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Modarabas

FEM First Equity Modaraba

Latest results: FY2025 · Jun 2025 Q3 FY2026 · Jan – Mar 2026

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Last close · 16 Oct 2026

Rs 11.98 +0.34%

Quarterly · Q4 FY2021 – Q3 FY2026

First Equity Modaraba (FEM) quarterly income statement

First Equity Modaraba reported revenue of Rs 8.5 mn for Q3 FY2026 (Jan – Mar 2026), up 375.1% on Q3 FY2025. The loss attributable to shareholders was Rs 661,055, or Rs -0.01 per share.

FEM income statement (quarterly) (Rs mn)
Rs mn TTM to Mar 2026 Q3 FY2026 Jan – Mar 2026 Q2 FY2026 Oct – Dec 2025 Q1 FY2026 Jul – Sep 2025 Q4 FY2025 Apr – Jun 2025 Q3 FY2025 Jan – Mar 2025 Q2 FY2025 Oct – Dec 2024 Q1 FY2025 Jul – Sep 2024 Q4 FY2024 Apr – Jun 2024
Revenue (120.3) 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0)
Operating expenses (99.5) (9.0) (5.3) (7.1) (78.2) (7.2) (6.1) (4.8) (112.0)
Finance cost — — (0.0) (0.0) (23.4) — (0.0) (0.0) (115.9)
Profit before tax (244.6) (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6)
Taxation 29.9 (0.3) (1.0) (0.0) 31.2 (0.0) (0.6) (0.0) 160.6
Profit after tax (214.7) (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Profit attributable to shareholders (214.7) (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Per share
EPS – basic (Rs) Rs (3.98) (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
Dividend per share (Rs) Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FEM income statement — year-on-year change (Rs mn)
Rs mn Q3 FY2026 Jan – Mar 2026 Q2 FY2026 Oct – Dec 2025 Q1 FY2026 Jul – Sep 2025 Q4 FY2025 Apr – Jun 2025 Q3 FY2025 Jan – Mar 2025 Q2 FY2025 Oct – Dec 2024 Q1 FY2025 Jul – Sep 2024 Q4 FY2024 Apr – Jun 2024
Revenue +375.1% +94.0% +207.1% — +196.8% +106.6% +276.1% —
Operating expenses +25.2% -13.1% +46.9% -30.2% +53.1% +1.6% -5.1% —
Finance cost — +381.3% +6,048.3% -79.8% — — — —
Profit before tax — +191.5% — — — +5,321.0% — —
Taxation +17,902.7% +67.5% -86.0% — — +16.8% -88.1% —
Profit after tax — +204.6% — — — — — —
Profit attributable to shareholders — +204.6% — — — — — —
Per share
EPS – basic (Rs) — +204.8% — — — — — —
Dividend per share (Rs) — — — — — — — —

Change against the same quarter a year earlier; shown when the earlier figure is positive.

FEM income statement — common size (Rs mn)
Rs mn Q3 FY2026 Jan – Mar 2026 Q2 FY2026 Oct – Dec 2025 Q1 FY2026 Jul – Sep 2025 Q4 FY2025 Apr – Jun 2025 Q3 FY2025 Jan – Mar 2025 Q2 FY2025 Oct – Dec 2024 Q1 FY2025 Jul – Sep 2024 Q4 FY2024 Apr – Jun 2024
Revenue 100.0% 100.0% 100.0% — 100.0% 100.0% 100.0% —
Operating expenses (105.2%) (22.5%) (136.5%) — (399.4%) (50.2%) (285.4%) —
Finance cost — (0.0%) (0.1%) — — (0.0%) (0.0%) —
Profit before tax (3.9%) 77.8% (33.8%) — (290.3%) 51.8% (182.1%) —
Taxation (3.9%) (4.3%) (0.0%) — (0.1%) (4.9%) (0.5%) —
Profit after tax (7.8%) 73.6% (33.9%) — (290.4%) 46.9% (182.5%) —
Profit attributable to shareholders (7.8%) 73.6% (33.9%) — (290.4%) 46.9% (182.5%) —

Each line as a percentage of revenue.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. TTM = the latest four quarters added together. Updated 16 Oct 2026.

