First IBL Modaraba (FIBLM) recorded a profit after taxation of Rs11.73 million for the nine months ended March 31, 2026, according to its unaudited financial results approved by the board on April 23, 2026.
The Modaraba generated total income of Rs34.74 million during the nine-month period, compared with Rs38.65 million in the corresponding period last year. Income from operations increased to Rs22.08 million from Rs20.01 million, supported by higher income from Ijarah and profit on Musharaka investments.
Income from Ijarah rose to Rs14.90 million, compared with Rs14.42 million a year earlier, while profit on Musharaka investments increased to Rs7.18 million from Rs5.59 million. However, other income declined significantly to Rs12.66 million from Rs18.64 million in the same period last year.
On the expense side, total expenses stood at Rs16.01 million, down from Rs17.81 million previously. Depreciation on assets under Ijarah arrangements amounted to Rs10.96 million, while administrative expenses were recorded at Rs5.05 million.
As a result, operating profit reached Rs18.73 million, compared with Rs20.84 million in the corresponding period. After the Modaraba management fee and workers’ welfare fund charges, profit before taxation stood at Rs16.52 million, against Rs18.38 million a year earlier.
After taxation, the Modaraba reported a profit of Rs11.73 million, compared with Rs18.70 million in the same period last year. Profit per Modaraba Certificate declined to Rs0.54 from Rs0.86.
Despite the decline in earnings, First IBL Modaraba’s financial position strengthened. Total assets increased to Rs282.17 million as of March 31, 2026, compared with Rs267.83 million at June 30, 2025. Net assets also rose to Rs249.92 million from Rs238.19 million.
The Modaraba maintained a strong liquidity position, with cash and bank balances of Rs184.31 million at March 31, 2026. Current Musharakah receivables stood at Rs43.67 million, while long-term Musharakah receivables amounted to Rs14.49 million.
Equity increased during the period as statutory reserves climbed to Rs56.20 million from Rs53.85 million, while accumulated losses narrowed to Rs25.54 million from Rs34.92 million. Total equity consequently reached Rs249.92 million.
The company also reported that no cash dividend, bonus certificates, right certificates or other corporate action had been recommended alongside the results.
Overall, First IBL Modaraba remained profitable during the nine-month period, with stronger core Ijarah and Musharaka income and an improved balance-sheet position helping offset the decline in other income and overall earnings.
