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Modarabas

FEM First Equity Modaraba

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

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 Q3 FY2024 Jan – Mar 2024 Q2 FY2024 Oct – Dec 2023 Q1 FY2024 Jul – Sep 2023 Q4 FY2023 Apr – Jun 2023 Q3 FY2023 Jan – Mar 2023 Q2 FY2023 Oct – Dec 2022 Q1 FY2023 Jul – Sep 2022 Q4 FY2022 Apr – Jun 2022 Q3 FY2022 Jan – Mar 2022 Q2 FY2022 Oct – Dec 2021 Q1 FY2022 Jul – Sep 2021 Q4 FY2021 Apr – Jun 2021
Revenue (120.3) 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0) 0.6 5.8 0.4 — 1.1 (0.2) 2.7 495.2 (2.0) 4.3 20.5 396.1
Operating expenses (99.5) (9.0) (5.3) (7.1) (78.2) (7.2) (6.1) (4.8) (112.0) (4.7) (6.0) (5.1) — (6.3) (5.9) (4.9) (91.6) (5.7) (6.0) (5.6) (84.6)
Finance cost — — (0.0) (0.0) (23.4) — (0.0) (0.0) (115.9) — — — — — (0.0) — (30.2) — (0.0) (0.0) (40.4)
Profit before tax (244.6) (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6) (4.1) 0.1 (4.5) — (5.2) (6.1) (2.1) 359.0 (7.6) (1.5) 14.9 256.6
Taxation 29.9 (0.3) (1.0) (0.0) 31.2 (0.0) (0.6) (0.0) 160.6 0.0 (0.5) (0.1) — (0.0) (0.5) (0.2) (157.4) (0.1) (0.8) (2.8) (3.7)
Profit after tax (214.7) (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) — (5.2) (6.6) (2.3) 201.5 (7.7) (2.3) 12.1 252.9
Profit attributable to shareholders (214.7) (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) — (5.2) (6.6) (2.3) 201.5 (7.7) (2.3) 12.1 252.9
Per share
EPS – basic (Rs) Rs (3.98) (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68) (0.08) (0.01) (0.09) — (0.10) (0.13) (0.04) 3.84 (0.15) (0.04) 0.23 4.82
Dividend per share (Rs) Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50
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 Q3 FY2024 Jan – Mar 2024 Q2 FY2024 Oct – Dec 2023 Q1 FY2024 Jul – Sep 2023 Q4 FY2023 Apr – Jun 2023 Q3 FY2023 Jan – Mar 2023 Q2 FY2023 Oct – Dec 2022 Q1 FY2023 Jul – Sep 2022 Q4 FY2022 Apr – Jun 2022 Q3 FY2022 Jan – Mar 2022 Q2 FY2022 Oct – Dec 2021 Q1 FY2022 Jul – Sep 2021 Q4 FY2021 Apr – Jun 2021
Revenue +375.1% +94.0% +207.1% — +196.8% +106.6% +276.1% — -46.1% — -83.6% — — -104.8% -86.6% +25.0% -135.3% -47.9% +192.0% +469.5%
Operating expenses +25.2% -13.1% +46.9% -30.2% +53.1% +1.6% -5.1% — -25.6% +1.1% +4.8% — +10.9% -2.2% -13.5% +8.3% +63.0% +23.9% +19.8% +36.4%
Finance cost — +381.3% +6,048.3% -79.8% — — — — — — — — — +484.4% — -25.1% — -60.5% -98.1% -18.0%
Profit before tax — +191.5% — — — +5,321.0% — — — — — — — — -114.0% +39.9% -463.8% -141.9% +422.6% —
Taxation +17,902.7% +67.5% -86.0% — — +16.8% -88.1% — -100.0% -2.8% -70.6% — -74.5% -37.9% -92.0% +4,190.1% — — — -51.3%
Profit after tax — +204.6% — — — — — — — — — — — — -119.1% -20.3% -466.1% -166.1% +323.4% —
Profit attributable to shareholders — +204.6% — — — — — — — — — — — — -119.1% -20.3% -466.1% -166.1% +323.4% —
Per share
EPS – basic (Rs) — +204.8% — — — — — — — — — — — — -119.1% -20.3% -466.1% -166.1% +323.3% —
Dividend per share (Rs) — — — — — — — — — — — — — — — -100.0% — — — —

