Income Statement Trust Modaraba

Stocks

TRSM

PK0049701011

Corporate Financial Services

End-of-day quote Pakistan S.E. Other stock markets 30/07/2026			5-day change	1st Jan Change
21.99 ^PKR	+10.01%		+42.05%	+16.60%

04-28	Trust Modaraba Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2026	CI
02-18	Trust Modaraba Appoints Wajid Sheikhani as CFO	CI

62fe61da7c781df1e7befe7a2b4ec5.XQhMtuo3UNM51jH57hMl1WfvPzk-UJ-dkOIGNvMpWY0.C0x44oJGErV8jEuMqWMQgjOgUQ8HN9Cqw7dSXb1dLPwWQyvUiGc4hGuuaA

Published financial data: TRUST MODARABA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021	2022	2023	2024	2025
Revenues	9.75M	15.66M	16.72M	13.72M	7.41M
Gain (Loss) on Sale of Investment, Total (Rev)	1.15M	-12.47M	-3.3M	8.51M	6.48M
Interest And Invest. Income (Rev)	25.19M	17.99M	24.81M	50.64M	55.71M
Other Revenues, Total	-	-	-	-	-
Total Revenues	36.09M	21.18M	38.23M	72.87M	69.6M
Cost of Goods Sold, Total	35.24M	43.34M	37.16M	41.19M	47.41M
Gross Profit	844K	-22.17M	1.07M	31.68M	22.19M
Selling General & Admin Expenses, Total	1.17M	1.88M	259K	3.61M	3.38M
Provision for Bad Debts	-	5.04M	1.69M	500K	-
Other Operating Expenses	-80K	-	-	-	403K
Other Operating Expenses, Total	1.09M	6.93M	1.95M	4.11M	3.78M
Operating Income	-242K	-29.09M	-874K	27.58M	18.41M
Other Non Operating Income (Expenses)	6.23M	8.52M	1.42M	2.32M	835K
EBT, Excl. Unusual Items	5.99M	-20.57M	544K	29.9M	19.24M
Merger & Related Restructuring Charges	-1.1M	-	-	-	-
Gain (Loss) On Sale Of Assets	1.19M	-3.67M	470K	-3.83M	4.06M
Asset Writedown	1.87M	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	37.34M	-	-	-
EBT, Incl. Unusual Items	7.95M	13.09M	1.01M	26.07M	23.3M
Income Tax Expense	1.35M	1.72M	1.09M	4.84M	4.91M
Earnings From Continuing Operations	6.61M	11.37M	-73.1K	21.23M	18.39M
Net Income to Company	6.61M	11.37M	-73.1K	21.23M	18.39M
Net Income - (IS)	6.61M	11.37M	-73.1K	21.23M	18.39M
Net Income to Common Incl Extra Items	6.61M	11.37M	-73.1K	21.23M	18.39M
Net Income to Common Excl. Extra Items	6.61M	11.37M	-73.1K	21.23M	18.39M
Per Share Items
Net EPS - Basic	0.22	0.38	-0	0.71	0.62
Basic EPS - Continuing Operations	0.22	0.38	-0	0.71	0.62
Basic Weighted Average Shares Outstanding	29.8M	29.8M	29.8M	29.8M	29.8M
Net EPS - Diluted	0.22	0.38	-0	0.71	0.62
Diluted EPS - Continuing Operations	0.22	0.38	-0	0.71	0.62
Diluted Weighted Average Shares Outstanding	29.8M	29.8M	29.8M	29.8M	29.8M
Normalized Basic EPS	0.13	-0.43	0.01	0.63	0.4
Normalized Diluted EPS	0.13	-0.43	0.01	0.63	0.4
Dividend Per Share	-	-	-	0.5	-
Payout Ratio	0.02	0.48	-4.36	0.02	76.3
Supplemental Items
EBITDA	202K	-28.54M	484K	28.89M	19.81M
EBITA	-242K	-29.09M	-830K	27.81M	18.81M
EBIT	-242K	-29.09M	-874K	27.58M	18.41M
EBITDAR	2.81M	-26.58M	1.98M	-	-
Total Revenues (As Reported)	45.46M	58.32M	-	-	-
Effective Tax Rate - (Ratio)	16.93	13.17	107.21	18.57	21.07
Current Domestic Taxes	1.24M	2.19M	2.38M	4.41M	4.36M
Total Current Taxes	1.24M	2.19M	2.38M	4.41M	4.36M
Deferred Domestic Taxes	-	-467K	-1.29M	371K	222K
Total Deferred Taxes	-	-467K	-1.29M	371K	222K
Normalized Net Income	3.74M	-12.86M	340K	18.69M	12.02M
Interest on Long-Term Debt	2.69K	320K	524K	756K	2.68M
Supplemental Operating Expense Items
Advertising Expense	102K	133K	123K	118K	219K
Selling and Marketing Expenses	102K	133K	123K	118K	219K
General and Administrative Expenses	902K	1.48M	115K	2.96M	2.69M
Net Rental Expense, Total	2.61M	1.95M	1.49M	-	-
Maintenance & Repair Expenses, Total	1.87M	2.11M	2.42M	2.73M	2.34M

