Karachi: Financial results for the year ended June 30, 2024

MCB Investment Management Limited, the management company for Alhamra Daily Dividend Fund, reported a significant increase in annual profits, according to a meeting held in Karachi on September 25, 2024. The fund's total income for the fiscal year ending June 30, 2024, reached PKR 1.71 billion, a substantial rise from PKR 594.12 million in the previous year.

The majority of the fund’s income stemmed from profits on savings accounts with banks, which soared to PKR 1.41 billion in 2024 from PKR 452.59 million in 2023. Additional income sources included profits from term deposit receipts and corporate sukuk certificates, with the latter witnessing a remarkable increase to PKR 258.13 million from PKR 27.21 million.

According to information available from the Pakistan Stock Exchange (PSX), expenses for the year tallied up to PKR 95.77 million, a slight increase from PKR 43.60 million in 2023. This included remuneration for MCB Investment Management Limited and various marketing, brokerage, and sales tax expenses.

The net income before taxation stood impressively at PKR 1.62 billion, maintaining the same figure after tax due to non-disclosed taxation amounts. This marked a significant improvement over the previous year’s net income of PKR 550.52 million.

No earnings per unit were disclosed due to the management's view that calculating the weighted average number of units is not feasible. Nonetheless, the total comprehensive income for the year was reported to be PKR 1.62 billion, mirroring the net income after tax.

Printed accounts will be distributed to members of the exchange, ensuring stakeholders are well-informed of the fund’s financial health and operations.