First IBL Modaraba : Transmission of Quarterly Accounts for the period ended December 31, 2022

FIRST IBL MODARABA

HALF YEARLY REPORT

(Un-Audited)

DECEMBER, 2022

Corporate Information

Modaraba Management Company	IBL Modaraba Management (Pvt.) Limited
Board of Directors	Arslan Khan Khakwani	Chairman
	Ibrahim Hassan Murad	Director
	Iftikhar Hameed Khan	Director
	Aamir Manzoor	Chief Executive
Company Secretary	Hassan Fareed
Chief Financial Officer	Zeeshan Ahmed
Internal Auditor	Rana Rizwan Tariq
Sharia'ah Advisor	Dr. Salman Ahmed Khan
Legal Advisor	M/s. Holscott International [Legal services]
Bankers	Meezan Bank Limited
	MCB Islamic Bank Limited
	The Bank of Punjab - Taqwa
Auditors to the Modaraba	Crow Hussain Chaudhury
	Chartered Accountants
Registrar	Corp Tec Associates (Pvt.) Limited
	503 E, Johar Town, Lahore.
Registered/ Principal Office	Office No.4-L, Main Ferozpur Road,
	Gulberg3, Lahore.
	Telephone No. 042-35969435 & 36

Directors' Report

The Board of Directors of M/s. IBL Modaraba Management (Private) Limited [IBLMM], the Management Company of First IBL Modaraba [FIBLM], is pleased to present the Half Yearly Reviewed (un-audited) results of the First IBL Modaraba for the period ended December 31, 2022 along with Directors' Report to its certificate holders.

Threats from high inflation, rising interest rates, lingering supply constraints, all time high fuel prices, political unrest and mounting uncertainties affected the economic forecast of Pakistan. Despite of all factors affecting profitability and sustainability of businesses your Modaraba booked gross profit before tax of Rs.5.554 million as compared to profit of Rs. 1.439 million in the preceding period.

Segment wise contribution of operating income is as follows:

Revenue Segment

5.23	4.88	4.87		3.753.75
1.89			0.43 0.25		1.74	1.23
Ijarah	Musharikah	Other	Investment	Profit on
			income	property	deposits

31-Dec-22		31-Dec-21

For sustainability and profitability during the period, the management mainly focused on micro financing to quality clients to generate revenue. Hence reported a raise of 176.51% in ijarah income.

During the six month ended December 31, 2022, FIBLM recovered an amount of Rs.1.134 million from its classified portfolio. Also in presence of high inflation, the management reduced its operating expenses by 17.81%.

Asset base highlights are as follows:

Asset Base

						213.34	208.32
129.74	105.83	83.59	102.49
Current assets		Non current assets	Total assets
			31-Dec-22		30-Jun-22

Liability base highlights are as follows:

Liability Base

						213.34	208.32
129.74	105.83	83.59	102.49
Current liabilities		Non current liabilities	Total liabilities
			31-Dec-22		30-Jun-22

During the tough times of the country, the management is aimed to contribute in economy and to provide the best financial services to its valued clients.

I would like to express my gratitude to the Securities & Exchange Commission of Pakistan, Registrar Modarabas, State Bank of Pakistan and NBFI & Modaraba Association of Pakistan for providing us their usual support and guidance. The board appreciates and pays gratitude to the certificate holders and customers for entrusting their confidence on us and we assure them maintenance of adequate internal controls, providing personalize services and also to maintain an ideal environment of good corporate governance in all areas of the activities.

Finally the board appreciates the dedication and hard work put in by the management and staff of First IBL Modaraba.

For & on behalf of the Board,

_________________________

Aamir Manzoor Chief Executive Officer February 27, 2023