All reported line items 79
FEM income statement — all reported line items (Rs mn)
Rs mn Q3 FY2026 Jan – Mar 2026 Q2 FY2026 Oct – Dec 2025 Q1 FY2026 Jul – Sep 2025 Q4 FY2025 Apr – Jun 2025 Q3 FY2025 Jan – Mar 2025 Q2 FY2025 Oct – Dec 2024 Q1 FY2025 Jul – Sep 2024 Q4 FY2024 Apr – Jun 2024
Revenue from Goods & Services 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0)
Sales of Goods & Services - Net - Unclassified 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0)
Revenue from Business Activities - Total 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0)
Selling, General & Administrative Expenses - Total — — — 3.3 — — — 24.7
Selling, General & Administrative Expenses - Unclassified — — — — — — — —
Other Operating Expense/(Income) - Net 9.0 5.3 7.1 74.8 7.2 6.1 4.8 87.4
Gross Profit - Industrials/Property - Total 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0)
Operating Expenses - Total 9.0 5.3 7.1 78.2 7.2 6.1 4.8 112.0
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses — — — — — — — —
Operating Profit before Non-Recurring Income/(Expense) (0.4) 18.1 (1.9) (235.5) (5.4) 6.0 (3.1) (395.0)
Financing Income/(Expense) - Net - Total (0.0) (0.0) (0.0) (23.4) (0.0) (0.0) (0.0) (115.9)
Interest Expense - Net of (Interest Income) — 0.0 0.0 23.4 — 0.0 0.0 115.9
Other Operating Expense 9.0 5.3 7.1 74.8 7.2 6.1 4.8 87.4
Interest Expense - Net of Capitalized Interest — 0.0 0.0 23.4 — 0.0 0.0 115.9
Non-Interest Financial Income/(Expense) - Total (0.0) — — — (0.0) — — —
Non-Interest Financial Income/(Expense) - Other - Net (0.0) — — — (0.0) — — —
Sale of Tangible & Intangible Fixed Assets - Gain/Loss — — — — — — — —
Other Non-Operating Income/(Expense) - Total 0.1 0.1 0.1 (1.7) 0.2 0.2 0.1 (54.7)
Normalized Pre-tax Profit (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6)
Interest Income - Non-Bank — — — — — — — —
Provision for Income Tax Expense- Unclassified 0.3 1.0 0.0 (31.2) 0.0 0.6 0.0 (160.6)
Income before Taxes (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6)
Income Taxes 0.3 1.0 0.0 (31.2) 0.0 0.6 0.0 (160.6)
Net Income after Tax (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Income before Discontinued Operations & Extraordinary Items (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Net Income before Minority Interest (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Net Income after Minority Interest (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Income Available to Common Shares (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
DPS - Common - Gross - Issue - By Period End Date Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Income - Basic - including Extraordinary Items Applicable to Common - Total (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Income available to Common excluding Extraordinary Items (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Shares used to calculate Basic EPS - Total mn 50.9 52.4 51.7 53.9 52.6 52.4 52.3 52.7
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Earnings Allocation Factor - Basic - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Basic EPS - Issue Specific mn 50.9 52.4 51.7 53.9 52.6 52.4 52.3 52.7
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Basic from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Diluted Income available to Common excluding Extraordinary Items (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Shares used to calculate Diluted EPS - Total mn 50.9 52.4 51.7 53.9 52.6 52.4 52.3 52.7
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Earnings Allocation Factor - Diluted - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Diluted EPS - Issue Specific mn 50.9 52.4 51.7 53.9 52.6 52.4 52.3 52.7
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68)
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DPS - Common - Gross - Issue - By Announcement Date Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DPS - Common - Net - Issue - By Announcement Date Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Earnings before Interest & Taxes (EBIT) (0.4) 18.1 (1.9) (235.5) (5.4) 6.0 (3.1) (395.0)
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) (0.2) 18.3 (1.7) (123.7) (5.1) 6.2 (2.9) (274.1)
Depreciation, Depletion & Amortization - Total 0.2 0.2 0.2 111.9 0.2 0.2 0.2 120.9
Depreciation - Total 0.2 0.2 0.2 111.9 0.2 0.2 0.2 120.9
Amortization of Intangible Assets excluding Goodwill - Total — — — — — — — —
Normalized after Tax Profit (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Normalized Net Income from Continuing Operations (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Normalized Net Income - Bottom Line (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0)
Earnings before Interest & Taxes (EBIT) - Normalized (0.3) 18.2 (1.8) (237.3) (5.2) 6.2 (3.1) (449.7)
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized (0.1) 18.4 (1.5) (125.4) (5.0) 6.5 (2.9) (328.8)
Interest Expense — 0.0 0.0 23.4 — 0.0 0.0 115.9
Operating Expenses 9.0 5.3 7.1 78.2 7.2 6.1 4.8 112.0
Selling, General & Administrative Expenses excluding Research & Development Expenses — — — 3.3 — — — 24.7
Income before Taxes & Provision for Loan Losses (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6)
DPS - Common - Gross - Issue - By Payable Date Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DPS - Common - Gross - Issue - By Ex Date Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tax Adjusted Operating Income — 17.2 — — — 5.6 — —
Operating Expenses excluding Non-Cash Charges - Total 8.7 5.0 6.9 (33.7) 6.9 5.8 4.6 (8.9)
Income Available to Common Shares before Depreciation & Amortization (0.4) 17.4 (1.6) (117.7) (5.0) 5.9 (2.9) (284.1)
Fixed Charges — 0.0 0.0 23.4 — 0.0 0.0 115.9
Estimated Tax Rate 0.29× 0.29× 0.29× 0.29× 0.29× 0.29× 0.29× 0.29×
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Every line the company reported, in the original order and wording, without regrouping or signs changed.