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Popular Islamic Modaraba has announced the electronic crediting of the final cash dividend. The dividend is at a rate of Rs. 1 per certificate, which equates to 10% for the year ended June 30, 2025. The announcement was made by the Board of Directors on October 3, 2025. The dividend will be deposited into the designated bank accounts of certificateholders on November 10, 2025.
Based on the dividend announcement, a HOLD recommendation is appropriate. The dividend payout is a positive sign, but further due diligence is needed to assess the company’s overall financial performance and risk profile. Price target and time horizon depend on broader market conditions and company-specific developments.
Popular Islamic Modaraba (PIM) reported its financial performance for the year ended June 30, 2025. The company’s total income experienced a moderate decline, while net profit after tax saw a slight increase. Operating expenses were contained, reflecting management’s cost efficiency. The Modaraba converted a loan by issuing certificates to the Management company. Earning per certificate decreased from Re.1.76 to Re.1.39.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
📉 Total income decreased to Rs. 41.74 million from Rs. 45.69 million due to reduced Ijarah Financing.
💰 Operating expenses reduced to Rs. 8.88 million (FY 2024: Rs. 10.18 million) indicating cost control.
📉 Depreciation on Ijarah assets decreased to Rs. 4.55 million (FY 2024: Rs. 6.80 million).
📊 Operating profit remained stable at Rs. 28.31 million (FY 2024: Rs. 28.71 million).
⬆️ Other income increased to Rs. 2.46 million (FY 2024: Rs. 1.84 million).
✅ Net profit after tax increased to Rs. 25.71 million (FY 2024: Rs. 24.70 million).
✔️ Return on Equity is 11.72%.
✔️ Return on Assets is 10.80%.
🤝 The Modaraba converted loan through “other than right issue”.
📉 Earning per certificate decreased to Re.1.39 from Re.1.76.
⭐ Total Assets increased to 238.08 million from 232.65 million.
💹 Certificate Holders Equity increased to 219.34 million from 213.63 million.
🏢 PIM focuses on SMEs to support economy
⚠️ Enhanced tools of risk management are needed.
🎯 Investment Thesis
Based on the current financial performance, a HOLD recommendation is appropriate. While the company shows resilience, the decrease in earnings per certificate and moderate decline in total income necessitate a cautious approach. Further evaluation is needed to assess long-term growth prospects and sector-specific opportunities before considering a BUY or SELL decision.
PIM announced: Transmission of Quarterly Report for the Period Ended September 30, 2025. Basic analysis suggests neutral sentiment. Professional review recommended.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
PIM made announcement: Transmission of Quarterly Report for the Period Ended September 30, 2025
Automated analysis: HOLD signal detected
Signal strength: 5/10
This is basic analysis – manual review recommended
Professional CFA analysis unavailable
🎯 Investment Thesis
Basic HOLD indication for PIM. Manual verification required.
Popular Islamic Modaraba (PIM) reported a net profit after tax of Rs. 25.71 million for the year ended June 30, 2025, compared to Rs. 24.70 million in the previous year. This growth was attributed to prudent cost management, diversified income sources, and effective resource utilization, despite some moderation in overall income due to reduced financing and compressed financing margins from declining KIBOR rates. The Modaraba also approved a distribution of profit at Rs. 1 per certificate. The board is committed to further strengthening PIM as a reliable and competitive Islamic financial institution.
Signal: HOLD ⏸️
Strength: 6/10
Sentiment: POSITIVE
Time Horizon: SHORT_TERM
📌 Key Takeaways
📈 Net profit after tax increased to Rs. 25.71 million, up from Rs. 24.70 million in the previous year.
💰 Prudent cost management and effective resource utilization drove profitability.
⬇️ Overall income moderated due to reduced financing and compressed financing margins from declining KIBOR.
✅ Maintained operational stability and delivered sustainable returns to certificate holders.
📜 The Board is committed to integrity, fairness, and accountability.
🤝 Expressed appreciation for stakeholders’ trust and confidence.
🌱 Actively seeking to strengthen PIM as a competitive Islamic financial institution.
📊 Total income was Rs. 41.74 million, compared to Rs. 45.69 million in the preceding year.
📉 Operating expenses were contained at Rs. 8.88 million, a reduction from Rs. 10.18 million in the previous year.
🏢 Depreciation on Ijarah assets was Rs. 4.55 million compared to Rs. 6.80 million in the previous year.
💸 Other income increased to Rs. 2.46 million from Rs. 1.84 million in FY 2024.
📜 The Modaraba converted the loan through “other than right issue” and issued certificates to the Management company
📉 Earning per certificate reduced from Re.1.76 to Re.1.39
✅ Approved the distribution of profit at Rs. 1/- per certificate of Rs.10/- each (i.e. 10%)
🎯 Investment Thesis
HOLD. Given consistent profitability, PIM appears to be a stable investment. However, modest profit growth and declining certificate returns could indicate less upside potential. The distribution of Rs. 1 per share demonstrates management’s confidence in future operations. But based on current financial performance, PIM presents a moderate hold.
