First Al Noor Modaraba : Transmission of Quarterly Report for the period ended 2023-12-31

HALF YEARLY REPORT

December 31, 2023

(Un-audited)

FIRST AL-NOOR MODARABA

(An Islamic Financial Institution)

CONTENTS

Company Information	2
Independent Auditor's Report	3
Directors' Report (English)	5
Directors' Report (Urdu)	6
Condensed Interim Balance Sheet	7
Condensed Interim Profit and Loss Account	8
Condensed Interim Statement of Comprehensive Income	9
Condensed Interim Statement of Changes in Equity	10
Condensed Interim Cash Flow Statement	11
Notes to the Condensed Interim Financial Statements	12

FIRST AL - NOOR MODARABA

page 1

HALF YEARLY REPORT 2023-24

COMPANY INFORMATION

BOARD OF DIRECTORS

Non Executive Directors

Chairman

Mr. Zia Zakaria

Directors

Mr. Abdul Aziz Ayoob Mr. Noor Zakaria

Mr. Abdul Rahim Suriya, Independent Mr. Tausif llyas, Independent

Dr. Irum Saba, Independent

Executive Directors

Chief Executive

Mr. Zainuddin Aziz

Chief Financial Officer

Mr. Umair Rafiq

Company Secretary

Mr. Roofi Abdul Razzak

Board Audit Committee - Chairman

Mr. Abdul Rahim Suriya	- Chairman
Mr. Tausif llyas	- Member
Mr. Zia Zakaria	- Member
HR & Remuneration Committee
Mr. Tausif llyas	- Chairman
Mr. Zainuddin Aziz	- Member
Mr. A. Aziz Ayoob	- Member

Bankers

AI-Baraka Bank (Pakistan) Limited

Askari Bank Limited, Islamic Banking

Faysal Bank Limited, Barkat Islamic Banking

Habib Bank Limited, Islamic Banking

MIB Bank Limited, Islamic Banking

Meezan Bank Limtied

National Bank of Pakistan

Auditors

Grant Thornton Anjum Rahman

Chartered Accountants

Shariah Advisor

Al Hamd Shariah Advisory Services (Pvt.) Ltd.

Legal Advisor

Mr. Sufyan Zaman

Advocate High Court

Share Registrar (Share Registration Office)

M/s FAMCO Associates (Private) Limited

8-F, Near Hotel Faran, Nursery, Block-6

P.E.C.H.S, Shahra-e-Faisal, Karachi

Tel: [phone]

Fax: [phone]

Registered Office

96-A, Sindhi Muslim Cooperative Housing Society, Karachi

Contact Details

Telephone	:	34558268; 34552943; 34553067
Fax	:	34553137
Webpage	:	www.fanm.co
Email	:	[e-mail]

FIRST AL - NOOR MODARABA

page 2

HALF YEARLY REPORT 2023-24

page 3

page 4

REPORT OF THE DIRECTORS OF MODARABA COMPANY

For the half year ended December 31, 2023

On behalf of Board of Directors of Al-Noor Modaraba Management (Private) Limited, the "mudarib/management company" of First Al-Noor Modaraba (FAM), we are pleased to present the Reviewed Financial Statements of the Modaraba for the half year ended December 31, 2023:

Financial Results	For the half year ended
	December	December
	31, 2023	31, 2022
	-----Amount in Pak. Rupees-----
Profit before taxation	5,005,309	5,186,337
Taxation	(2,407,067)	(2,132,912)
Profit after Taxation
Components of Other Comprehensive Income	-	864
(Deficit)/Surplus transferred to accumulated losses	141,412	23,924
Unappropriated profit/(loss) brought forward	(52,593,230)	(53,023,815)
Unappropriated profit/(loss) carried forward	(49,853,576)	(49,945,602)
	0.11	0.13

During the first half of the financial year ending December 31, 2023, the revenue decreased by nearly 20% which translated into a net profit of Rs. 2.598 million or 0.11 per certificate compared to Rs. 3.053 million or 0.13 per certificate in the same period last year.

The management anticipates improved after-tax profit in the remainder of the current financial year ending June 30, 2024.

