First Al-Noor Modaraba (FANM) reported its financials for FY 2024-2025. The company’s revenue from trading operations significantly improved, generating Rs. 15.818 million compared to a loss of Rs. 6.758 million in the same period last year. Revenue from investments decreased by approximately 23%, amounting to Rs. 25.648 million compared to Rs. 33.256 million previously, mainly due to a 64% reduction in profit from investments. However, the gain on the sale of securities increased by over 136%. FANM contributed over 55% of its profit before tax to the national exchequer, demonstrating its commitment to the local economy.
Signal: HOLD ⏸️
Strength: 6/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
✅ Established in 1992, FANM has 30 years of successful business operations.
🤝 FANM engages in business segments including Ijarah, Diminishing Musharika, and commodity trading.
📉 Revenue from Investments decreased by 23% to Rs. 25.648 million.
📈 Gain on sale of securities increased by over 136%.
💼 Diminishing Musharika business generated Rs. 2.197 million.
💰 Total Assets increased from 269.12 in 2024 to 274.86 in 2025.
📊 Current Assets decreased from 42.24 in 2024 to 21.53 in 2025.
liabilities increased from 13.18 in 2024 to 15.82 in 2025.
🏦 Paid-up Capital remained constant at Rs. 231.00 million.
✨ Reserves slightly increased from 77.36 in 2024 to 77.85 in 2025.
💵 Gross Revenue increased significantly from 33.75 in 2024 to 46.29 in 2025.
📈 Net Profit increased substantially from 0.39 in 2024 to 2.41 in 2025.
💸 Earning per certificate increased from 0.02 in 2024 to 0.1 in 2025.
🎯 Investment Thesis
Given FANM’s fluctuating financial performance and inherent market risks, a HOLD recommendation seems appropriate. The positive shift in revenue is encouraging, but the decrease in current assets and other potential risk factors require careful consideration. A price target cannot be accurately determined without further fundamental analysis, but a neutral stance is justified until there is more evidence of sustained growth and stability.
First Al Noor Modaraba’s unaudited financial results for the quarter ended September 30, 2025, reveal a notable turnaround compared to the same period last year. The company reported a profit after taxation of Rs 7.65 million, a stark contrast to the loss of Rs 6.92 million in 2024. This positive shift is driven by a substantial increase in gain from trading operations and income from investments, offsetting higher administrative expenses. The earnings per certificate also improved significantly, reaching Rs 0.33 compared to a loss of Rs 0.30 in the previous year.
Signal: BUY 📈
Strength: 7/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
✅ Profit after taxation reached Rs 7.65 million, a significant turnaround from a loss of Rs 6.92 million in 2024.
📈 Earnings per certificate improved to Rs 0.33, compared to a loss of Rs 0.30 in the previous year.
💰 Gain from trading operations surged to Rs 10.97 million, a sharp contrast from a loss of Rs 3.75 million in 2024.
💸 Income from investments increased to Rs 7.14 million from Rs 5.32 million in 2024.
🏢 Administrative and operating expenses slightly increased to Rs 6.71 million from Rs 6.42 million in 2024.
🏦 Operating profit stood at Rs 11.74 million, a significant improvement from a loss of Rs 3.78 million in 2024.
📊 Unrealized gain on re-measurement of investments was Rs 1.05 million, compared to a loss of Rs 2.47 million in 2024.
🧾 Profit before taxation was Rs 10.68 million, a substantial recovery from a loss of Rs 6.68 million in 2024.
🏦 Total assets increased to Rs 288.35 million from Rs 275.02 million in June 2025.
🏦 Cash and bank balances increased to Rs 199.30 million from Rs 133.92 million in June 2025.
✔️ Total comprehensive income stood at Rs 9.34 million compared to a loss of Rs 6.80 million in 2024.
Liabilities Increased to Rs 19.04 million compared to Rs 16.73 million in June 2025.
