Page 1 of 9

April 23, 2025

The General Manager

Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi.

Contact: 021-32439618; 021-35274381

Fax: 021-111-573-329

Subject: FINANCIAL RESULTS FOR THE NINE MONTHS & THIRD QUARTER
ENDED MARCH 31, 2025

Dear Sir,

We have to inform you that the Board of Directors of our Company in their meeting held on
Tuesday, April 22, 2025 at 04:00 p.m. at Arif Habib Centre, 23, M.T. Khan Road, Karachi,
and via Zoom video conferencing recommended the following:

i. CASH DIVIDEND NIL

ii. BONUS SHARES NIL

iii. RIGHT SHARES NIL

iv. ANY OTHER ENTITLEMENT/CORPORATE ACTION NIL

v. ANY OTHER PRICE SENSITIVE INFORMATION NIL

The financial results of the Company are attached herewith.

The Quarterly Report of the Company for the period ended March 31, 2025 will be
transmitted through PUCARS separately, within the specified time.

Yours faithfully,

Muhammad Taha Siddiqui

Company Secretary
 Page 2 of 9
CONDENSED INTERIM UNCONSOLIDATED STATEMENT
OF FINANCIAL POSITION (UNAUDITED)
AS AT MARCH 31, 2025

(Un-audited) (Audited)
March 31, June 30,
2025 2024
ASSETS Note ––––––––– Rupees –––––––––
Non-current assets
Property and equipment 3 54,498,459 58,108,527
Right-of-use assets 45,865,426 63,325,707
Intangible assets 5,308,759 5,436,719
Long term investment 73,180,528 68,461,607
Investment property 43,900,000 38,900,000
Long-term advances, deposits and other receivable 17,220,372 41,594,332
Deferred tax - net 4 7,848,890 8,941,185
247,822,434 284,768,077
Current assets
Short term investments 5 669,870,507 550,705,642
Trade debts 6 367,412,980 344,498,851
Receivable against margin financing 313,983,798 117,387,003
Advances, deposits and prepayments 7 476,853,136 185,081,675
Accrued markup on margin financing 11,532,128 4,526,291
Receivable against trading of securities - net 82,461,681 -
Other receivables 8 335,180,771 998,174,239
Income tax refundable 9 - 2,594,059
Cash and bank balances 10 4,228,671,277 3,192,161,622
6,485,966,278 5,395,129,382
Total assets 6,733,788,712 5,679,897,459
EQUITY AND LIABILITIES
Share capital and reserves
Authorized capital 750,000,000 750,000,000
Issued, subscribed and paid-up capital 653,400,000 653,400,000
Capital reserves
Surplus on revaluation of property 7,835,000 7,835,000
Revenue reserves
Unappropriated profits 1,035,673,330 611,946,740
Total equity 1,696,908,330 1,273,181,740
Non-current liabilities
Lease liability 26,554,277 43,866,648
Current liabilities
Short term borrowings - secured 11 77,813,617 664,317,881
Current portion of lease liability 22,812,950 31,137,864
Trade and other payables 12 4,684,318,354 3,447,012,295
Unclaimed dividend 23,251,829 21,659,825
Payable against trading of securities - net - 198,721,206
Accrued markup on short term borrowings 21,901,739 -
Income tax payable 9 180,227,619 -
5,010,326,109 4,362,849,071
Contingencies and commitments 13 - -
Total equity and liabilities 6,733,788,715 5,679,897,459
 Page 3 of 9

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)

FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2025

For the nine month ended For the quarter ended

Restated Restated
March 31, March 31, March 31, March 31,
2025 2024 2025 2024
Note ––––––––– Rupees ––––––––– ––––––––– Rupees –––––––––

Operating revenue 14 1,151,001,788 776,305,822 364,541,662 279,139,345

Realized gain on disposal of investments 717,891,531 181,958,800 284,607,032 129,982,743

Realized gain on sale of investment property - 649,029 - -

1,868,893,319 958,913,651 649,148,694 409,122,088

Net change in unrealized gain on investments 25,679,429 6,105,110 (80,707,239) (6,470,047)

Net change in unrealized loss on investment property - (749,029) - -

1,894,572,748 964,269,732 568,441,455 402,652,041

Administrative and operating expenses (1,014,659,308) (563,649,664) (220,823,111) (229,614,979)

Other charges (46,551,572) (1,754,955) - 100,000
Other operating income 303,915,857 185,685,965 66,845,128 101,394,630

1,137,277,726 584,551,078 414,463,473 274,531,692

Finance costs (71,537,677) (98,738,768) (36,654,793) (18,951,626)

Profit before levies and taxation 1,065,740,049 485,812,310 377,808,680 255,580,066

