Karachi: The Board of Directors of JS Investments Limited, managing JS Islamic Fund, announced a substantial net income for the fiscal year ending June 30, 2024. The results were approved during their meeting held on August 20, 2024, at Karachi, reflecting a significant recovery from the previous year's losses.

The financial outcome for JS Islamic Fund shows a net income after taxation of PKR 125.33 million for the year 2024, compared to a net loss of PKR 5.95 million in 2023. The turn of fortunes is primarily attributed to notable realized gains on the sale of investments, which stood at PKR 75.68 million, reversing the previous year's loss of PKR 1.23 million. Similarly, the fund reported a positive movement in unrealized gains, registering PKR 44.39 million, a recovery from a loss of PKR 16.69 million in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), dividend income for the fund slightly decreased to PKR 14.26 million from PKR 16.48 million. Additionally, the return on bank deposits fell to PKR 2.71 million from PKR 6.24 million. Other income for the year was reported at PKR 0.52 million.

Total expenses for the year amounted to PKR 12.23 million, an increase from PKR 10.76 million in 2023. This rise includes remuneration to the Management Company and taxes on such remuneration, along with various other operational costs like selling and marketing expenses, auditors' remuneration, and securities transaction costs.

After adjusting for taxation and expenses, the net income available for distribution to investors totalled PKR 103.27 million. This included PKR 120.07 million from capital gains and a deduction of PKR 16.80 million relating to other incomes. The improvement in financial health is a significant indicator of the fund's robust management and strategic asset allocation during the year.