBLE
Note
10.1
10.1
Operating fixed assets given on lease (ijarah) - tangible
Opening written down value
Additions during the period / year
Disposals during the period / year
Depreciation charge for the period / year
11
FIXED ASSETS IN OWN USE
Fixed assets in own use
11.1
Right of use assets
11.2
11.1
Fixed assets in own use
Opening written down value
Additions during the period / year
11.1.1
Disposals during the period / year
11.1.2
Depreciation charge for the period / year
11.1.3
11.1.1
Additions during the period / year
Office equipment
Furniture and fixtures
Electrical equipment
11.1.2
Disposal during the period / year
Vehicle
Book Value
11.1.3
Book value at the end of period / year
Land
11.1.4
Furniture and fixtures
Office equipment
Vehicles
Electrical equipment
Operating fixed assets given on lease (ijarah) - tangible
10		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
36,121,154
74,450,750
74,450,750
123,427,562
-
1,100,000
(25,499,611)
(15,870,113)
----------Rupees----------		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
36,121,154
74,450,750
74,450,750
123,427,562
-
1,100,000
(25,499,611)
(15,870,113)
----------Rupees----------
36,121,154
74,450,750
-
(25,499,611)
48,951,139
(12,829,985)		 108,657,449
(34,206,699)
36,121,154 74,450,750
13,740,854
11,764,507		 13,979,664
8,968,532
25,505,361 22,948,196
13,979,664
712,478
(216,000)		 14,105,600
1,096,652
(136,792)
14,476,142
(735,288)		 15,065,460
(1,085,796)
13,740,854 13,979,664
712,478
-

-		 591,652
23,000
482,000
712,478 1,096,652
216,000 136,792
216,000 136,792
10,728,400
452,650
1,130,997
573,044
855,763		 10,728,400
512,482
744,922
1,004,417
989,443
13,740,854 13,979,664

11.1.4 It represents a piece of land measuring 10 Kanals, costing Rs. 10,728,400 situated at Mauza Amer Sidhu, Lahore Cantt. acquired through settlement of certain Murabaha facilities. The subject land is presently in the possession of Defence Housing Authority, Lahore (DHA). The Modaraba has filed legal suit in the Civil Court, Lahore for possession of land. The management and legal counsel of the Modaraba are confident that Modaraba has valid claim against DHA because title and sale deed is in the name of the Modaraba and accordingly no loss has been recorded against such land. Management is also making efforts to achieve out of court settlement and next date of hearing is April 12, 2025 for further processing of the case.

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE NINE MONTHS ENDED MARCH 31, 2025

11.2
Right of use assets
Note
Opening balance
Additions during the period / year
Depreciation charge for the period / year
Closing balance
Lease term
Depreciation rate		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
8,968,532
2,240,663
5,731,851
8,584,347
14,700,383
10,825,010
(2,935,876)
(1,856,478)
11,764,507
8,968,532
1-5years
1-5years
20%
20%
----------Rupees----------		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
8,968,532
2,240,663
5,731,851
8,584,347
14,700,383
10,825,010
(2,935,876)
(1,856,478)
11,764,507
8,968,532
1-5years
1-5years
20%
20%
----------Rupees----------
8,968,532
5,731,851
14,700,383
(2,935,876)		 10,825,010
(1,856,478)
11,764,507 8,968,532
1-5years 1-5years
20% 20%

11.2.1 There are no variable lease payments in the lease contracts. There were no leases with residual value guarantees or leases not yet commenced to which the Modaraba is committed.

  • 11.2.2 All assets are geographically located in Pakistan.
12
INTANGIBLE ASSET
Cost
Balance at beginning of the period / year
Additions during the period / year
Closing balance
Accumulated amortisation
Balance at beginning of the period / year
Charged during the period / year
Closing balance
Written down value
Rate %		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
2,272,000
1,250,000
-
1,022,000
2,272,000
2,272,000
1,323,060
1,094,448
305,496
228,612
1,628,556
1,323,060
643,444
948,940
33%
33%
----------Rupees----------		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
2,272,000
1,250,000
-
1,022,000
2,272,000
2,272,000
1,323,060
1,094,448
305,496
228,612
1,628,556
1,323,060
643,444
948,940
33%
33%
----------Rupees----------
2,272,000
-
2,272,000
1,323,060
305,496		 2,272,000
1,094,448
228,612
1,628,556 1,323,060
643,444 948,940
33% 33%

13 UNCLAIMED PROFIT DISTRIBUTIONS

Management has maintained funds of Rs. 4,385,201 (June 30, 2024: Rs. 5,003,881) against unclaimed profit distribution of Rs. 13,769,269 (June 30, 2024: Rs. 12,828,131) resulting in shortage of funds of Rs. 9,384,068 (June 30, 2024: Rs. 7,824,250). This shortage of funds relates to unclaimed profit distribution when modaraba was managed by Trust management services (previous management company) from incorporation till 2009 when change of management took place through appointment of administrator by registrar under section 19 and 20 of Modaraba Companies and Modarabas (Flotation and Control) Ordinance, 1980. Modaraba has maintained complete funds for unclaimed profit distribution after acquisition by Al-Zamin Management Company Limited in 2009 till date.