Fiscal Period: June	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	5.39M	7.69M	7.4M	10.38M	9.07M
Trading Asset Securities, Total	26.06M	32.91M	23.67M	20.97M	14.29M
Total Cash And Short Term Investments	31.45M	40.6M	31.08M	31.36M	23.35M
Accounts Receivable, Total	172M	140M	122M	130M	153M
Other Receivables	10.38M	7.94M	6.25M	9.38M	10.22M
Notes Receivable	303K	585K	661K	344K	399K
Total Receivables	182M	149M	129M	139M	164M
Inventory	430K	-	-	-	-
Prepaid Expenses	4.44M	2.17M	3.43M	4.13M	4.93M
Deferred Tax Assets Current	-	1.16M	-	-	-
Other Current Assets, Total	5.26M	29.3M	9.38M	1.51M	22.22K
Total Current Assets	224M	222M	173M	176M	192M
Gross Property Plant And Equipment	17.87M	20.92M	18.71M	28.5M	30.57M
Accumulated Depreciation	-4.74M	-5.12M	-2.36M	-5.55M	-6.01M
Net Property Plant And Equipment	13.13M	15.79M	16.35M	22.95M	24.56M
Long-term Investments	10.52M	7.28M	6.27M	2.28M	-
Other Intangibles, Total	0	-	156K	949K	542K
Accounts Receivable Long-Term	13.42M	21.97M	66.46M	136M	151M
Deferred Tax Assets Long-Term	-	-	2.39M	1.64M	1.42M
Other Long-Term Assets, Total	118M	148M	124M	74.75M	31.78M
Total Assets	379M	416M	389M	414M	402M
Liabilities
Accrued Expenses, Total	2.36M	2.03M	497K	4.3M	4.51M
Short-term Borrowings	-	5M	-	-	-
Current Portion of Leases	-	431K	1.08M	1.8M	2.73M
Unearned Revenue Current, Total	5.14M	6.7M	2.4M	2.27M	2.04M
Other Current Liabilities	22.61M	30.97M	22.93M	30.73M	24.46M
Total Current Liabilities	30.11M	45.14M	26.91M	39.1M	33.75M
Long-Term Leases	-	1.96M	1.45M	6.14M	7.27M
Unearned Revenue Non Current	1.75M	2.37M	1.01M	908K	1.01M
Other Non Current Liabilities	31.35M	45.07M	39.38M	24.34M	11.18M
Total Liabilities	63.2M	94.54M	68.75M	70.49M	53.21M
Common Stock, Total	298M	298M	298M	298M	298M
Retained Earnings	17.88M	28.58M	28.51M	49.74M	50.76M
Comprehensive Income and Other	-271K	-5.53M	-6.5M	-3.87M	-
Total Common Equity	316M	321M	320M	344M	349M
Total Equity	316M	321M	320M	344M	349M
Total Liabilities And Equity	379M	416M	389M	414M	402M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	29.8M	29.8M	29.8M	29.8M	29.8M
ECS Total Common Shares Outstanding	29.8M	29.8M	29.8M	29.8M	29.8M
Book Value / Share	10.59	10.77	10.74	11.54	11.7
Tangible Book Value	316M	321M	320M	343M	348M
Tangible Book Value Per Share	10.59	10.77	10.73	11.51	11.69
Total Debt	0	7.39M	2.53M	7.94M	10M
Net Debt	-31.45M	-33.2M	-28.55M	-23.41M	-13.35M
Debt Equivalent Oper. Leases	20.88M	15.64M	11.95M	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	430K	-	-	-	-
Land - (BS)	10.73M	10.73M	10.73M	10.73M	10.73M
Machinery, Total	6.42M	6.7M	7.26M	8.08M	8.28M
Full Time Employees	21	17	17	16	16
Accumulated Allowance for Doubtful Accounts (Supple)	8.87M	11.41M	11.54M	8.4M	8.42M

