Karachi: MCB Investment Management Limited, the management company overseeing MCB Pakistan Sovereign Fund, has announced significant financial results for the fiscal year ending June 30, 2024. The meeting to approve these results was held at the company's head office in Karachi on Wednesday, September 25, 2023.

According to the detailed financial report, MCB Pakistan Sovereign Fund experienced a notable increase in total income, surging from 107.55 million Rupees in 2023 to 1.43 billion Rupees in 2024. This substantial growth is largely attributed to a spike in income from government securities, which soared by over 1.23 billion Rupees. Additionally, profits on savings accounts with banks contributed approximately 12.32 million Rupees.

However, not all financial aspects were positive. The fund recorded a net realized loss on the sale of investments amounting to 52.25 million Rupees. Despite this, the overall net income before taxation stood impressively at 1.28 billion Rupees, a sharp increase from the previous year’s 96.92 million Rupees.

According to information available from the Pakistan Stock Exchange (PSX), expenses also rose during the year. Total expenses amounted to 148.69 million Rupees, with significant costs being remuneration for MCB Investment Management and related taxes. The management company was paid 81.86 million Rupees in 2024, up from 3.71 million Rupees in 2023.

The after-tax net income also mirrored this positive trend, with the fund posting 1.28 billion Rupees, compared to just 96.92 million Rupees in the previous year. This financial enhancement has bolstered the fund’s capacity for distributions, with 369.32 million Rupees available for distribution excluding capital gains.

Earnings per unit (EPU) were not disclosed, as the fund management considers the calculation based on the weighted average number of units impracticable. The management plans to distribute printed copies of these results among members of the exchange to ensure transparency and keep investors informed.