Trust Modaraba : Transmission of Quarterly Report for the period ended March 31, 2024, of Trust Modaraba.

Trust Modaraba

Managed By:

Al-Zãmin Modaraba Management (Private) Limited.

QUARTERLY

REPORT

March 31, 2024

www.trustmodaraba.com

CONTENTS

1. CORPORATE INFORMATION
2. DIRECTORS' REPORT
3. DIRECTORS' REPORT (URDU)
4. INTERIM CONDENSED BALANCE SHEET
5. INTERIM CONDENSED PROFIT AND LOSS
6. INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
   10 INTERIM CONDENSED CASH FLOW STATEMENT
   11 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
   12 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

CORPORATEDIRECTORS' REPINFORMATION

TheMODARABABoard of DirectorsCOMPANYof Al-Zamin Modaraba Management Company (Private) Limited, the management company of TrustAI-ZaminModarabaModarabaare pleasedManagementto present(Private)the financialLimitedstatements of Trust Modaraba for the period ended on 31st March,

2024.
BOARD OF DIRECTORS
Mr. Mian Sheikh Arshad Farooq	Chairman
ECONOMIC OUTLOOK	Chief Executive
Mr. Basheer Ahmed Chowdry

AtMr.theSyedheartShahnawazof the challengesAhmed Rizvifacing Pakistan todayDirectorare basically three interconnected issues, namely Politics, Economics

Mr. Syed Etrat Hussain Rizvi	Director
and the Climate Change. These challenges require a holis ic strategy to bring all these elements together to put the country
Mr. Mohammad Yasin	Director
on a sustainable trajectory of growth and development. On the economic front, positive outcome of revival efforts aimed
Mr. Sohail Ansar	Director
at boosting the activity across the sectors is visible. The real sector is experiencing growth leading to a positive market
Dr. Mrs. Namoos Baquar	Director
response and signs of recovery. The Pak Rupee has stabilized and Pakistan Stock Exchange has shown performance

improvement reflecting a conducive environment for economic activity. Though the pace of overall expansion is slow,
MANAGEMENT
nevertheless, improvement in major indicators signify an optimistic outlook for the forthcoming period,
Mr. Basheer Ahmed Chowdry	Chief Executive

MsHowever,.HamidatheAqeelpositive outlook is contingent uponChiefsustainableOperatingimplemOfficer/Companyntationof soundSecretaryeconomic policies entailing

Mr. Shiraz Butt	Chief	Officer
interalia, prudent fiscal management, strategic investmeFinancialt, and measures to enhance export competitiveness and
diversification while safeguarding the economy against inflation and debt defaults.
AUDIT COMMITTEE
Mr. Syed Etrat Hussain Rizvi	Chairman
PERFORMANCEMr. Mian Sheikh ArshadREVIEWFarooq	Member
Mr. Syed Shahnawaz Ahmed Rizvi	Member
It is encouraging to report that Trust Modaraba maintained a steady trend of growth in business operations and profitability
Mr. Mohammad Yasin	Member
during the period under consideration as all the key performance indicators registered appreciable increase as compared to
Ms. Hamida Aqeel	Secretary to the committee
the previous comparable period. Income from core business operations stood at Rs.44.37million during the first three

quarters of the current financial year ended on 31st March, 2024 translating into an increase of 60% from the previous
HUMAN RESOURCE COMMITTEE
comparable period. The aforesaid increase in income was achieved through effective utilization of financial resources,
Mr. Muhammad Yasin	Chairman
improvement in the r sk profile of the clients, meticulous follow-up of recoveries and operating efficiencies. During the
Mr. Syed Etrat Hussain Rizvi	Member
period,.Dr Mrs.PSXNamoosalso Baquarwitnessed appreciable	performanceMemberwith the index crossing 67,000 points at one point in time.
Mr. Basheer Ahm d Chowdry	Member
Appreciation in the stock market index and consequential increase in the share prices provided unrealized gain of Rs.13.6
Ms. Hamida Aqeel	Secretary to the committee

million which, taking into account loss on sale of shares (Rs.6.39 million) contributed a net gain of Rs.7.23 million during

the period. Dividend income of Rs. 625,654 was also realized. As a prudent portfolio risk management policy, provision

INTERNAL AUDITORS

coverage was enhanced to Rs.1.38 million against certain accounts. The period under consideration also witnessed a decline UHY Hassan Naeem & Co.

in the operating expenses (Rs.27.05 million) by 6% compared to the preceding period despite high inflationary pressures on Chartered Accountants

costs across the board. Profit before management fee worked out to be Rs.21.90 million as against loss of Rs.3.30 million shownAUDITORSfor theOFpreviousTHEcomparableMODARABAperiod. As a result of enhanced profitability, management company earned a fee of RsGrant.2.19Thorntonmillion forAnjumthe periodRahmanended. on 31st March, 2024. Profit after tax stood at Rs.16.05 million increasing the earnings Charteredper certificateAccountantsto Rs.0.54. Asset base of your Modaraba as at 31st March, 2024 increased to Rs.399.96 million from Rs.388.76 million as at 30th June, 2023.

