Karachi, The Board of Directors of MCB-Arif Habib Savings & Investments Limited, the management company of Alhamra Islamic Income Fund, gathered at the Head Office in Karachi on Wednesday, July 26, 2023, at 3:00 pm to approve the financial results for the year ended June 30, 2023.

The Alhamra Islamic Income Fund showcased remarkable growth in its financial performance during the period under review. The income for the year soared to Rs. 901,830,000, compared to Rs. 685,204,000 in the previous year. The fund’s investments yielded a profit of Rs. 599,156,000, and the profit on deposits with the bank reached Rs. 328,841,000. Additionally, the fund managed to generate a profit of Rs. 15,532,000 on Bat Muajjal.

However, there were some losses in the form of unrealized losses in the fair value of investments classified as ‘at fair value through profit or loss’ which amounted to Rs. 15,982,000, and there was a net loss of Rs. 10,185,000 on the sale of investments.

The total operating expenses amounted to Rs. 57,795,000, which included remuneration, sales tax, marketing, and other costs associated with the fund’s operations. After taking into account expenses and taxations, the net income for the year after taxation stood at an impressive Rs. 844,035,000.

Furthermore, the fund also reported other comprehensive income, contributing to the total comprehensive income for the year, which reached Rs. 844,035,000, compared to the previous year’s Rs. 645,201,000.

With such impressive financial results, the Alhamra Islamic Income Fund is set to provide investors with significant returns on their investments. The fund’s growth trajectory showcases its strong performance and adherence to its investment objectives, attracting potential investors and solidifying its position in the market.