Fiscal Period: June	2021	2022	2023	2024	2025
Net Income	6.61M	11.37M	-73.1K	21.23M	18.39M
Depreciation & Amortization - CF	578K	1.06M	2.5M	2.94M	4.85M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	44.45K	229K	407K
Depreciation & Amortization, Total	578K	1.06M	2.55M	3.17M	5.26M
Amortization of Deferred Charges, Total - (CF)	27.09M	32.82M	40.05M	34.21M	15.88M
(Gain) Loss From Sale Of Asset	-6.87M	-2.88M	-868K	3.23M	-4.06M
(Gain) Loss on Sale of Investments - (CF)	-7.81M	13.75M	3.3M	-6.28M	-7.16M
Asset Writedown & Restructuring Costs	-1.87M	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Operating	-13.74M	-18.51M	-32.53M	-89.56M	-39.58M
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	-	5.04M	1.69M	2.89M	124K
Other Operating Activities, Total	-15.82M	-56.42M	-30.88M	2.85M	10.96M
Change in Trading Asset Securities	-	-	-	-	-
Change In Inventories	-	430K	-	-	-
Change In Accounts Payable	1.95M	7.35M	-9.72M	8.07M	-3.89M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	4.24M	13.92M	26.24M	8.03M	4.53M
Cash from Operations	-5.64M	7.92M	-248K	-12.17M	468K
Capital Expenditure	-3.61M	-1.1M	-2.04M	-2.82M	-5.92M
Sale of Property, Plant, and Equipment	3.2M	10.12M	616K	4.93M	2.4M
Sale (Purchase) of Intangible assets	-	-	-200K	-1.02M	-
Investment in Marketable and Equity Securities, Total	1.45M	-20.6M	5.96M	15.6M	20.27M
Other Investing Activities, Total	2.06M	1.71M	2.18M	661K	799K
Cash from Investing	3.1M	-9.87M	6.52M	17.35M	17.54M
Short Term Debt Issued, Total	-	10M	-	-	-
Total Debt Issued	-	10M	-	-	-
Short Term Debt Repaid, Total	-	-5M	-5M	-	-
Long-Term Debt Repaid, Total	-156K	-700K	-1.56M	-2.2M	-5.3M
Total Debt Repaid	-156K	-5.7M	-6.56M	-2.2M	-5.3M
Common Dividends Paid	-1.58K	-54.93K	-3.18K	-3.48K	-14.03M
Common & Preferred Stock Dividends Paid	-1.58K	-54.93K	-3.18K	-3.48K	-14.03M
Cash from Financing	-157K	4.24M	-6.56M	-2.2M	-19.33M
Net Change in Cash	-2.7M	2.3M	-287K	2.98M	-1.32M
Supplemental Items
Cash Income Tax Paid (Refund)	616K	1.59M	3.82M	6.25M	6.19M
Levered Free Cash Flow	29.81M	48.79M	64.33M	59.36M	-6.16M
Unlevered Free Cash Flow	29.81M	48.79M	64.33M	59.36M	-6.16M
Change In Net Working Capital	-5.9M	-34.19M	-24.52M	-8.59M	32.89M
Net Debt Issued / Repaid	-156K	4.3M	-6.56M	-2.2M	-5.3M

