Karachi: National Investment Trust Limited (NIT) has reported a substantial increase in its income for the fiscal year ended June 30, 2024. The audited financial statements reveal that the total income for NIT soared to PKR 8.17 billion, up from PKR 2.81 billion in 2023, marking a significant rise in the fund's performance.

According to information available from the Pakistan Stock Exchange (PSX), the detailed income breakdown shows that dividend income contributed PKR 3.91 billion, a noticeable increase from PKR 3.32 billion in the previous year. The fund also saw a reversal in its net realized gains on the sale of investments, posting PKR 57.53 million compared to a loss of PKR 6.83 million last year. Furthermore, a robust gain was recorded in net unrealized gains on investments re-measured at fair value, totaling PKR 3.93 billion, a stark contrast to the previous year's loss of PKR 692.74 million.

Other significant income components included profit on bank deposits, which amounted to PKR 272.03 million, and a modest PKR 2.03 million from other income sources.

On the expenditure front, the total expenses were recorded at PKR 1.57 billion, compared to PKR 1.18 billion in 2023. Key expense categories included management remuneration, Sindh sales tax on management services, and marketing expenses, alongside smaller charges for trustee services, SEC annual fees, and various operational costs.

After accounting for expenses, the net income before taxation stood at PKR 6.60 billion, significantly higher than the PKR 1.63 billion reported in the previous year. The net income after taxation also reflected this increase, totaling PKR 6.60 billion.

The income available for distribution was adjusted for income already paid on units redeemed, resulting in a net distributable income of PKR 6.38 billion. This amount includes PKR 3.98 billion from capital gains and PKR 2.40 billion from other income sources, highlighting a successful fiscal year for National Investment Trust amid challenging economic conditions.