First Tri-Star Modaraba (PSX: FTM) posted a strong improvement in its financial performance for the nine months ended March 31, 2026, reporting a profit after tax of Rs12.77 million, more than double the Rs6.21 million earned during the same period last year. The impressive growth came despite a decline in revenue from its academic operations, supported by a sharp increase in other income, particularly dividend earnings.
According to the company’s latest unaudited financial statements, earnings per certificate increased to Rs0.60, compared with Rs0.29 in the corresponding period of the previous year, reflecting the Modaraba’s stronger overall profitability.
Revenue generated from academic activities fell to Rs23.11 million from Rs36.06 million a year earlier. However, this decline was more than offset by a significant jump in other income, which surged to Rs28.91 million from Rs8.74 million, primarily driven by investment-related returns. Lower financial charges also helped improve the bottom line.
The Modaraba’s operating profit climbed to Rs20.33 million, compared with Rs6.41 million in the same period last year. After accounting for management fees, levy, and taxation, net profit reached Rs12.77 million.
On the balance sheet, total assets stood at Rs383.61 million as of March 31, 2026, compared with Rs586.60 million at the end of June 2025. The decline mainly reflected a reduction in long-term investments. Meanwhile, cash and bank balances improved substantially to Rs21.77 million, up from Rs2.99 million, strengthening the Modaraba’s liquidity position.
In its directors’ report, management noted that the Modaraba continued generating income through its investment portfolio and educational institution. The board expressed optimism about future performance, stating that it expects better financial results in the coming years as it continues to build on its existing operations.