Fiscal Period: June	2021	2022	2023	2024	2025
Profitability
Return on Assets	-0.04	-4.58	-0.14	4.29	2.82
Return on Total Capital	-0.05	-5.65	-0.17	5.11	3.25
Return On Equity %	2.12	3.57	-0.02	6.4	5.33
Return on Common Equity	2.12	3.57	-0.02	6.4	5.33
Margin Analysis
Gross Profit Margin %	2.34	-104.67	2.8	43.48	31.88
SG&A Margin	3.23	8.9	0.68	4.95	4.86
EBITDA Margin %	0.56	-134.76	1.27	39.65	28.46
EBITA Margin %	-0.67	-137.37	-2.17	38.16	27.03
EBIT Margin %	-0.67	-137.37	-2.29	37.84	26.45
Income From Continuing Operations Margin %	18.31	53.67	-0.19	29.13	26.42
Net Income Margin %	18.31	53.67	-0.19	29.13	26.42
Net Avail. For Common Margin %	18.31	53.67	-0.19	29.13	26.42
Normalized Net Income Margin	10.38	-60.72	0.89	25.64	17.28
Levered Free Cash Flow Margin	82.61	230.38	168.26	81.45	-8.86
Unlevered Free Cash Flow Margin	82.61	230.38	168.26	81.45	-8.86
Asset Turnover
Asset Turnover	0.1	0.05	0.1	0.18	0.17
Fixed Assets Turnover	2.86	1.46	2.38	3.71	2.93
Receivables Turnover (Average Receivables)	0.06	0.1	0.13	0.11	0.05
Inventory Turnover (Average Inventory)	82.05	-	-	-	-
Short Term Liquidity
Current Ratio	7.43	4.92	6.43	4.51	5.7
Quick Ratio	7.09	4.19	5.93	4.36	5.54
Operating Cash Flow to Current Liabilities	-0.19	0.18	-0.01	-0.31	0.01
Days Sales Outstanding (Average Receivables)	6.41K	3.64K	2.87K	3.36K	6.97K
Days Outstanding Inventory (Average Inventory)	4.45	-	-	-	-
Long Term Solvency
Total Debt/Equity	-	2.3	0.79	2.31	2.87
Total Debt / Total Capital	-	2.25	0.78	2.26	2.79
LT Debt/Equity	-	0.61	0.45	1.79	2.08
Long-Term Debt / Total Capital	-	0.6	0.45	1.75	2.03
Total Liabilities / Total Assets	16.68	22.75	17.69	17.01	13.24
Total Debt / EBITDA	-	-0.26	1.51	0.26	0.42
Net Debt / EBITDA	-93.71	1.18	-17.05	-0.76	-0.56
Total Debt / (EBITDA - Capex)	-	-0.25	-6.95	0.28	0.56
Net Debt / (EBITDA - Capex)	9.62	1.14	78.47	-0.84	-0.75
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	18.17	-41.32	80.53	90.62	-4.5
Gross Profit, 1 Yr. Growth %	-150.03	8.54K	-104.83	-5.25K	-29.97
EBITDA, 1 Yr. Growth %	-110.95	3.08K	-101.69	5.87K	-30.54
EBITA, 1 Yr. Growth %	-89.76	2.07K	-97.15	-3.45K	-31.41
EBIT, 1 Yr. Growth %	-89.76	2.07K	-96.99	-3.25K	-32.34
Earnings From Cont. Operations, 1 Yr. Growth %	281.5	72.03	-100.64	-29.14K	-11.82
Net Income, 1 Yr. Growth %	281.5	72.03	-100.64	-29.14K	-11.82
Normalized Net Income, 1 Yr. Growth %	873.76	-520.61	-102.64	5.4K	-33.48
Diluted EPS Before Extra, 1 Yr. Growth %	281.5	72.03	-100.64	-29.14K	-11.82
Accounts Receivable, 1 Yr. Growth %	0.46	-18.14	-12.9	5.91	18.47
Inventory, 1 Yr. Growth %	0	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	8.43	20.32	3.5	40.39	7.02
Total Assets, 1 Yr. Growth %	5.96	9.71	-6.46	6.58	-2.99
Tangible Book Value, 1 Yr. Growth %	2.85	1.72	-0.37	7.21	2.28
Common Equity, 1 Yr. Growth %	2.85	1.72	-0.33	7.46	2.16
Cash From Operations, 1 Yr. Growth %	-127.76	-265.34	-103.13	4.81K	-103.85
Capital Expenditures, 1 Yr. Growth %	1.47K	-69.41	84.76	38.62	109.65
Levered Free Cash Flow, 1 Yr. Growth %	15.66	218.44	28.79	-7.73	-110.01
Unlevered Free Cash Flow, 1 Yr. Growth %	15.66	218.44	28.79	-7.73	-110.01
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.08	-16.73	2.93	85.5	34.92
Gross Profit, 2 Yr. CAGR %	69.6	262.6	104.36	19.56	500.55
EBITDA, 2 Yr. CAGR %	-40.79	293.66	-26.62	0.62	539.89
EBITA, 2 Yr. CAGR %	166.31	250.87	-21.37	-2.24	376.13
