First Imrooz Modaraba Posts Rs19.46 Million Profit Amid Lower Sales and Earnings
First Imrooz Modaraba has reported a profit of Rs19.46 million for the nine-month period ended March 31, 2026, according to its unaudited interim financial statements approved by the Board of Directors on April 20, 2026. The company’s latest results show continued profitability, although earnings remained significantly below the corresponding period of the previous year.
Sales decline during the nine-month period
According to the financial statements, First Imrooz Modaraba recorded sales of Rs822.21 million during the nine months ended March 31, 2026, compared with Rs889.71 million in the same period of 2025. This represents a decline in sales during the period under review.
The company’s cost of sales stood at Rs659.11 million, resulting in a gross profit of Rs163.10 million, compared with Rs233.76 million a year earlier. Operating expenses were Rs95.63 million, while operating profit amounted to Rs67.47 million, down from Rs133.24 million in the corresponding period.
Profit falls to Rs19.46 million
After financial charges of Rs16.03 million and other income of Rs3.79 million, profit before levy and taxation stood at Rs55.22 million. The company recorded a levy of Rs35.75 million, bringing profit before income tax to Rs19.46 million. Profit for the period was also reported at Rs19.46 million.
In comparison, First Imrooz Modaraba earned Rs77.01 million in the nine months ended March 31, 2025. As a result, earnings per certificate declined to Rs6.49, compared with Rs25.67 in the previous-year period.
Third-quarter performance also weaker
The company’s performance during the third quarter reflected the same trend. Sales for the quarter ended March 31, 2026, amounted to Rs235.58 million, compared with Rs324.79 million in the same quarter of 2025.
Gross profit declined to Rs50.42 million from Rs82.52 million, while operating profit fell to Rs20.62 million from Rs44.05 million. After financial charges, other income and levy, the company reported third-quarter profit of Rs12.17 million, compared with Rs24.24 million a year earlier. Earnings per certificate stood at Rs4.06 versus Rs8.08.
Balance sheet remains sizeable
As of March 31, 2026, First Imrooz Modaraba reported total assets of Rs508.24 million. Current assets accounted for Rs486.47 million, including stock in trade of Rs263.59 million, trade debtors of Rs200.28 million and cash and bank balances of Rs20.67 million.
The company’s equity and reserves totaled Rs246.77 million, including Rs118.73 million in statutory reserves and Rs98.04 million in revenue reserves. The balance sheet also showed secured financing obligations among its liabilities.
Cash flow improves
Despite the weaker reported profit, the company generated Rs87.33 million in net cash from operating activities during the nine-month period, compared with Rs3.64 million in the corresponding period of 2025. The cash flow statement also showed Rs6.26 million of net cash used in investing activities and Rs62.94 million of net cash used in financing activities.
After these movements, the company recorded a net increase of Rs18.12 million in cash and cash equivalents, taking the closing balance to approximately Rs20.67 million at March 31, 2026.
Looking at the results
First Imrooz Modaraba remained profitable during the nine months ended March 2026, but the financial results indicate a considerable reduction in sales, operating profit and earnings compared with the previous year. At the same time, the company maintained positive operating cash generation, which provides an important counterpoint to the decline in accounting profit.
The financial statements were presented as unaudited condensed interim financial information for the nine months and third quarter ended March 31, 2026.