BANKER

Moving forward your management aims to maintain the momentum of growth based on sound business norms and Meezan Bank Limited

practices to achieve further growth in its operations and profitability.

LEGAL ADVISORS

Holscott International

EARNINGS PER CERTIFICATE

S&B Durrani Law Assoicates

Earnings per certificate for the period under review stood at Rs.0.54 as against loss of Rs.0.15 of the previous comparable

periodREGISTERED. OFFICE/PRINCIPAL PLACE OF BUSINESS 104-106,Kassam Court, BC-9, Block-5,Clifton, Karachi-75600Telephone: [phone]

ACKNOWLEDGMENT

Fax: [phone] Web: trustmodaraba.com

The Board wishes to put on record its appreciation for the continued support of the SECP, certificate holders, valuable Email: [e-mail]

guidance of the members of the Board and commitment of the staff members for achieving positive performance.

REGIONAL OFFICE

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]
26th April, 2024.	Mr. Basheer A. Chowdry	Mr. Mian Sheikh Arshad Farooq
	Chief Executive	Chairman

TRUST MODARABA HalfQuarterlyYearlyReportMarch,31,31,202024

4

DIRECTORS' REPORT

The Board of Directors of Al-Zamin Modaraba Management Company (Private) Limited, the management company of Trust Modaraba are pleased to present the financial statements of Trust Modaraba for the period ended on 31st March, 2024.

ECONOMIC OUTLOOK

At the heart of the challenges facing Pakistan today are basically three interconnected issues, namely Politics, Economics and the Climate Change. These challenges require a holistic strategy to bring all these elements together to put the country on a sustainable trajectory of growth and development. On the economic front, positive outcome of revival efforts aimed at boosting the activity across the sectors is visible. The real sector is experiencing growth leading to a positive market response and signs of recovery. The Pak Rupee has stabilized and Pakistan Stock Exchange has shown performance improvement reflecting a conducive environment for economic activity. Though the pace of overall expansion is slow, nevertheless, improvement in major indicators signify an optimistic outlook for the forthcoming period,

However, the positive outlook is contingent upon sustainable implementation of sound economic policies entailing interalia, prudent fiscal management, strategic investment, and measures to enhance export competitiveness and diversification while safeguarding the economy against inflation and debt defaults.

PERFORMANCE REVIEW

It is encouraging to report that Trust Modaraba maintained a steady trend of growth in business operations and profitability during the period under consideration as all the key performance indicators registered appreciable increase as compared to the previous comparable period. Income from core business operations stood at Rs.44.37million during the first three quarters of the current financial year ended on 31st March, 2024 translating into an increase of 60% from the previous comparable period. The aforesaid increase in income was achieved through effective utilization of financial resources, improvement in the risk profile of the clients, meticulous follow-up of recoveries and operating efficiencies. During the period, PSX also witnessed appreciable performance with the index crossing 67,000 points at one point in time. Appreciation in the stock market index and consequential increase in the share prices provided unrealized gain of Rs.13.6 million which, taking into account loss on sale of shares (Rs.6.39 million) contributed a net gain of Rs.7.23 million during the period. Dividend income of Rs. 625,654 was also realized. As a prudent portfolio risk management policy, provision coverage was enhanced to Rs.1.38 million against certain accounts. The period under consideration also witnessed a decline in the operating expenses (Rs.27.05 million) by 6% compared to the preceding period despite high inflationary pressures on costs across the board. Profit before management fee worked out to be Rs.21.90 million as against loss of Rs.3.30 million shown for the previous comparable period. As a result of enhanced profitability, management company earned a fee of Rs.2.19 million for the period ended on 31st March, 2024. Profit after tax stood at Rs.16.05 million increasing the earnings per certificate to Rs.0.54. Asset base of your Modaraba as at 31st March, 2024 increased to Rs.399.96 million from Rs.388.76 million as at 30th June, 2023.

Moving forward your management aims to maintain the momentum of growth based on sound business norms and practices to achieve further growth in its operations and profitability.

EARNINGS PER CERTIFICATE

Earnings per certificate for the period under review stood at Rs.0.54 as against loss of Rs.0.15 of the previous comparable period.

ACKNOWLEDGMENT

The Board wishes to put on record its appreciation for the continued support of the SECP, certificate holders, valuable guidance of the members of the Board and commitment of the staff members for achieving positive performance.

26th April, 2024.	Mr. Basheer A. Chowdry	Mr. Mian Sheikh Arshad Farooq
	Chief Executive	Chairman

5	TRUST MODARABA Quarterly Report March 31, 2024

TRUST MODARABA Quarterly Report March 31, 2024

6

CONDENSED INTERIM BALANCE SHEET
AS AT MARCH 31, 2024	(Un-audited)	(Audited)
		March 31, 2024	June 30, 2023
	Note	-----------------		Rupees-----------------

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

7	TRUST MODARABA Quarterly Report March 31, 2024

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

TRUST MODARABA Quarterly Report March 31, 2024

8

CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

9	TRUST MODARABA Quarterly Report March 31, 2024

TRUST MODARABA Quarterly Report March 31, 2024

10

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2024

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER