Modarba Al-Mali (BankIslami Modarba Investments) announced Financial Results for the year ended June 30, 2017.
The company’s Ijarah Rentals for the period declined by 2 percent in the outgoing year, whereas the Profit after Taxation for the Period increased 49 percent owing to a substantial decline in operating and other expenses.
The board has recommended a Final Cash Dividend at the rate of 2.8% i.e. Rs 0.28/- per share. However, the company posted no bonus or right issue.
Comparison of Key Financials:
Financial Results – For the Year Ended | |||
Key Financials | June 30, 2017 | June 30, 2016 | % Change |
Ijarah rentals – net | 46,330,812 | 47,333,665 | -2% |
Income from Operation of Fuel Station | 8,398,919 | 6,742,555 | 25% |
Income on deposits with bank | 289,623 | 312,618 | -7% |
Income on Diminishing Musharaka transactions | 253,012 | – | |
55,272,366 | 54,388,838 | 2% | |
Depreciation on assets under Ijarah arrangements | 38,244,962 | 38,460,870 | -1% |
Musharaka profit expense | 251,716 | 1,193,028 | -79% |
Expenses on fuel station operations | 4,517,568 | 4,270,561 | 6% |
12,258,120 | 10,464,379 | 17% | |
Other Income | 5,268,362 | 7,799,673 | -32% |
Reversal of impairment loss | – | 1,024,082 | -100% |
Administrative and operating expenses | 10,116,679 | 13,912,414 | -27% |
Modarba Management company's remuneration | – | – | |
Provision for services sales tax on management company's remuneration | 1,037 | 753 | 38% |
Provision for Worker's Welfare Fund | 145,270 | 107,514 | 35% |
Profit for the year before taxation | 7,263,496 | 5,267,453 | 38% |
Taxation | 741,936 | 586,791 | 26% |
Profit for the year after taxation | 6,521,560 | 4,680,662 | 39% |
Other comprehensive income/(loss) for the year | 198 | 221,605 | -100% |
Total comprehensive income for the year | 6,521,362 | 4,459,057 | 46% |
Earnings per certificate – basic and diluted | 0.35 | 0.25 | 40% |
The complete statements can be accessed here.
