By Qudsia Bano

The First Punjab Modaraba’s revenue increased 119% to Rs56.5 million in the first three months of CY22 compared with Rs25.78 million in the corresponding period of the last year.

The operating profit registered an increase of 128% during the three months of CY22 and stood at Rs3.9 million as against the operating loss of Rs14.2 million in the corresponding period of the previous year.

The company posted a net profit of Rs3.3 million during the three months of CY22 compared to Rs3.96 million in the corresponding period of the last year, showing a negative growth of 18% year-on-year, reports WealthPK.

Performance in 2021

During CY2021, the company generated a revenue of Rs84.5 million as against Rs153 million in CY2020, posting a decrease of 45% year-on-year.  The operating profit for CY21 stood at Rs12.3 million, 38% up from Rs8.9 million in CY20. The profit-after-taxation for the year jumped to Rs10.6 million, higher by a striking 43% than Rs7.4 million in CY20.

The earnings per share (EPS) of the company were on a declining trend from 2018 to 2020. However, the EPS increased during 2021 and reached PKR0.22.

The First Punjab Modaraba (the Modaraba) is run by the Punjab Modaraba Services (Private) Limited and was established in accordance with the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

According to the Islamic edicts, Modaraba is a perpetual, multipurpose, and multidimensional entity that principally engages in the financing, equity investing, and related activities of ijarah, musharika, and Murabaha.

Credit : Independent News Pakistan-WealthPk