Karachi: MCB Investment Management Limited has announced a substantial increase in the financial performance of its Alhamra Islamic Asset Allocation Fund for the fiscal year ending June 30, 2024. The company, in a recent board meeting, disclosed the results showcasing a notable rise in total comprehensive income.

In 2024, the fund's total income reached PKR 899.10 million, a significant leap from PKR 101.73 million in 2023. This increase was primarily driven by a dramatic rise in unrealized appreciation on remeasurements, which amounted to PKR 424.07 million compared to a diminution of PKR 34.48 million the previous year. Additionally, capital gains on the sale of investments contributed PKR 366.58 million, up from PKR 9.50 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), other income components included dividend income and profit on bank deposits, totaling PKR 79.19 million and PKR 29.26 million respectively. Despite these gains, there was a minor decline in dividend income from the previous year.

Expenses for the year were managed at PKR 67.47 million, down from PKR 72.31 million in 2023, with the largest expenses being management fees and remuneration to the Central Depository Company of Pakistan Limited as the fund's trustee. The management company also noted expenses for the Sindh sales tax, allocated expenses, and auditors’ remuneration.

The net income before taxation stood at an impressive PKR 831.63 million, a substantial increase from PKR 29.42 million in 2023. After accounting for income paid on units redeemed, the final available accounting income was PKR 642.73 million, compared to PKR 28.68 million in the prior year.

The management has opted not to disclose earnings per unit, citing the complexity of calculating a weighted average number of units. Copies of the printed accounts will be distributed among the members of the exchange as part of the company's compliance.