⚡ Flash Summary

Trust Modaraba’s corporate briefing session (CBS) notice announces the event scheduled for October 22, 2025, to discuss the company’s performance and outlook. The company, managed by Al-Zamin Modaraba Management (Private) Limited, is an Islamic financial institution listed on the Pakistan Stock Exchange (PSX). Recent performance data highlights include a 17% increase in total income to Rs. 72.5 million and improved profitability metrics. The briefing will be held at the NBFI & Modaraba Association of Pakistan in Karachi and via Zoom, with details provided for remote access.

📌 Key Takeaways

• 🗓️ Corporate Briefing Session (CBS) scheduled for October 22, 2025.
• 🏢 Location: NBFI & Modaraba Association of Pakistan, Karachi, and via Zoom.
• 🌐 Zoom Meeting ID: 881 9282 9235; Passcode: 151463.
• 📈 Total income increased by 17% to Rs. 72.5 million.
• 💰 Disbursements reached Rs. 215 million, focusing on vehicle financing.
• 📊 Financing portfolio diversified: 55% to individuals, 27% to corporate, 18% to SMEs.
• ✅ Risk profile improved with minimal provisions for doubtful receivables.
• 🧾 Profit Before Tax (PBT): Rs. 26.9 million.
• ✅ Profit After Tax (PAT): Rs. 18.4 million.
• 💸 Earnings Per Certificate (EPC): Rs. 0.62.
• 🏦 Equity: Rs. 349 million, indicating a strengthening equity base.
• ⚖️ Balance Sheet Footing: Rs. 402 million.
• 💼 Total assets decreased from Rs. 414.35 million in 2024 to Rs. 401.96 million in 2025.
• 📉 Financing portfolio decreased from Rs. 408.22 million in 2024 to Rs. 385.93 million in 2025.
• ⭐ VIS Credit Rating: BBB+/A2 reaffirmed on June 18, 2025, with a Stable Outlook.

🎯 Investment Thesis

HOLD. Trust Modaraba exhibits stable performance, reflected in the reaffirmed credit rating. While there are improvements in income, some metrics, like net profit margin and total assets, indicate slight declines. External economic factors and company-specific challenges pose moderate risks. Given these factors, a HOLD recommendation is justified. The company’s focus on Islamic financing and its established presence in the Modaraba sector provide a stable investment profile.