The directors of AR Management Services (Private) Ltd, the modaraba company of First Imrooz Modaraba (FIM) have presented the Q3 Report showing increased sales performance except for 'other' income and profit.
FIM was listed at Karachi Stock Exchange in 1994. Yesterday the price of the FIM 10-rupee certificate closed at Rs 42 per certificate which is more than 4 times of its par value.
This price is the highest in the 40-member Modaraba Sector. The market value of the FIM Certificate appears more glaring when we see that only 19 Modarabas Certificates were priced above par value.
After FIM's share there is much difference with the price of the Modaraba which attained No 2 on the scale of Modaraba Certificate price. It was Standard Chartered Modaraba which is wholly owned subsidiary of a global bank and its certificate was quoted at Rs 26.40 certificates same day.
First Imrooz Modaraba has another feather in its cap. It is regular in profit distribution and its payouts are highly attractive. During the last two years FIM's yearly payout rate remained at 50%.
The Modaraba registered sales at Rs 260.23 million (9M 2002-03: Rs 246.29 million) and operating profit at Rs 25.42 million (9M 2002-03: Rs 24.15 million). Its profitability suffered drop from Rs 14.99 million in 9M 2002-03 to Rs 8.50 million during the period under review.
Other income of the Modaraba declined on account of decline in Pak Rupees value against Euro and Pound Sterling and lesser provision for appreciation in value of investments.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2004 2003
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Certificate Capital-Paid-up: 30.00 30.00
Reserves & Profit: 42.11 33.61
Certificate Holders Equity: 72.11 63.61
Deferred Liability
Staff Gratuity: 1.98 1.94
Current Liabilities: 112.76 90.97
Fixed Assets Tangible: 5.58 3.95
Fixed Assets Intangible: 0.50 0.66
Current Assets: 180.77 151.91
Total Assets: 186.85 156.52
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Profit & Loss A/c For
The Nine Months Ended March 31 2004 2003
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Sales: 260.23 246.29
Gross Profit: 36.47 32.10
Operating Profit: 25.42 24.15
Other Income: 2.50 7.26
Financial (Charges): (0.05) (0.03)
Modaraba Company's
Management (Fee): (1.91) 2.19
Profit Before Taxation: 25.33 0.03
Profit After Taxation: 8.50 14.99
Earnings Per Share (Rs): 2.83 5.00
Certificates Price (Rs)
on 14-10-04: 42.00 -
Price/Earning Ratio: 14.84 -
Book Value of Certificate (Rs): 24.03 21.20
Debt/Equity Ratio: 0:100 0:100
Current Ratio: 1.60 1.67
Gross Profit Margin (%): 14.01 13.03
Net Profit Margin (%): 3.27 6.09
R.O.A. (%): 4.55 9.57
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