Last close · 16 Oct 2026
Rs 20.05 -2.58%
Financials
First Punjab Modaraba (FPJM) financials
19 years of annual results (FY2007 – FY2025), 70 quarters.
First Punjab Modaraba (FPJM) reported revenue of Rs 251.5 mn for FY2025 (Jan – Dec 2025), down 33.8% from FY2024.
It made a loss of Rs 172.9 mn attributable to shareholders (EPS Rs -5.08).
No cash dividend was declared for FY2025.
Return on equity was -19.8%.
Over the last five years revenue grew at a compound 3.8% a year.
At Rs 20.05 (close on 16 Oct 2026) the shares trade at 0.45× book value.
Fundamentals
FPJM at a glance
Revenue · FY2025
Rs 251.5 mn
▼ 33.8% year on year
Profit attributable to shareholders · FY2025
-Rs 172.9 mn
EPS – basic (Rs) · FY2025
Rs -5.08
Dividend per share (Rs) · FY2025
Rs 0.00
Total assets · FY2025
Rs 1.7 bn
▼ 11.9% year on year
Return on equity (ROE) · FY2025
-19.8%
+12.4 pts year on year
Financial statements
Income statement
Revenue, costs, profit and earnings per share.
- Revenue · FY2025
- Rs 251.5 mn
- Profit attributable · FY2025
- -Rs 172.9 mn
Balance sheet
Assets, liabilities, debt and shareholders' equity.
- Total assets · FY2025
- Rs 1.7 bn
- Equity · FY2025
- Rs 1.5 bn
Financial highlights
FPJM financial results
| Rs mn | FY2025 * Jan – Dec 2025 | FY2024 * Jan – Dec 2024 | FY2023 * Jan – Dec 2023 | FY2022 * Jan – Dec 2022 | FY2021 * Jul 2020 – Jun 2021 | FY2020 Jul 2019 – Jun 2020 | FY2019 Jul 2018 – Jun 2019 | FY2018 * Jul 2017 – Jun 2018 | FY2017 Jul 2016 – Jun 2017 | FY2016 Jul 2015 – Jun 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 251.5 | 380.0 | 316.3 | 236.1 | — | 208.5 | 199.8 | 142.6 | 167.5 | 137.9 |
| Profit before tax | (169.2) | (73.7) | (153.3) | (81.6) | — | (56.0) | 7.7 | 21.4 | 12.9 | 21.2 |
| Profit attributable to shareholders | (172.9) | (94.4) | (111.6) | (89.6) | — | (56.2) | 7.0 | 22.4 | 16.8 | 27.5 |
| EPS – basic (Rs) Rs | (5.08) | (2.77) | (3.28) | (2.63) | — | (1.65) | 0.21 | 0.66 | 0.49 | 0.81 |
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.50 | 0.50 | 0.50 |
| Total assets | 1,739.9 | 1,975.6 | 2,189.7 | 2,070.5 | — | 2,101.8 | 2,136.0 | 1,986.7 | 1,864.0 | 1,427.4 |
| Borrowings | 0.0 | 1,485.0 | 1,485.0 | 1,825.0 | — | 1,662.3 | 1,669.1 | 1,593.5 | 1,501.2 | 1,055.9 |
| Total equity | 1,535.4 | 208.0 | 378.1 | 3.7 | — | 130.0 | 185.8 | 186.9 | 181.5 | 181.7 |
| Rs mn | TTM to Jun 2026 | Q2 FY2026 Apr – Jun 2026 | Q1 FY2026 Jan – Mar 2026 | Q4 FY2025 Oct – Dec 2025 | Q3 FY2025 Jul – Sep 2025 | Q2 FY2025 Apr – Jun 2025 | Q1 FY2025 Jan – Mar 2025 | Q4 FY2024 Oct – Dec 2024 | Q3 FY2024 Jul – Sep 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 213.2 | 48.1 | 54.4 | 59.7 | 51.0 | 59.1 | 61.5 | 63.3 | 101.7 |
| Profit before tax | (80.2) | (16.9) | 1.2 | (42.8) | (21.7) | (54.3) | (47.8) | (89.1) | 3.1 |
| Profit attributable to shareholders | (85.4) | (16.9) | 0.5 | (46.4) | (22.5) | (41.0) | (63.0) | (114.6) | 5.6 |
| EPS – basic (Rs) Rs | (2.51) | (0.50) | 0.01 | (1.36) | (0.66) | (1.21) | (1.85) | (3.37) | 0.16 |
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total assets | 1,715.3 | 1,715.3 | 1,781.5 | 1,739.9 | 1,803.7 | 2,299.2 | 1,860.9 | 1,975.6 | 2,108.3 |
| Borrowings | — | — | — | 0.0 | 0.0 | 0.0 | 1,485.0 | 1,485.0 | 1,485.0 |
| Total equity | 1,519.0 | 1,519.0 | 1,535.8 | 1,535.4 | 1,581.5 | 2,104.0 | 145.0 | 208.0 | 398.3 |
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets. Free cash flow and book value per share are calculated by Smart Money; TTM = the latest four quarters. * Some FY2025 figures do not fully reconcile in the source data. Updated 16 Oct 2026.