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 Q3 FY2024 Jan – Mar 2024 Q2 FY2024 Oct – Dec 2023 Q1 FY2024 Jul – Sep 2023 Q4 FY2023 Apr – Jun 2023 Q3 FY2023 Jan – Mar 2023 Q2 FY2023 Oct – Dec 2022 Q1 FY2023 Jul – Sep 2022 Q4 FY2022 Apr – Jun 2022 Q3 FY2022 Jan – Mar 2022 Q2 FY2022 Oct – Dec 2021 Q1 FY2022 Jul – Sep 2021 Q4 FY2021 Apr – Jun 2021
Revenue 100.0% 100.0% 100.0% — 100.0% 100.0% 100.0% — 100.0% 100.0% 100.0% — 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%) — (774.5%) (102.1%) (1,130.6%) — (561.1%) — (176.9%) (18.5%) — (140.5%) (27.4%) (21.4%)
Finance cost — (0.0%) (0.1%) — — (0.0%) (0.0%) — — — — — — — — (6.1%) — (0.0%) (0.0%) (10.2%)
Profit before tax (3.9%) 77.8% (33.8%) — (290.3%) 51.8% (182.1%) — (674.5%) 2.0% (1,005.7%) — (461.1%) — (75.7%) 72.5% — (34.2%) 72.8% 64.8%
Taxation (3.9%) (4.3%) (0.0%) — (0.1%) (4.9%) (0.5%) — 0.0% (8.8%) (14.8%) — (1.1%) — (8.2%) (31.8%) — (19.7%) (13.8%) (0.9%)
Profit after tax (7.8%) 73.6% (33.9%) — (290.4%) 46.9% (182.5%) — (674.5%) (6.8%) (1,020.5%) — (462.2%) — (83.9%) 40.7% — (54.0%) 59.0% 63.8%
Profit attributable to shareholders (7.8%) 73.6% (33.9%) — (290.4%) 46.9% (182.5%) — (674.5%) (6.8%) (1,020.5%) — (462.2%) — (83.9%) 40.7% — (54.0%) 59.0% 63.8%