14

Note
Provision for Workers' Welfare Fund
Accrued expenses
Other liabilities
16.1.5
CREDITORS, ACCRUED AND OTHER LIABILITIES
Payable to Modaraba Management Company (Related party)		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
2,369,295
2,956,102
476,436
582,061
631,606
760,802
1,376,476
5,967,867
4,853,813
10,266,832
----------Rupees----------		 (Un-audited)
(Audited)
March 31,
June 30,
2025
2024
2,369,295
2,956,102
476,436
582,061
631,606
760,802
1,376,476
5,967,867
4,853,813
10,266,832
----------Rupees----------
2,369,295
476,436
631,606
1,376,476
4,853,813 10,266,832

15 CHARITY PAYABLE

It represents the amount of profits earned on unclaimed dividends held in Meezan bank (dividend account) which shall be utilized for charitable causes. The funds are maintained in pursuant to the regulations outlined in Section 244 of the Companies Act 2017.

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE NINE MONTHS ENDED MARCH 31, 2025

  • 16 CONTINGENCIES AND COMMITMENTS

  • 16.1 Contingencies

  • 16.1.1 Notice was served to Trust Modaraba dated 28 August 2018, along with certain other modarabas, by Sindh Revenue Board (SRB) for the recovery of tax under Sindh Sales Tax on Services Act, 2011 amounting to Rs. 38.52 million comprising allegedly unpaid sales tax on services rendered in Sindh from years 2011-12 to 2017-18.

The Modaraba along with other Modarabas has filed a petition in Honorable Sindh High Court (SHC) on September 1, 2018 challenging the demand of Sindh Revenue Board (SRB) on the grounds of non-applicability of sales tax. A stay order in this regard has been granted by the SHC stating that no adverse order in respect of the proposed treatment shall be made against the Petitioners. The management of the Modaraba based on its discussions with its legal counsel is of the view that in light of the stay order of the Court and the merits of the matter involved, the impugned charge of sales tax will be quashed and favorable outcome is expected. Therefore, no provision for any sales tax liability on rentals of lease financing has been made in the financial statements. The expected date of hearing is 20th February, 2025 for further processing of the case.

  • 16.1.2 The Assistant commissioner Inland Revenue (ACIR) has issued order dated June 30, 2022 by creating demand under subsection 161 of Rs 1,038,285 along with default surcharge of Rs 809,862. The tax payer has filed appeal against said order on July 16, 2022 before commissioner Inland Revenue (CIR). During the year, CIR remanded back the case to (ACIR) and taxpayer being aggrieved by the order of CIR filed appeal before Appellate Tribunal Inland Revenue (ATIR). The ATIR annulled the findings of ACIR and remit the matter to officer of Inland Revenue (OIR). As at period end, the matter is pending before the OIR and no reassessment order is issued to date.

  • 16.1.3 The Deputy commissioner Inland Revenue (DCIR) has issued order dated August 31, 2021 by creating demand under subsection 122 (1) of the Income Tax Ordinance, 2001 for Rs 5,776,892. The Modaraba had filed appeal against said order before Commissioner Inland Revenue - Appeals (CIRA), who vide order dated 24-Jan-2022 remanded the case with directions to pass a speaking order by going through the relevant record. Opportunities of hearing were provided. During the year, DCIR passed the order dated June 24, 2024 by creating a demand of Rs. 5,776,892 and taxpayer being aggrieved by the order of DCIR filed appeal before CIRA, which is pending for adjudication. The management, in consultation with its tax advisor, has determined that favorable outcome is expected.

  • 16.1.4 The Deputy commissioner Inland Revenue (DCIR) issued notices dated August 18, 2023 by confronting amount of Rs. 143,347 and Rs. 732,850 against tax years 2020 and 2021 respectively under sub-section 221(2) of the Income Tax Ordinance, 2001. These demands pertain to the adjustment of refunds against the admitted tax liabilities. The Modaraba has submitted a detailed response to the DCIR, accompanied by comprehensive documentary evidence. Decision is pending but the management, in consultation with its tax advisor, has determined that favorable outcome is expected.