EBIT, 2 Yr. CAGR %	166.31	250.87	-19.29	-2.64	358.82
Earnings From Cont. Operations, 2 Yr. CAGR %	152.43	156.18	-89.48	36.68	1.49K
Net Income, 2 Yr. CAGR %	152.43	156.18	-89.48	36.68	1.49K
Normalized Net Income, 2 Yr. CAGR %	180.58	478.26	-66.65	20.55	494.65
Diluted EPS Before Extra, 2 Yr. CAGR %	152.43	156.18	-89.48	36.68	1.49K
Accounts Receivable, 2 Yr. CAGR %	-1.55	-9.32	-15.56	-3.96	12.02
Inventory, 2 Yr. CAGR %	-38.35	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	3.46	14.22	11.59	20.54	22.57
Total Assets, 2 Yr. CAGR %	1.01	7.82	1.3	-0.15	1.68
Tangible Book Value, 2 Yr. CAGR %	1.91	2.29	0.67	3.35	4.34
Common Equity, 2 Yr. CAGR %	1.91	2.29	0.69	3.49	4.4
Cash From Operations, 2 Yr. CAGR %	1.91	-37.56	-77.27	23.9	37.5
Capital Expenditures, 2 Yr. CAGR %	218.03	119.04	-24.82	60.03	70.47
Levered Free Cash Flow, 2 Yr. CAGR %	-15.12	37.58	104.91	9.01	-69.05
Unlevered Free Cash Flow, 2 Yr. CAGR %	-15.12	37.58	104.91	9.01	-69.05
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.6	-10.2	7.78	26.4	48.68
Gross Profit, 3 Yr. CAGR %	6.8	322.82	-14.04	398.04	0.03
EBITDA, 3 Yr. CAGR %	-41.94	267.42	-35.96	218.01	-11.46
EBITA, 3 Yr. CAGR %	-17.35	848.14	-29.45	174.65	-13.52
EBIT, 3 Yr. CAGR %	-17.35	848.14	-28.21	173.9	-14.15
Earnings From Cont. Operations, 3 Yr. CAGR %	50.9	122.14	-65.18	47.57	17.4
Net Income, 3 Yr. CAGR %	50.9	122.14	-65.18	47.57	17.4
Normalized Net Income, 3 Yr. CAGR %	42	200.12	-4.02	82.85	-2.21
Diluted EPS Before Extra, 3 Yr. CAGR %	50.9	122.14	-65.18	47.57	17.4
Accounts Receivable, 3 Yr. CAGR %	-2.77	-7.42	-10.53	-8.94	3
Inventory, 3 Yr. CAGR %	-67.55	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	-16.95	8.8	10.53	20.47	15.85
Total Assets, 3 Yr. CAGR %	0.13	3.83	2.83	3.03	-1.1
Tangible Book Value, 3 Yr. CAGR %	1.04	1.85	1.39	2.8	2.74
Common Equity, 3 Yr. CAGR %	1.04	1.85	1.41	2.9	2.8
Cash From Operations, 3 Yr. CAGR %	-6.27	13.4	-76.99	36.41	-61.05
Capital Expenditures, 3 Yr. CAGR %	76.26	45.72	106.96	-7.81	75.11
Levered Free Cash Flow, 3 Yr. CAGR %	116.41	5.64	35.64	57.06	-50.22
Unlevered Free Cash Flow, 3 Yr. CAGR %	116.41	5.64	35.64	57.06	-50.22
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-15.16	-23.4	6.29	20.03	17.91
Gross Profit, 5 Yr. CAGR %	-53.71	10.04	9.12	155.11	67.44
EBITDA, 5 Yr. CAGR %	-55.4	20.39	-14.04	118.86	60.81
EBITA, 5 Yr. CAGR %	-53.25	22.03	14.12	282.12	51.42
EBIT, 5 Yr. CAGR %	-53.25	22.03	15.32	281.49	50.76
Earnings From Cont. Operations, 5 Yr. CAGR %	-12.7	-4.29	-48	82.92	60.41
Net Income, 5 Yr. CAGR %	-12.7	-4.29	-48	82.92	60.41
Normalized Net Income, 5 Yr. CAGR %	-12.62	10.75	-23.62	108.38	99.08
Diluted EPS Before Extra, 5 Yr. CAGR %	-12.7	-4.29	-48	82.92	60.41
Accounts Receivable, 5 Yr. CAGR %	0.83	-3.23	-8.11	-6.05	-2.11
Inventory, 5 Yr. CAGR %	-31.25	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.39	-7.59	-6.53	13.35	15.2
Total Assets, 5 Yr. CAGR %	-0.89	1.28	0.6	2.22	2.37
Tangible Book Value, 5 Yr. CAGR %	0.35	0.37	0.89	2.45	2.56
Common Equity, 5 Yr. CAGR %	0.35	0.37	0.9	2.5	2.59
Cash From Operations, 5 Yr. CAGR %	-26.04	-3.63	-48.52	17.49	-52.96
Capital Expenditures, 5 Yr. CAGR %	28.37	6.37	25.35	51.28	91.51
Levered Free Cash Flow, 5 Yr. CAGR %	-17.12	7.43	85.34	7.48	-24.89
Unlevered Free Cash Flow, 5 Yr. CAGR %	-17.12	7.43	85.34	7.48	-24.89
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-