Popular Islamic Modaraba has announced its 12th Annual Review Meeting to be held on Tuesday, October 28, 2025, to review the Modaraba’s performance for the year ended June 30, 2025. The announcement specifies that the share transfer book will be closed from October 21, 2025, to October 28, 2025, to determine eligible certificate holders. The notice also addresses withholding tax on dividends, the availability of audited financial statements online, and the mandatory payment of dividends through electronic mode as per the Companies Act 2017. Certificate holders are encouraged to convert physical certificates into book-entry form and claim any unclaimed dividends to comply with regulatory requirements.
Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEUTRAL
Time Horizon: MEDIUM_TERM
📌 Key Takeaways
🗓️ Annual Review Meeting scheduled for October 28, 2025, to assess performance until June 30, 2025.
🔒 Share transfer books will be closed from October 21-28, 2025, for eligibility determination.
tax on dividends will be deducted according to the Income Tax Ordinance, 2001.
🌐 Audited financial statements are accessible online via a provided weblink and QR code.
💰 Payment of dividends is mandatory through electronic mode as per Section 242 of the Companies Act 2017.
🏦 Certificate holders must provide bank details for electronic dividend payments.
🔗 CDS account holders should submit bank details directly to their participant/CDC Investor Account Service.
📜 Physical certificates should be converted to book-entry form per Section 72 of the Companies Act, 2017.
⏱️ Conversion of physical certificates to book-entry form should be completed within four years from May 30, 2017.
📈 Book-entry form facilitates safe custody and easier trading of certificates.
⏳ Unclaimed dividends unclaimed for three years will be deposited with the Federal Government as per Section 244 of the Companies Act, 2017.
📄 Ninety-day notice will be issued for unclaimed dividends before depositing with the government.
⚠️ Non-compliance with dividend mandate may result in withheld dividend payments.
📍 The meeting will be held at 406-410, 4th Floor, Chapal Plaza, HasratMohani Road, Off. I.I.Chundrigar Road, Karachi
🎯 Investment Thesis
Based solely on this announcement, a HOLD recommendation is appropriate. The notice is purely administrative and doesn’t provide enough information to make an informed investment decision. A comprehensive analysis of the company’s financial performance and future prospects is needed before considering a BUY or SELL decision.
What this means: 🏢 Meeting News: Company board is meeting to make important decisions. Stock price may move after the meeting based on what they decide.
🏢 Company & Announcement
SymbolPIM
CompanyPopular Islamic Modaraba
DateSep 26, 2025
Time2:28 PM
Announcement Title:
Board Meeting
🧠 Investment Thesis
The announcement provides information about an upcoming board meeting to discuss financial results and potential entitlements. The closed period for trading suggests investors should be cautious and await the outcome of the board meeting before making any investment decisions. The ‘HOLD’ recommendation is based on the absence of concrete information about the financial performance or dividend payouts.
📋 Key Highlights
Board meeting to be held on October 3, 2025, to consider financial statements for the year ended June 30, 2025.
Potential declaration of entitlements will be discussed.
Trading of Popular Islamic Modaraba certificates is restricted from September 26 to October 3, 2025.
⚠️ Risk Assessment
Uncertainty regarding the declaration of any entitlements.
{
"sentiment": "NEUTRAL",
"signal": "HOLD",
"strength": 5,
"brief_summary": "Popular Islamic Modaraba is holding a board meeting on October 3, 2025, to review the financial statements for the year ended June 30, 2025, and consider declaring any entitlements. There is a closed period for trading of the company's certificates from September 26 to October 3, 2025.",
"key_points": [
"Board meeting to be held on October 3, 2025, to consider financial statements for the year ended June 30, 2025.",
"Potential declaration of entitlements will be discussed.",
"Trading of Popular Islamic Modaraba certificates is restricted from September 26 to October 3, 2025."
],
"financial_impact": "MEDIUM",
"price_target": "No specific price target can be derived from this announcement.",
"risk_factors": [
"Uncertainty regarding the declaration of any entitlements.",
"Closed period restricts trading activity."
],
"investment_thesis": "The announcement provides information about an upcoming board meeting to discuss financial results and potential entitlements. The closed period for trading suggests investors should be cautious and await the outcome of the board meeting before making any investment decisions. The 'HOLD' recommendation is based on the absence of concrete information about the financial performance or dividend payouts.",
"simple_note": "\ud83c\udfe2 Meeting News: Company board is meeting to make important decisions. Stock price may move after the meeting based on what they decide."
}
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.
