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.
