Leasing Companies: FIRST HABIB BANK MODARABA: Nine Months Ended March 31, 2005
FHBM is a perpetual, multipurpose and multi dimensional Modaraba managed by Habib Bank Financial Services (Pvt) Limited (HBFSL) which is wholly owned subsidiary of Habib Bank Ltd (HBL). The Modaraba enjoys some unique business synergies in the form of access to the expertise, resources and network of HBL, one of the largest commercial bank in Pakistan with presence in 25 countries.
FHBM was formed on March 16, 1991 to provide sharia'a compliant financial products and services, viz Ijarah, Musharika and Morabaha for short and long term requirements of trade and industry. FHBM also invests in listed securities.
However, the core business of the Modaraba remains Ijarah of plant, machinery, equipment, automobile and computers.
FHBM is one of the leading enterprises in its sector with a short term credit rating of A-1+ (A minus one plus) and medium to long term rating of AA- (Double A minus) as per assessment of JCR-VIS.
These ratings indicate the healthy equity base, strong asset quality of the portfolio, exceptional profitability and the business synergies that the Modaraba avails from HBL. FHBM is well positioned to meet the evolving challenges of fierce competition.
Its equity has reached Rs 645.07 million which very few modaraba exceed.
During the nine months under review, the company's Revenues made impressive growth of 47% to Rs 248.37 million from Rs 168.56 million in the same period last year (SPLY). Portfolio of leased assets, which is the core activity of FHBM, has more than doubled. Net Profit for the period was booked at Rs 51.19 million (9M 2003-04: Rs 51.51 million) which shows steady profitability. Last year there was edge in the result because of more non-recurring contribution from equity portfolio in the shape of capital gain compared to previous period there was significant reduction in capital gains during the period under review..
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Share Capital-Paid-up: 282.00 250.00
Capital-Paid-up: 397.07 397.07
Reserves: 248.00 189.38
Certificate Holders Equity: 645.07 586.45
L.T. Debts: 179.17 100.00
Security Deposit-Leases: 44.34 32.43
Current Liabilities: 356.91 101.02
Fixed Assets Leased Out: 1,068.22 729.11
Fixed Assets in Own Use: 0.56 0.48
L.T. Investments: 5.97 9.46
L.T. Deposits: 0.20 0.30
Current Assets: 150.54 80.55
Total Assets: 1,225.49 819.90
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Profit & Loss A/c for Nine Months Ended
March 31 2005 2004
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Revenue
Operating Income: 245.93 155.22
Other Income: 2.44 13.34
Gross Revenue: 248.37 168.56
Total (Expenditure
& Provisions): (191.49) (111.32)
Modaraba Company's Management
(Fees): (5.69) (5.73)
Profit Before Taxation: 51.19 51.51
Profit After Taxation: 51.19 51.51
Earning Per Certificate (Rs): 1.29 1.30
Modaraba Certificate
Price (Rs) on 01-06-2005: 11.90 -
Price/Earning Ratio: 6.26 -
Book Value Per Certificate (Rs): 16.25 14.76
Debt/Equity Ratio: 22:78 15:85
Current Ratio: 0.42 0.80
Net Profit/Total Income (%): 20.61 30.56
R.O.E. (%): 7.93 5.78
R.O.A. (%): 4.18 6.28
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COMPANY INFORMATION: Modaraba Company: Habib Bank Financial Services (Private) Ltd; Chairman: R. Zakir Mahmood; Chief Executive: Saeed Uddin Khan; Other Directors: Sohail Malik; Sima Kamil; Corporate Secretary: Muhammad Amin Chhotani; Chief Financial Officer: Atif Aziz; Registered Office: 18-Habib Bank Plaza; I.I. Chundrigar Road Karachi 75530; Web Address: www.habibbankltd.com
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