Levies 15 (110,197,584) (24,791,457) (43,594,303) 433,650

Profit before taxation 955,542,465 461,020,853 334,214,377 256,013,716

Taxation 16 (205,115,875) (25,773,061) (88,578,320) (2,043,951)

Profit after taxation 750,426,590 435,247,792 245,636,057 253,969,765

Earnings per share - basic and diluted 17 11.48 6.66 3.76 3.89
 Page 4 of 9

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

Reserves

Issued, Surplus on
subscribed & revaluation of Total
Unappropriated Sub-total
paid up capital property
profits

–––––––––––––––––– Rupees ––––––––––––––––––

Balance as at June 30, 2023 653,400,000 4,333,017,286 7,835,000 4,340,852,286 4,994,252,286

Total comprehensive income for the nine months

ended March 31, 2024
- Profit after taxation - 435,247,792 - 435,247,792 435,247,792
- Other comprehensive income - - - - -
- 435,247,792 - 435,247,792 435,247,792

Transaction with owners

- Cash dividend paid @ 25% for the year ended - (163,350,000) - (163,350,000) (163,350,000)
June 30, 2023
- Transfer of net assets - (4,169,667,286) - (4,169,667,286) (4,169,667,286)
- (4,333,017,286) - (4,333,017,286) (4,333,017,286)
Balance as at March 31, 2024 653,400,000 435,247,792 7,835,000 443,082,792 1,096,482,792

Balance as at June 30, 2024 653,400,000 611,946,740 7,835,000 619,781,740 1,273,181,740

Balance as at July 1, 2024 653,400,000 611,946,740 7,835,000 619,781,740 1,273,181,740

Total comprehensive income for the nine months

ended March 31, 2025
- Profit after taxation - 750,426,590 - 750,426,590 750,426,590
- Other comprehensive income - - - - -
- 750,426,590 - 750,426,590 750,426,590
Transaction with owners
- Cash dividend paid @ 50% for the year ended June
June 30, 2024 - (326,700,000) - (326,700,000) (326,700,000)

Balance as at March 31, 2025 653,400,000 1,035,673,330 7,835,000 1,043,508,330 1,696,908,330

 Page 5 of 9

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2025

Restated
March 31, March 31,
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES Note ––––––––– Rupees –––––––––
Profit before levies and taxation 1,065,740,049 485,812,310
Adjustments for:
- Depreciation on property and equipment 9,199,171 10,099,790
- Depreciation on right-of-use-assets 17,460,281 20,061,814
- Amortization of intangible assets 127,960 93,483
- Net change in unrealized loss on investments (25,679,429) (6,105,110)
- (Gain) / Loss on sale of short term investment (717,891,531) (181,958,800)
- Loss on disposal of property and equipment 57,113 -
- Realized gain on sale of investment property - (649,029)
- Net change in unrealized gain on investment property - 749,029
- Mark up on reverse repo transactions (38,637,941) (7,921,244)
- Profit on savings accounts (249,372,389) (169,320,973)
- Profit on exposure deposit (15,905,527) (8,172,204)
- Reversal of provision of bad debt - (271,544)
- Finance costs 71,537,677 98,738,768
(949,104,615) (244,656,020)
Cash generated from operating activities before
working capital changes 116,635,433 241,156,290
Effect on cash flow due to working capital changes
(Increase)/decrease in current assets
- Short-term investments 619,687,174 986,956,674
- Trade debts (22,914,129) (122,526,051)
- Receivable / payable against sales / purchase of securities - net (281,182,887) 67,524,165
- Receivable against margin financing (196,596,795) (9,187,135)
- Advances, deposits and prepayments (291,771,461) (564,312,856)
- Accrued markup on margin financing (7,005,837) 3,245,230
- Other receivables 416,942,789 734,391,795
Increase/(decrease) in current liabilities
- Trade and other payables 1,237,306,059 4,628,351,479
1,474,464,913 5,724,443,301
Cash generated from operations 1,591,100,346 5,965,599,591
Taxes paid 9.1 (131,399,486) (93,868,337)
Finance costs paid (49,635,938) (116,050,588)
Net cash generated from operating activities 1,410,064,922 5,755,680,666
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment 3 (5,715,215) (4,347,845)
Proceeds from disposal of investment property - 7,500,000
Expenditure on investment property - net (5,000,000)
Proceed from disposal of property and equipment 69,000 320,000
Profit on savings accounts received during the year 249,372,389 169,320,973
Profit on exposure deposit received during the year 15,905,527 8,172,204
Proceeds from reverse repo receivable (92,315,977) -
Amount received against scheme of demerger 377,004,597 -
Long-term advances and deposits 24,373,959 (22,000)
Net cash generated from / (used in) investing activities 563,694,280 180,943,332
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of lease liability (principal) (25,637,285) (24,408,398)
Dividend paid (325,107,996) (162,619,273)
Net cash used in financing activities (350,745,281) (187,027,671)
Net increase / (decrease) in cash and cash equivalents 1,623,013,921 5,749,596,327
Cash and cash equivalents at the beginning of the year 2,527,843,741 (630,707,406)
Cash and cash equivalents at the end of the year 18 4,150,857,662 5,118,888,921
 Page 6 of 9