✔️ Cash generated from operating activities amounted to Rs 8.39 million compared to cash used in operating activities amounting to Rs 2.31 million in 2024.
✔️ Net increase in cash and cash equivalents amounted to Rs 71.29 million compared to Rs 6.37 million in 2024.
🎯 Investment Thesis
BUY. First Al Noor Modaraba’s strong financial recovery, driven by improved trading operations and investment income, presents a compelling investment opportunity. The company’s focus on efficiency and growth positions it for continued success. The target price will be increased by 10% with a time horizon of one year.
First Al-Noor Modaraba (FANM) reported a net profit of Rs. 7.651 million for the quarter ended September 30, 2025, a significant turnaround from the Rs. 6.917 million loss in the same period last year. This positive shift resulted in earnings per certificate of Rs. 0.33 compared to a loss of Rs. (0.30) per certificate last year. The company’s improved performance is attributed to improving macroeconomic conditions. Management is optimistic about sustaining profitability and growth for the remainder of the financial year ending June 30, 2026.
Signal: HOLD ⏸️
Strength: 6/10
Sentiment: POSITIVE
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
✅ FANM reports a net profit of Rs. 7.651 million for Q1 2025, compared to a loss of Rs. 6.917 million in Q1 2024.
📈 Earnings per certificate improved to Rs. 0.33, up from a loss of Rs. (0.30) in the previous year.
🌍 Management attributes the turnaround to improving macroeconomic conditions.
🏦 Cash and bank balances increased to Rs. 199.295 million from Rs. 133.917 million.
📊 Short term investments increased to Rs. 51.121 million from Rs. 42.357 million.
💪 Total assets increased to Rs. 288.351 million, compared to Rs. 275.015 million.
💰 Gain from trading operations increased to Rs. 10.974 million from a loss of Rs. (3.747) million.
📜 Modaraba certificates issued remain constant at Rs. 231 million.
Reserves increased slightly to Rs. 78.095 million from Rs. 77.845 million.
📉 Accumulated losses decreased to Rs. (40.741) million from Rs. (49.828) million.
📊 Book value per share is improved from prior period.
💼 Management maintains confidence in sustainable profitability and continued growth in the remaining fiscal year ending June 30, 2026.
🗓️ The report is for the first quarter ended September 30, 2025.
🏢 Company headquarters are located in Karachi.
🎯 Investment Thesis
I recommend a HOLD position for FANM. The company has demonstrated a significant improvement in its financial performance, but it needs to sustain this positive trend over a longer period. Further monitoring of macroeconomic conditions and the company’s performance is necessary to confirm its long-term sustainability and growth potential. My price target for the next 12 months is based on steady cash flows and profitability.
First Al-Noor Modaraba (FANM) has responded to a letter from the Pakistan Stock Exchange (PSX) regarding unusual movements in the price and/or volume of FANM certificates. The company states that, to the best of their knowledge, there is no material information or event that contributed to the recent fluctuations. FANM assures compliance with all applicable regulatory disclosure obligations and will promptly communicate any material information or developments to the Exchange. The response is dated October 30, 2025, and addressed to Mr. Hafiz Maqsood Munshi at the PSX.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
📄 FANM responds to PSX inquiry regarding unusual price/volume movements.
🔍 Company claims no knowledge of material events causing fluctuations.
✅ FANM confirms compliance with regulatory disclosure requirements.
🗓️ Response issued on October 30, 2025.
✉️ Addressed to Mr. Hafiz Maqsood Munshi at the PSX.
📜 Refers to letter Gen-1932 dated October 29, 2025.
⚖️ Mentions Section 97 of Securities Act, 2015 and PSX Regulation 5.6.3.
ℹ️ No specific financial data or forecasts provided.
🤝 Reassurance of prompt communication of future material information.
🏢 First Al-Noor Modaraba is an Islamic Financial Institution.