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 74
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 Q3 FY2024 Jan – Mar 2024 Q2 FY2024 Oct – Dec 2023 Q1 FY2024 Jul – Sep 2023 Q4 FY2023 Apr – Jun 2023
Revenue from Goods & Services 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0) 0.6 5.8 0.4 —
Sales of Goods & Services - Net - Unclassified 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0) 0.6 5.8 0.4 —
Revenue from Business Activities - Total 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0) 0.6 5.8 0.4 —
Selling, General & Administrative Expenses - Total — — — 3.3 — — — 24.7 — — — —
Other Operating Expense/(Income) - Net 9.0 5.3 7.1 74.8 7.2 6.1 4.8 87.4 4.7 6.0 5.1 —
Gross Profit - Industrials/Property - Total 8.5 23.4 5.2 (157.4) 1.8 12.0 1.7 (283.0) 0.6 5.8 0.4 —
Operating Expenses - Total 9.0 5.3 7.1 78.2 7.2 6.1 4.8 112.0 4.7 6.0 5.1 —
Operating Profit before Non-Recurring Income/(Expense) (0.4) 18.1 (1.9) (235.5) (5.4) 6.0 (3.1) (395.0) (4.1) (0.1) (4.6) —
Financing Income/(Expense) - Net - Total (0.0) (0.0) (0.0) (23.4) (0.0) (0.0) (0.0) (115.9) — (0.0) (0.0) —
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 4.7 6.0 5.1 —
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) — — — — (0.0) (0.0) —
Non-Interest Financial Income/(Expense) - Other - Net (0.0) — — — (0.0) — — — — (0.0) (0.0) —
Other Non-Operating Income/(Expense) - Total 0.1 0.1 0.1 (1.7) 0.2 0.2 0.1 (54.7) — 0.2 0.1 —
Normalized Pre-tax Profit (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6) (4.1) 0.1 (4.5) —
Provision for Income Tax Expense- Unclassified 0.3 1.0 0.0 (31.2) 0.0 0.6 0.0 (160.6) 0.0 0.5 0.1 —
Income before Taxes (0.3) 18.2 (1.8) (260.7) (5.2) 6.2 (3.1) (565.6) (4.1) 0.1 (4.5) —
Income Taxes 0.3 1.0 0.0 (31.2) 0.0 0.6 0.0 (160.6) 0.0 0.5 0.1 —
Net Income after Tax (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Income before Discontinued Operations & Extraordinary Items (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Net Income before Minority Interest (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Net Income after Minority Interest (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Income Available to Common Shares (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
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 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) (4.1) (0.4) (4.6) —
Income available to Common excluding Extraordinary Items (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Shares used to calculate Basic EPS - Total mn 50.9 52.4 51.7 53.9 52.6 52.4 52.3 52.7 52.2 52.4 52.1 —
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) (0.08) (0.01) (0.09) —
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) (0.08) (0.01) (0.09) —
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68) (0.08) (0.01) (0.09) —
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) (4.1) (0.4) (4.6) —
Earnings Allocation Factor - Basic - Issue Specific 1.00× 1.00× 1.00× 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 52.2 52.4 52.1 —
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) (0.08) (0.01) (0.09) —
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) (0.08) (0.01) (0.09) —
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) (0.08) (0.01) (0.09) —
EPS - Basic from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 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) (4.1) (0.4) (4.6) —
Diluted Income available to Common excluding Extraordinary Items (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Shares used to calculate Diluted EPS - Total mn 50.9 52.4 51.7 53.9 52.6 52.4 52.3 52.7 52.2 52.4 52.1 —
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) (0.08) (0.01) (0.09) —
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) (0.08) (0.01) (0.09) —
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs (0.01) 0.33 (0.03) (4.26) (0.10) 0.11 (0.06) (7.68) (0.08) (0.01) (0.09) —
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) (4.1) (0.4) (4.6) —
Earnings Allocation Factor - Diluted - Issue Specific 1.00× 1.00× 1.00× 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 52.2 52.4 52.1 —
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) (0.08) (0.01) (0.09) —
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) (0.08) (0.01) (0.09) —
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) (0.08) (0.01) (0.09) —
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 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 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 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) (4.1) (0.1) (4.6) —
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) (0.2) 18.3 (1.7) (123.7) (5.1) 6.2 (2.9) (274.1) (3.9) 0.1 (4.4) —
Depreciation, Depletion & Amortization - Total 0.2 0.2 0.2 111.9 0.2 0.2 0.2 120.9 0.2 0.2 0.2 —
Depreciation - Total 0.2 0.2 0.2 111.9 0.2 0.2 0.2 120.9 0.2 0.2 0.2 —
Normalized after Tax Profit (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Normalized Net Income from Continuing Operations (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Normalized Net Income - Bottom Line (0.7) 17.2 (1.8) (229.5) (5.2) 5.6 (3.1) (405.0) (4.1) (0.4) (4.6) —
Earnings before Interest & Taxes (EBIT) - Normalized (0.3) 18.2 (1.8) (237.3) (5.2) 6.2 (3.1) (449.7) (4.1) 0.1 (4.5) —
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized (0.1) 18.4 (1.5) (125.4) (5.0) 6.5 (2.9) (328.8) (3.9) 0.3 (4.3) —
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 4.7 6.0 5.1 —
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) (4.1) 0.1 (4.5) —
DPS - Common - Gross - Issue - By Payable Date Rs 0.00 0.00 0.00 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 0.00 0.00 0.00 —
Tax Adjusted Operating Income — 17.2 — — — 5.6 — — — (0.4) — —
Operating Expenses excluding Non-Cash Charges - Total 8.7 5.0 6.9 (33.7) 6.9 5.8 4.6 (8.9) 4.5 5.7 4.9 —
Income Available to Common Shares before Depreciation & Amortization (0.4) 17.4 (1.6) (117.7) (5.0) 5.9 (2.9) (284.1) (3.9) (0.2) (4.4) —
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× 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 0.00 0.00 0.00 —

Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 12 periods; the table above goes back further.