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT MARCH 31, 2025

(Un-audited) (Audited)
March 31, June 30,
2025 2024
ASSETS Note ––––––––– Rupees –––––––––
Non-current assets
Property and equipment 3 57,067,186 60,293,364
Right-of-use assets 45,865,426 63,325,707
Intangible assets 6,308,759 6,436,719
Long term investment 35,180,528 30,461,607
Investment property 43,900,000 38,900,000
Long-term advances, deposits and other receivable 26,120,373 50,494,333
Deferred tax - net 4 7,848,890 8,941,185
222,291,162 258,852,915
Current assets
Short term investments 5 669,870,507 550,705,642
Trade debts 6 367,412,980 335,294,445
Receivable against margin financing 313,983,798 117,387,003
Advances, deposits and prepayments 7 477,494,289 186,809,177
Accrued markup on margin financing 11,532,128 4,526,291
Receivable under margin trading system 3,728,236 12,631,269
Receivable against trading of securities - net 82,461,681 -
Other receivables 8 335,180,771 998,174,239
Income tax refundable 9 - 1,790,619
Cash and bank balances 10 4,254,558,447 3,214,235,795
6,516,222,837 5,421,554,480
Total assets 6,738,513,999 5,680,407,395
EQUITY AND LIABILITIES
Share capital and reserves
Authorized capital 750,000,000 750,000,000
Issued, subscribed and paid-up capital 653,400,000 653,400,000
Capital reserves
Surplus on revaluation of property 7,835,000 7,835,000
Revenue reserves
Unappropriated profits 1,061,355,798 632,189,798
Total equity 1,722,590,798 1,293,424,798
Non-current liabilities
Lease liability 26,554,277 43,866,648
Current liabilities
Short term borrowings - secured 11 77,808,617 664,317,881
Current portion of lease liability 22,812,950 31,137,864
Trade and other payables 12 4,664,472,512 3,427,279,173
Unclaimed dividend 23,251,829 21,659,825
Payable against trading of securities - net - 198,721,206
Accrued markup on short term borrowings 21,901,739 -
Income tax payable 9 179,121,280 -
4,989,368,928 4,343,115,949
Contingencies and commitments 13 - -
Total equity and liabilities 6,738,514,002 5,680,407,395
 Page 7 of 9

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

For the nine month ended For the quarter ended

Restated Restated
March 31, March 31, March 31, March 31,
2025 2024 2025 2024
Note ––––––––– Rupees ––––––––– ––––––––– Rupees –––––––––

Operating revenue 14 1,182,391,036 803,291,304 374,534,327 288,218,198

Realized gain on disposal of investments 717,891,531 181,958,800 284,607,032 129,982,743

Realized gain on sale of investment property - 649,029 - -

1,900,282,567 985,899,133 659,141,359 418,200,941

Net change in unrealized gain on investments 25,679,429 6,105,110 (80,707,239) (6,470,047)

Net change in unrealized loss on investment property - (749,029) - -

1,925,961,996 991,255,214 578,434,120 411,730,894

Administrative and operating expenses (1,050,206,222) (590,432,363) (230,481,166) (238,935,705)

Other charges (46,551,572) (1,754,955) - 100,000
Other operating income 314,072,102 191,907,969 66,930,010 104,809,578

1,143,276,305 590,975,865 414,882,965 277,704,767

Finance costs (71,576,729) (98,752,288) (36,671,698) (18,955,863)

Profit before levies and taxation 1,071,699,576 492,223,577 378,211,267 258,748,904

Levies 15 (110,197,584) (24,791,457) (43,594,303) 433,650

Profit before taxation 961,501,992 467,432,120 334,616,964 259,182,554

Taxation 16 (205,635,992) (26,188,155) (88,704,561) (7,817,432)

Profit after taxation 755,866,000 441,243,965 245,912,403 251,365,122

Earnings per share - basic and diluted 17 11.57 6.75 3.76 3.85
 Page 8 of 9

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

Reserves

Issued, Surplus on
subscribed & revaluation of Total
Unappropriated Sub-total
paid up capital property
profits