🎯 Investment Thesis
Given the lack of financial information and the nature of the announcement, a HOLD rating is appropriate. The company addresses regulatory concerns and claims compliance, but there is no new information to warrant a change in investment strategy. A price target and time horizon cannot be determined based on this announcement alone. Further information or financial data would be necessary to make a more informed decision.
First Al-Noor Modaraba has announced a Corporate Briefing Session for 2024-25, scheduled for November 11, 2025. The session will be held via video link (Zoom) and aims to brief analysts and certificate holders on the company’s financial performance and future outlook. Interested participants are requested to register by November 10, 2025, providing necessary details to company.secretary@fanm.co. This briefing is critical for stakeholders to understand the company’s recent performance and strategic direction.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
🗓️ Corporate Briefing Session scheduled for November 11, 2025.
💻 Session will be conducted via Zoom video link.
🏢 Registered office of the company is the venue.
🗣️ Aimed at briefing analysts and certificate holders.
📊 Focus on financial performance and future outlook.
📝 Registration required by November 10, 2025.
📧 Registration details to be sent to company.secretary@fanm.co.
👤 Participants need to provide their Name, Folio/CDC number.
🏢 Organization and Designation details required for analysts.
🆔 CNIC number and contact details (Email ID & Mobile Number) required.
🌐 Official website: www.fanm.co
📞 Contact numbers: 34558268, 34552943, 34552974
📠 Fax number: 34553137
📧 Email address: info@fanm.com
🎯 Investment Thesis
HOLD. A recommendation to HOLD is appropriate pending the details presented in the briefing session. A clearer picture of FANM’s financial health and future strategies is needed before making any investment decisions.
What this means: 📊 Regular News: This is a routine company announcement. May not have big impact on stock price immediately.
🏢 Company & Announcement
SymbolFANM
CompanyFirst Al-Noor Modaraba
DateSep 30, 2025
Time10:33 AM
Announcement Title:
Notice of Annual Review Meeting
🧠 Investment Thesis
This announcement is primarily administrative. Investors should ensure they comply with the mentioned requirements to avoid any disruptions in dividend payments or shareholding. No immediate trading action is warranted based on this announcement alone. Keep an eye on financial performance updates during/after the annual meeting.
📋 Key Highlights
Annual Review Meeting of Certificate Holders will be held on October 23, 2025.
Certificate holders are required to submit a copy of their CNIC to Modaraba’s Share Registrar.
Dividends will be paid electronically into the bank account designated by the certificate holder.
Certificate holders are requested to fill in the “Electronic Credit Mandate Form.”
Share Transfer Book will remain closed from October 17, 2025, to October 29, 2025.
Members can avail video conference facility for the Annual Review Meeting.
Members are advised to convert their physical certificates into book-entry form.
Members are advised to approach the Company to claim their outstanding dividend amounts and/or undelivered share certificates.
⚠️ Risk Assessment
Failure to submit required documents (CNIC, bank details) may delay dividend payments.
Delays in converting physical share certificates may affect trading.
Unclaimed dividends may be forfeited if not claimed within the specified timeframe.
{
"sentiment": "NEUTRAL",
"signal": "HOLD",
"strength": 4,
"brief_summary": "First Al-Noor Modaraba is holding its Annual Review Meeting on October 23, 2025. The announcement covers administrative matters like submitting CNIC copies, receiving dividends electronically, and converting physical share certificates to book-entry form. They are also reminding investors to claim any unclaimed dividends or shares.",
"key_points": [
"Annual Review Meeting of Certificate Holders will be held on October 23, 2025.",
"Certificate holders are required to submit a copy of their CNIC to Modaraba's Share Registrar.",
"Dividends will be paid electronically into the bank account designated by the certificate holder.",
"Certificate holders are requested to fill in the \"Electronic Credit Mandate Form.\"",
"Share Transfer Book will remain closed from October 17, 2025, to October 29, 2025.",
"Members can avail video conference facility for the Annual Review Meeting.",
"Members are advised to convert their physical certificates into book-entry form.",
"Members are advised to approach the Company to claim their outstanding dividend amounts and/or undelivered share certificates."