On behalf of the Board

sd/-

Zainuddin Aziz

Chief Executive/Director

Dated : February 21, 2024

Place : Karachi

FIRST AL - NOOR MODARABA

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HALF YEARLY REPORT 2023-24

		2023
FIRST AL - NOOR MODARABA	page 6	HALF YEARLY REPORT 2023-24

CONDENSED INTERIM BALANCE SHEET

As at December 31, 2023

		(Un-Audited)	(Audited)
		December 31,	June 30,
		2023	2023
	Note	.… Rupees ….
ASSETS
Current assets
Cash and bank balances	6	121,442,473	23,150,626
Short term investments	7	9,694,442	28,490,983
Musawamah facility	8	-	-
Profit receivable	9	3,473,622	1,290,909
Stock in trade	10	66,662,354	111,377,444
Receivable form diminishing musharaka		2,821,651	1,065,522
Loans, advances, prepayments and other receivables	11	4,772,896	3,031,307
Current portion of diminishing musharaka financing	15	12,736,945	30,772,233
Taxation- net	12	1,460,480	3,528,462
Non - current assets		223,064,863	202,707,486
Long term deposits	13	3,841,397	3,842,911
Long term investments	14	33,216,576	48,693,011
Diminishing musharakah financing	15	6,672,000	7,012,720
Deferred tax asset	16	781,422	1,278,667
Fixed assets in own use	17	1,323,105	1,729,956
Intangible assets for own use	18	-	-
		45,834,500	62,557,265
TOTAL ASSETS		268,899,363	265,264,751
EQUITY AND LIABILTIES
CERTIFICATE HOLDERS' EQUITY
40,000,000 (June 30, 2023: 40,000,000) certificates
of Rs. 10 each	19.1	400,000,000	400,000,000
Issued, subscribed, and paid - up certificate capital	19.2	231,000,000	231,000,000
Capital reserves		77,284,641	77,284,641
Revenue reserves		(49,603,576)	(52,343,230)
		258,681,065	255,941,411
Deficit on revaluation of investments	21	(1,803,088)	(2,215,042)
LIABILITIES
Non - current liabilities
Deferred liability - staff gratuity		4,736,967	4,931,967
Current liabilities
Creditors, accrued and other liabilities	22	1,768,917	1,098,427
Provision for custom duty & surcharge	23	4,398,842	4,398,842
Unclaimed profit distributions		1,109,146	1,109,146
Charity Payable	24	7,514	-
		7,284,419	6,606,415
TOTAL LIABILITIES		12,021,386	11,538,382
TOTAL LIABILITIES AND CERTIFICATE HOLDERS' EQUITY	268,899,363	265,264,751
Contingencies and commitments	25

The annexed notes from 1 to 35 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Financial Officer	Director	Director

FIRST AL - NOOR MODARABA

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HALF YEARLY REPORT 2023-24

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

For the six months and three months period ended December 31, 2023

		Six months period ended	Three months period ended
		December 31,	December 31,
		2023	2022	2023	2022
	Note	..........................… Rupees ......................…....
Loss/ income from trading operations		(4,635,541)	2,800,300	-	2,800,300
Income on Diminishing Musharakah		4,586,852	7,810,013	1,821,222	3,800,330
Income from investments	26	18,596,018	11,521,142	10,116,158	4,808,835
Reversal of provision against Musawamah
Facility		840,000	2,100,000	540,000	450,000
		19,387,329	24,231,455	12,477,380	11,859,465
Administrative and operating expenses		(15,219,124)	(14,334,472)	(8,348,933)	(7,724,368)
		4,168,205	9,896,983	4,128,447	4,135,097
Other income	27	463,054	779,280	249,516	157,171
		4,631,259	10,676,263	4,377,963	4,292,268
Financial and other charges		(3,933)	(988)	(1,239)	(812)
Unrealised gain / (loss) on re-measurement of
investments at fair value through profit
or loss		283,185	(5,050,637)	899,907	(3,552,633)
Share of profit from associates		847,616	357,296	847,616	257,893
		5,758,127	5,981,934	6,124,247	996,716
Management company's remuneration	28	(575,813)	(598,193)	(575,813)	(109,612)
Sales tax on management company's		(74,856)	(77,765)	(74,856)	(14,249)
remuneration
Sindh Workers welfare fund		(102,149)	(119,639)	(102,149)	(21,923)
Profit / (loss) before taxation		5,005,309	5,186,337	5,371,429	850,932
Taxation	29	(2,407,067)	(2,132,912)	(2,148,490)	(1,307,592)
Profit / (loss) for the year		2,598,242	3,053,425	3,222,939	(456,660)
Earning / (loss) per certificate -
basic and dilluted	30	0.11	0.13	0.14	(0.02)

The annexed notes from 1 to 35 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Financial Officer	Director	Director

FIRST AL - NOOR MODARABA

page 8

HALF YEARLY REPORT 2023-24

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

For the six months and three months period ended December 31, 2023

	Six months period ended	Three months period ended
	December 31,	December 31,
	2023	2022	2023	2022
	..........................… Rupees ......................…....
Profit / (loss) for the period	2,598,242	3,053,425	3,222,939	(456,660)
Components of other comprehensive
income reflected in equity
Items that will not be reclassified
subsequently profit and loss account
Remeasurement of net defined benefit liability	-	-	-	-
Share of other comprehensive income from
associates	-	988	-	988
Impact of deferred tax	-	(124)	-	-
Other comprehensive income	-	864	-	988
Items that will be reclassified subsequently
into profit and loss account	-	-	-	-
Total comprehensive income / (loss) for the
period transferred to equity	2,598,242	3,054,289	3,222,939	(455,672)
Components of other comprehensive
income / (loss) reflected below equity
Surplus / (deficit) on revaluation of investments
at FVOCI- net of tax	270,542	(11,001)	270,542	(11,000)
	270,542	(11,001)	270,542	(11,000)
Total comprehensive income / (loss)	2,868,784	3,043,288	3,493,481	(466,672)

The annexed notes from 1 to 35 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Financial Officer	Director	Director

FIRST AL - NOOR MODARABA

page 9

HALF YEARLY REPORT 2023-24