–––––––––––––––––– Rupees ––––––––––––––––––

Balance as at June 30, 2023 653,400,000 4,347,081,897 7,835,000 4,354,916,897 5,008,316,897

Total comprehensive income for the nine months

ended March 31, 2024
- Profit after taxation - 441,243,965 - 441,243,965 441,243,965
- Other comprehensive income - - - - -
- 441,243,965 - 441,243,965 441,243,965

Transaction with owners

- Cash dividend paid @ 25% for the year ended - (163,350,000) - (163,350,000) (163,350,000)
June 30, 2023
- Transfer of net assets - (4,169,667,286) - (4,169,667,286) (4,169,667,286)
- (4,333,017,286) - (4,333,017,286) (4,333,017,286)
Balance as at March 31, 2024 653,400,000 455,308,576 7,835,000 463,143,576 1,116,543,576

Balance as at June 30, 2024 653,400,000 632,189,798 7,835,000 640,024,798 1,293,424,798

Balance as at July 1, 2024 653,400,000 632,189,798 7,835,000 640,024,798 1,293,424,798

Total comprehensive income for the nine months

ended March 31, 2025
- Profit after taxation - 755,866,000 - 755,866,000 755,866,000
- Other comprehensive income - - - - -
- 755,866,000 - 755,866,000 755,866,000
Transaction with owners
- Cash dividend paid @ 50% for the year ended June
June 30, 2024 - (326,700,000) - (326,700,000) (326,700,000)

Balance as at March 31, 2025 653,400,000 1,061,355,798 7,835,000 1,069,190,798 1,722,590,798

 Page 9 of 9

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025
For the nine month ended
Restated
March 31, March 31,
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES Note ––––––––– Rupees –––––––––

Profit before levies and taxation 1,071,699,576 492,223,577

Adjustments for:
- Depreciation on property and equipment 10,450,477 10,509,621
- Depreciation on right-of-use-assets 17,460,281 20,061,814
- Amortization of intangible assets 127,960 93,483
- Net change in unrealized loss on investments (25,679,429) (6,105,110)
- (Gain) / Loss on sale of short term investment (717,891,531) (181,958,800)
- Loss on disposal of property and equipment 57,113 -
- Realized gain on sale of investment property - (649,029)
- Net change in unrealized gain on investment property - 749,029
- Mark up on reverse repo transactions (38,637,941) (7,921,244)
- Profit on savings accounts (259,227,261) (173,748,594)
- Profit on exposure deposit (15,905,527) (8,172,204)
- Reversal of provision of bad debt - (271,544)
- Finance costs 71,576,729 98,752,288
(957,669,129) (248,660,290)
Cash generated from operating activities before
working capital changes 114,030,446 243,563,287
Effect on cash flow due to working capital changes
(Increase)/decrease in current assets
- Short-term investments 619,687,174 986,956,674
- Trade debts (32,118,535) (122,526,051)
- Receivable / payable against sales / purchase of securities - net (281,182,887) 67,524,165
- Receivable against margin financing (196,596,795) (9,187,135)
- Receivable under margin trading system 8,903,033 (1,922,134)
- Advances, deposits and prepayments (290,685,112) (566,026,376)
- Accrued markup on margin financing (7,005,837) 3,245,230
- Other receivables 416,942,789 734,391,795
Increase/(decrease) in current liabilities
- Trade and other payables 1,237,193,339 4,628,351,479
1,475,137,169 5,720,807,647
Cash generated from operations 1,589,167,615 5,964,370,934
Taxes paid 9.1 (133,829,382) (93,868,337)
Finance costs paid (49,674,990) (116,050,588)
Net cash generated from operating activities 1,405,663,243 5,754,452,009
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment 3 (7,350,411) (4,347,845)
Proceeds from disposal of investment property - 7,500,000
Expenditure on investment property - net (5,000,000)
Proceed from disposal of property and equipment 69,000 320,000
Investment in Naya Nazimabad REIT - -
Profit on savings accounts received during the year 259,227,261 173,748,594
Profit on exposure deposit received during the year 15,905,527 8,172,204
Proceeds from reverse repo receivable (92,315,977) -
Amount received against scheme of demerger 377,004,597 -
Long-term advances and deposits 24,373,959 (22,000)
Net cash generated from / (used in) investing activities 571,913,956 185,370,953
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of lease liability (principal) (25,637,285) (24,408,398)
Dividend paid (325,107,996) (162,619,273)
Net cash used in financing activities (350,745,281) (187,027,671)
Net increase / (decrease) in cash and cash equivalents 1,626,831,918 5,752,795,291
Cash and cash equivalents at the beginning of the year 2,549,917,914 (614,653,451)
Cash and cash equivalents at the end of the year 18 4,176,749,832 5,138,141,840