],
"financial_impact": "LOW",
"price_target": "No specific price target mentioned; monitor company announcements post-meeting.",
"risk_factors": [
"Failure to submit required documents (CNIC, bank details) may delay dividend payments.",
"Delays in converting physical share certificates may affect trading.",
"Unclaimed dividends may be forfeited if not claimed within the specified timeframe."
],
"investment_thesis": "This announcement is primarily administrative. Investors should ensure they comply with the mentioned requirements to avoid any disruptions in dividend payments or shareholding. No immediate trading action is warranted based on this announcement alone. Keep an eye on financial performance updates during/after the annual meeting.",
"simple_note": "\ud83d\udcca Regular News: This is a routine company announcement. May not have big impact on stock price immediately."
}
Disclaimer: This analysis is AI-generated and for informational purposes only. It is not financial advice. Please conduct your own research before making any investment decisions.
What this means: 📊 Regular News: This is a routine company announcement. May not have big impact on stock price immediately.
🏢 Company & Announcement
SymbolFANM
CompanyFirst Al-Noor Modaraba
DateSep 30, 2025
Time9:27 AM
Announcement Title:
Transmission of Annual Report for the Year Ended 30-06-2025
🧠 Investment Thesis
First Al-Noor Modaraba represents a stable, Shariah-compliant investment option, particularly attractive for risk-averse investors seeking steady returns and ethical investments. It is currently recommended to HOLD. The annual report indicated slight profit and revenue growth. However, due to the uncertainty of global economic downturn, it is recommended to be cautious before investing.
📋 Key Highlights
Profit after taxation stood at Rs. 2.413 million
Revenue increased due to higher income from trading operations and investments.
Operating expenses remain a significant burden.
The company maintains a Shariah-compliant approach.
Global economic conditions remain uncertain due to protectionist trade policies and geopolitical conflicts.
⚠️ Risk Assessment
Global economic slowdown and potential impact on commodity prices and trade.
Increased competition and regulatory changes in the Islamic finance sector.
Fluctuations in the commodity market which may impacts trading operations
{
"sentiment": "NEUTRAL",
"signal": "HOLD",
"strength": 6,
"brief_summary": "First Al-Noor Modaraba's 2025 annual report shows a modest profit after taxation. Revenue increased, driven by trading and investments, but was partially offset by operating expenses and unrealized losses. The Modaraba emphasizes Shariah compliance and faces challenges in the commodity trading sector. The management expresses cautious optimism, but the global economic outlook is uncertain.",
"key_points": [
"Profit after taxation stood at Rs. 2.413 million",
"Revenue increased due to higher income from trading operations and investments.",
"Operating expenses remain a significant burden.",
"The company maintains a Shariah-compliant approach.",
"Global economic conditions remain uncertain due to protectionist trade policies and geopolitical conflicts."
],
"financial_impact": "MEDIUM",
"price_target": "Maintain current position, look for gradual growth given stable dividend yield and potential for revenue growth with diversified operations.",
"risk_factors": [
"Global economic slowdown and potential impact on commodity prices and trade.",
"Increased competition and regulatory changes in the Islamic finance sector.",
"Fluctuations in the commodity market which may impacts trading operations",
"Economic instability in Pakistan"
],
"investment_thesis": "First Al-Noor Modaraba represents a stable, Shariah-compliant investment option, particularly attractive for risk-averse investors seeking steady returns and ethical investments. It is currently recommended to HOLD. The annual report indicated slight profit and revenue growth. However, due to the uncertainty of global economic downturn, it is recommended to be cautious before investing.",
"simple_note": "\ud83d\udcca Regular News: This is a routine company announcement. May not have big impact on stock price immediately."
}
Disclaimer: This analysis is AI-generated and for informational purposes only. It is not financial advice. Please conduct your own research before making any investment decisions.
