Karachi: MCB Investment Management Limited has announced its financial results for the year ended June 30, 2024, showcasing significant growth in revenue and profits. According to information available from the Pakistan Stock Exchange (PSX), the company's revenue surged to Rs. 1.84 billion, up from Rs. 1.20 billion in the previous year. The net profit after taxation stood impressively at Rs. 861.30 million, a considerable increase from Rs. 378.22 million reported in 2023.
The Board of Directors, in a meeting on September 25, 2024, at Karachi, recommended a final cash dividend of Rs. 2.5 per share, which is a 25% payout, in addition to the interim dividend of Rs. 3.5 per share, or 35%. There were no bonus or right shares issued, and no other price-sensitive actions were taken. The financial results were detailed in Annexure A attached to the board's disclosure.
MCB Investment Management's revenue streams showed robust growth, particularly from management and investment advisory fees, which rose to Rs. 1.61 billion from Rs. 1.10 billion in the previous year. Additionally, the company earned Rs. 193.74 million from sales load and other related income, more than doubling from the prior year's Rs. 93.78 million.
Operating expenses for the year totaled Rs. 895.76 million, compared to Rs. 699.99 million in 2023, reflecting increased administrative and distribution costs associated with the company's growth. Financial charges and other expenses also saw upticks due to expanded operations.
The company is exploring new business avenues in the REITs and Private Fund Management sectors, with plans to amend its Memorandum of Association, pending approval at the upcoming Annual General Meeting and by the Securities and Exchange Commission of Pakistan.
The Annual General Meeting is scheduled for October 28, 2024, in Karachi. The shareholder register will close from October 22 to October 28, 2024, to determine entitlements for the dividends.
These financial achievements highlight MCB Investment Management's successful strategies and operational efficiency in a competitive market. The company’s future endeavors into REIT Management Services and Private Fund Management Services indicate its proactive approach to growth and diversification in the financial sector.