  • 16.1.5 On December 06, 2022, Sindh Revenue Board (SRB) issued a notice under Section 73 of the Stamps Act, 1899 to several modaraba companies for inspection of the records regarding stamp duty applicability. The Modaraba responded on December 22, 2022 that the Modaraba is a non-banking financial institution and Stamps act, 1899 is not applicable. However without prejudice to the rights and remedies and only as a matter of cooperation, the management partially complied.

On December 12, 2023 the Modaraba received a demand from Sindh Revenue Board (SRB) against stamp duty of Rs. 280,509 and Rs. 108,900 applicable on purchase orders and promissory notes respectively, covering the period July 01, 2020 to March 03, 2023. The Modaraba responded on January 08, 2024 that Article 15(b) of the stamps act, 1899 deals with the manufacturing concerns or business which undertake cartage of stores and materials and as such it is not applicable to NBFCs and Modarabas involved in Shariah compliant asset financing. The matter is being dealt at the association level.

Regarding the stamp duty on promissory note under Sec 2(22) of Article 28 of the Stamps Act 1899, the management acknowledged its application and has recognized a provision for the period of July 01, 2022 to June 30, 2024 in Note 16 amounting to Rs. 145,800

16.2 Diminishing Musharakah / Ijarah commitments

The Modaraba has entered into diminishing musharakah arrangements for vehicles. These arrangements have remaining terms of less than five years. Such arrangements also include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future diminishing musharakah payments due under these arrangements at the year end are as follows:

arrangements at the year end are as follows:
(Un-audited) (Audited)
31-Mar June 30,
2025 2024
----------Rupees----------
Disbursement to be made - 18,118,000

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025

17
INCOME FROM IJARAH - NET
Note
Income from leasing and Ijarah operations
Less: depreciation on fixed assets given on ijarah
Less: insurance on ijarah assets
18
OTHER INCOME
Gain on disposal of ijarah assets
Gain on disposal of owned fixed assets
Profit on deposit and saving accounts with banks
Processing, documentation charges
Miscellaneous income
19
OPERATING EXPENSES
Salaries, allowances and other benefits
Fees and subscription
Depreciation on right of use assets
12.2
Unwinding of lease liabilities
Vehicle running
Rent, rates and taxes
Legal and professional charges
Electricity, gas and water
Telephone, postage and courier
Advertisement
Printing and stationery
Traveling and conveyance
Entertainment
Insurance
Auditors' remuneration
Newspaper and periodicals
Repairs and maintenance
Depreciation on own assets
11.1
Amortization on intangible assets
12
Bank charges and commission
Sales tax
Zakat
Office supply
Miscellaneous
20
Profit for the period
Rupees
Weighted average number of certificates
Number
Earnings per certificate
Rupees
EARNINGS PER CERTIFICATE - BASIC
AND DILUTED		 2025
2024
March 31,
Nine Months Ended		 2025
2024
March 31,
Nine Months Ended		 2025
2024
5,001,673
11,911,455
(3,455,241)
(7,918,038)
(23,050)
(885,280)
Quarter Year Ended
March 31,		 2025
2024
5,001,673
11,911,455
(3,455,241)
(7,918,038)
(23,050)
(885,280)
Quarter Year Ended
March 31,
20,368,771
(12,829,985)
(1,414,942)		 40,078,274
(26,814,825)
(2,674,177)
6,123,844 10,589,272 1,523,382 3,108,137
1,908,293
2,163,240
308,816
413,700
100,954		 424,791
-
328,358
557,900
914,150		 -
-
29,305
126,700
17,759		 424,791
-
111,529
192,700
907,250
4,895,003 2,225,199 173,764 1,636,270
15,200,988
3,620,130
2,935,876
2,023,033
2,080,778
1,544,415
278,000
936,018
1,249,503
110,483
621,297
405,218
512,672
125,154
118,800
11,260
1,751,649
735,288
305,496
16,560
63,747
9,812
227,941
454,151		 13,537,982
2,743,887
892,836
281,262
1,563,119
541,900
115,000
910,953
955,857
38,435
682,379
437,513
579,243
174,874
84,700
10,750
1,961,060
810,385
126,778
11,517
78,831
-
-
508,123		 5,325,579
1,645,046
1,056,397
687,683
710,193
318,000
128,000
196,851
454,159
-
151,605
95,950
40,741
36,783
-
4,020
629,105
251,787
101,832
8,193
26,109
9,812
136,621
73,050		 4,529,982
999,316
297,612
82,220
494,950
186,000
60,000
187,216
371,929
-
240,094
67,990
131,427
58,314
-
3,630
529,616
282,129
76,777
3,350
30,160
-
-
199,827
35,338,269 27,047,384 12,087,516 8,832,539
17,771,783 16,053,520 2,524,905 2,498,329
29,800,000 29,800,000 29,800,000 29,800,000
0.60 0.54 0.08 0.08

