Trust Modaraba : Financial Results for the Quarter ended December 31, 2022 Trust Modaraba.

CONDENSED INTERIM BALANCE SHEET AS AT DECEMBER 31, 2022

(Un-audited)	(Audited)
December 31, 2022	June 30, 2022

ASSETS	Note	-----------------Rupees-----------------
Current assets
Cash and bank balances			8,170,450	7,690,515
Short term investments	4		25,499,745	32,908,149
Advances, deposits, prepayments and other receivables	5		10,420,404	28,291,113
Short term murabaha finances	6		28,068,608	30,990,535
Ijarah rental receivables	7		4,022,134	4,048,929
Current portion of long term murabaha finances	8		73,383,365	79,992,821
Short term musharakah finances (secured - considered good)	9		14,126,225	23,689,845
Current portion of long term diminishing musharakah finances	10		10,241,927	1,704,637
Income tax refundable			2,694,676	3,072,891
			176,627,534	212,389,435
Assets classified as held for sale			8,625,000	8,625,000
Total current assets			185,252,534	221,014,435
Non-current assets
Murabaha finances	8		4,188,513	19,195,330
Diminishing musharakah finances	10		31,375,663	2,773,749
Deferred taxation			1,160,917	1,160,917
Deposits			707,962	1,106,562
Long term investments	11		6,773,351	7,281,478
Fixed assets	12		162,189,420	163,055,963
Total non-current assets			206,395,826	194,573,999
Total assets			391,648,360	415,588,434
LIABILITIES
Current liabilities
Unclaimed profit distributions			12,834,792	12,834,792
Creditors, accrued and other liabilities	13		1,542,266	11,361,125
Current portion of deferred income on murabaha			4,233,342	6,698,560
Current portion of customers' security deposits			4,505,342	8,810,600
Current portion of lease liabilities against right of use assets			1,113,941	430,555
Due to director			-	5,000,000
Total current liabilities			24,229,683	45,135,632
Non-current liabilities
Deferred income on murabaha			794,727	2,366,206
Customers' security deposits			45,945,171	45,071,713
Lease liabilities against right of use assets			1,950,213	1,964,011
Total non-current liabilities			48,690,111	49,401,930
Total liabilities			72,919,794	94,537,562
NET ASSETS			318,728,566	321,050,872
REPRESENTED BY
CAPITAL AND RESERVES
Certificate capital			298,000,000	298,000,000
Reserves			26,765,375	28,579,554
Total equity			324,765,375	326,579,554
Unrealized loss on revaluation of investments	14		(6,036,809)	(5,528,682)
			318,728,566	321,050,872
Contingencies and commitments	15

The annexed notes from 1 to 27 form an integral part of these condensed interim financial statements.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

TRUST MODARABA Half Yearly Report December, 31, 2022

8

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2022

				Half Year Ended		Quarter Year Ended
				December 31,		December 31,
Note	2022	2021	2022	2021
		----------------------------------Rupees--------------------------------
Income from ijarah	16	9,326,975	8,821,909	5,037,130	3,456,264
Profit on murabaha finances		4,514,420	5,669,205	2,099,912	2,663,090
Profit on musharakah/diminishing finances		5,690,183	3,408,562	3,902,781	1,553,778
Income/(loss) from investments - net	17	803,741	547,755	(330,901)	(272,792)
Other income	18	1,346,258	43,470,130	1,041,692	5,819,468
			21,681,577		61,917,561		11,750,614		13,219,808
(Provision)/reversal for doubtful receivables		(747,114)	(10,010,482)	(747,114)	100,000
Bad debts written off		-	(1,072,849)	-	(753,750)
Unrealized loss on revaluation of held-for-trading	(2,165,355)	(9,906,233)	(2,970,635)	(2,098,177)
investments
			18,769,108		40,927,997		8,032,865		10,467,881
Operating expenses	19	(19,763,789)	(19,924,471)	(10,392,139)	(8,183,814)
			(994,681)		21,003,526		(2,359,274)		2,284,067
Modaraba management company's fee		-	(2,100,353)	136,459	(228,407)
Sindh worker welfare fund		-	(378,063)	24,563	(41,113)
(Loss)/profit before taxation		(994,681)	18,525,110	(2,198,252)	2,014,547
Taxation		(819,498)	(3,879,416)	(700,894)	(950,839)
Net (loss)/profit for the period			(1,814,179)		14,645,694		(2,899,146)			1,063,708
Earnings per certificate - basic and diluted	20		(0.06)		0.49		(0.10)			0.04

The annexed notes from 1 to 27 form an integral part of these condensed interim financial statements.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

• TRUST MODARABA Half Yearly Report December, 31, 2022