Karachi: JS Investments Limited, the management company for the JS Microfinance Sector Fund, approved its financial results for the fiscal year ending June 30, 2024. The fund declared an interim cash dividend of Rs. 22.10 per unit.

According to information available from the Pakistan Stock Exchange (PSX), the fund’s income for the year included Rs. 2,085.89 million in markup on bank balances and Rs. 16.65 million from debt investments, along with a net unrealised gain of Rs. 2.14 million on re-measurement of investments valued through profit or loss. This culminated in a total income of Rs. 2,104.68 million, up significantly from Rs. 1,346.09 million the previous year.

Expenses for the year were marked by Rs. 53.32 million in remuneration to JS Investments and Rs. 6.93 million in sales tax on that remuneration. Other significant outlays included Rs. 9.02 million in accounting and operational charges, Rs. 22.20 million in selling and marketing expenses, and Rs. 6.76 million in fees to the Securities and Exchange Commission of Pakistan. Total expenses rose to Rs. 107.02 million from Rs. 58.03 million in the previous fiscal year.

After accounting for all deductions, the net income before tax reached Rs. 1,997.66 million, a substantial increase from Rs. 1,288.05 million in 2023. The after-tax net income remained the same, as the entirety of it was allocated for distribution. Out of the total net income, Rs. 753.07 million was already paid out on units redeemed, leaving Rs. 1,244.59 million available for distribution to remaining unit holders, compared to Rs. 1,182.85 million last year.

The detailed financial performance reflects a robust year for JS Microfinance Sector Fund, marked by a significant increase in both income and expenses, managing substantial net gains despite the elevated operational and regulatory costs.