20.1 There is no dilution effect on the basic earnings per certificate of the Modaraba.

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025

21
CASH GENERATED FROM OPERATIONS
Profit before taxation
Note
Adjustments for non-cash and other items:
-
Depreciation:
Under ijarah
17
In own use
11.1
Right of use assets
11.2
-
Amortization on intangible assets
12
-
Provision for doubtful receivables
-
Gain on disposal of ijarah assets
-
Gain on disposal own assets
-
(Gain) on sale of long term investment
-
(Gain) /loss on sale of short term investment
-
Unrealized (gain) on revaluation of held for trading investment
-
Unwinding of lease liabilities
-
Workers' Welfare Fund
-
Dividend income
Operating profit before working capital changes
Decrease / (increase) in current assets
-
Advances, deposits, prepayments and other receivables
-
Short term murabaha finances
-
Short term musharakah finances
-
Ijarah rental receivables
Increase / (decrease) in current liabilities
-
Charity payable
-
Creditors, accrued and other liabilities
Cash generated from operations		 2025
2024
(Un-audited)
(Un-audited)
20,897,177
19,315,192
March 31,		 2025
2024
(Un-audited)
(Un-audited)
20,897,177
19,315,192
March 31,
20,897,177
12,829,985
735,288
2,935,876
305,496
1,075,589
(1,908,293)
(2,163,240)
(797,752)
(4,437,455)
(3,116,701)
2,023,033
(426,473)
(779,000)		 26,814,825
810,385
892,836
126,778
1,381,730
(424,791)
-
4,125,000
-
6,394,502
(13,628,087)
281,262
(394,188)
(625,654)
6,276,353 25,754,598
27,173,530 45,069,790
(2,665,396)
20,000
3,842,756
323,135
(256,648)
(5,839,492)		 (2,989,455)
7,136,596
7,938,870
(1,400,823)
92,577
1,719,639
(4,575,645) 12,497,404
22,597,885 57,567,194

TRUST MODARABA Quarterly Report March 31, 2025

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE NINE MONTHS ENDED MARCH 31, 2025

22 TRANSACTIONS WITH RELATED PARTIES TRANSACTIONS WITH RELATED PARTIES TRANSACTIONS WITH RELATED PARTIES Nine months period ended Nine months period ended Quarter ended Quarter ended
March 31, March 31,
Transactions during the period 2025 2024 2025 2024
Related party **Relationship ** Nature of transaction ------------------------Rupees-----------------------
Al-Zamin Modaraba Management fee and others 2,369,295 2,189,931 375,815 346,016
Modaraba Management
Management Company
Office rent 1,488,000 624,000 288,000 -
Electric bill 312,465 129,113 - -
Employees' Associated Contribution for the period 740,175 738,619 253,010 246,205
Provident Fund undertaking
Associated Loan given during the period 200,000 - - -
Executives person
persons Repayment of loan received 127,000 - 51,000 -
Executives Associated Gain on disposal 2,163,240 - - -
person
(Un-audited) (Audited)
March 31, June 30,
2025 2024
Outstanding Balance as at the period end -------------Rupees-------------
Related party Relationship Nature of transaction
Al-Zamin Modaraba Payable against management fee and others 2,369,295 2,956,102
Modaraba Managemnt
Management Company Payable to Management Company as advance - -
Executives Associated Loan receivables 283,000 210,000
person

23 AUTHORIZATION OF FINANCIAL STATEMENTS

These condensed interim financial information are approved and authorized for issuance by the Board of Directors of the 22[nd] April, 2025 Management Company in its meeting held on ___.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

==> picture [32 x 36] intentionally omitted <==

DIRECTOR

CHIEF FINANCIAL OFFICER

CHIEF EXECUTIVE

DIRECTOR

TRUST MODARABA Quarterly Report March 31, 2025

==> picture [72 x 89] intentionally omitted <==

KARACHI

Principal Place of Business: 104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi-75600, Pakistan. Tel: +92 (021) 35876651, 35876652, 35873373, +92 (021) 35873369, 35867102 Fax: +92 (021) 3587 0408 E-mail: [email protected]

LAHORE

320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore, Pakistan. Tel: +92 (042) 3594 1957 +92 (042) 3594 1958 Fax: +92 (042) 3586 6513

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