Trust Modaraba : Transmission of Quarterly Report for the Period ended Sep 30, 2022.

Trust Modaraba

Managed By:

Al-Zãmin Modaraba Management (Private) Limited.

QUARTERLY

REPORT

SEPTEMBER 30, 2022

www.trustmodaraba.com

CONTENTS

1. CORPORATE INFORMATION
2. DIRECTOR'S REPORT
3. DIRECTOR'S REPORT (URDU)
4. CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
5. CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
6. CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
7. CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

1. CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
2. SELECTED NOTES TO INTERIM FINANCIAL STATEMENT (UN-AUDITED)

CORPORATE INFORMATION

MODARABA COMPANY

AI-Zamin Modaraba Management (Private) Limited

BOARD OF DIRECTORS
Mr. Mian Sheikh Arshad Farooq	Chairman
Mr. Basheer Ahmed Chowdry	Chief Executive
Mr. Syed Shahnawaz Ahmed Rizvi	Director
Mr. Syed Etrat Hussain Rizvi	Director
Mr. Mohammad Yasin	Director
Mr. Sohail Ansar	Director
Dr. Mrs. Namoos Baquar	Director
MANAGEMENT
Mr. Basheer Ahmed Chowdry	Chief Executive
Ms. Hamida Aqeel	Chief Operating Officer/Company Secretary
Mr. ljaz Ahmed Khan	Chief Financial Officer/Regional Head
AUDIT COMMITTEE
Mr. Syed Shahnawaz Ahmed Rizvi	Chairman
Mr. Mian Sheikh Arshad Farooq	Member
Mr. Syed Etrat Hussain Rizvi	Member
Mr. Sohail Ansar	Member
HUMAN RESOURCE COMMITTEE
Mr. Syed Etrat Hussain Rizvi	Chairman
Mr. Syed Shahnawaz Ahmed Rizvi	Member
Mr. Basheer Ahmed Chowdry	Member
Mr. Muhammad Yasin	Member
INTERNAL AUDITORS
UHY Hassan Naeem & Co.
Chartered Accountants
AUDITORS OF THE MODARABA
Grant Thornton Anjum Rahman.
Chartered Accountants
BANKER
Meezan Bank Limited
LEGAL ADVISORS
Holscott International
S&B Durrani Law Assoicates

REGISTERED OFFICE/PRINCIPAL PLACE OF BUSINESS

104-106, Kassam Court, BC-9,Block-5, Clifton, Karachi-75600 Telephone: [phone]

Fax: [phone] Web: trustmodaraba.com

Email: [e-mail]

REGIONAL OFFICE

301 & 320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore Telephone: [phone] Fax: [phone]

REGISTRARS

Hameed Majeed Associates (Private) Limited

1st Floor, H.M. House, 7-Bank Square, Lahore Telephone: [phone] Fax: [phone]

3	TRUST MODARABA Quarterly Report September, 30, 2022

DIRECTORS' REPORT

The Directors of Al-Zamin Modaraba Management (Private) Limited, the management company of Trust Modaraba are pleased to present the un-audited financial statements of Trust Modaraba for the quarter ended 30th September, 2022.

ECONOMY

Pakistan's economy is experiencing high inflationary and external pressures specially on Pak Rupee. In response to elevated inflationary pressures, State Bank of Pakistan in addition to further tightening of the monetary policy has also introduced measures to dampen import demand specially by imposing ban on import of non-essential and luxury items. The conflict between Russia and Ukraine has caused major disruptions to the supply of commodities in the international market. Both the countries are major exporters of energy and agricultural products. These disruptions have exacerbated existing stresses in the commodity markets following an already sluggish recovery from COVID 19 pandemic. The recent floods in Pakistan have affected cotton and other important crops making the performance of agricultural sector more vulnera- ble. The economic outlook in the ensuing period will be shaped largely by the restoration of political stability and continued implementation of reforms under the revised IMF program to stabilize economy and restore fiscal and external buffers.

PERFORMANCE

Trust Modaraba maintained stable trend of performance during the period under review. Total income of the Modaraba was recorded at Rs.9.9 million for the quarter ended on 30th September, 2022. Income from dividends and unrealized gain on revaluation of held for trading investments provided positive results due to close monitoring of the stock market performance and executing timely decisions. Strict discipline was enforced in the operating expenses and as a result a reduction of 20% was achieved over the comparable quarter of previous year. After accounting for all the expenses, your Modaraba recorded profit before management fee and tax to the tune of Rs.1.4 million during the quarter under review. Net profit after taxation was registered at Rs.1.1 million for the first quarter of the current financial year.

Asset base of your Modaraba stood at Rs.412.6 million as at 30th September, 2022 with an equity of Rs.321.9 million after incorporating unrealized loss of Rs.5.8 million on revaluation of investments.

Whilst various plans are under consideration to augment the resource base and profitability of the Modara- ba, recovery from litigated portfolio remains a priority area for the management for which all out efforts are being made to achieve early settlement.

EARNINGS PER CERTIFICATE

Earnings per certificate of your Modaraba stood at Rs.0.04 for the quarter ended on 30th September, 2022 as compared to earnings per certificate of Rs.0.46 achieved during the previous comparable quarter which included one time gain achieved as a result of settlement of a case in litigation.

Your management is making all out efforts to augment growth and profitability of the Modaraba for the benefit of all the stakeholders.

For and on behalf of Trust Modaraba

28th October, 2022.

DIRECTOR

CHIEF EXECUTIVE

TRUST MODARABA Quarterly Report September, 30, 2022

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5	TRUST MODARABA Quarterly Report September, 30, 2022