Karachi: JS Money Market Fund, managed by JS Investments Limited, has reported a significant rise in its annual income for the fiscal year ending June 30, 2024. The fund declared an interim cash dividend of Rs 17.41 per unit and showcased robust financial results in its latest disclosures.

The fund recorded a total income of Rs 620.57 million for the year, a substantial increase from Rs 68.63 million in the previous year. This surge was primarily driven by a marked rise in profit/markup on balances with banks and investments, which climbed to Rs 577.34 million from Rs 68.10 million.

Expenses for the year totaled Rs 49.31 million, compared to Rs 2.83 million in the prior year, reflecting higher operational costs including management fees and taxes. Notably, the remuneration of the management company increased to Rs 21.39 million from Rs 1.28 million.

According to information available from the Pakistan Stock Exchange (PSX), the net income before taxation stood at Rs 571.26 million, up from Rs 65.80 million a year earlier. After accounting for taxation, the net income reached Rs 334.78 million, with Rs 43.23 million allocated to capital gain distributions.

The fund’s performance highlights its effective management and favorable market conditions, leading to an increased payout to its investors. JS Investments Limited has emphasized its commitment to maintaining high standards of governance and operational efficiency, contributing to the fund's financial success.