Karachi: The MCB Investment Management Limited, the management arm of MCB Pakistan Asset Allocation Fund, reported its financial outcomes for the fiscal year ending June 30, 2024. The announcement was made during a board meeting held at their Head Office in Karachi.

The Fund revealed a total income of PKR 408.58 million for the year 2024, a significant increase from PKR 31.29 million recorded in the previous year. This increase is primarily attributed to a substantial gain in net realised income from sales of investments which surged to PKR 179.17 million, compared to a loss of PKR 34.66 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), other major income contributions included dividend income of PKR 50.12 million and profit on saving accounts with banks which amounted to PKR 18.31 million.

The total operating expenses for the year were reported at PKR 31.52 million, down from PKR 34.01 million in the previous year. The major expenses included remuneration of the management company and associated sales tax, as well as auditor's remuneration and charges related to the Securities and Exchange Commission of Pakistan.

Despite the significant increase in income, the net income after taxation saw a remarkable rise to PKR 377.05 million, reversing a loss of PKR 2.72 million in the previous fiscal year. The net comprehensive income for the year followed suit, tallying up to the same figure.

The fund did not disclose its earnings per unit, citing the impracticality of calculating a weighted average number due to various market factors.

MCB Investment Management Limited emphasized its commitment to delivering robust financial performance and value to its investors, reflecting a strong recovery and strategic asset management throughout the fiscal year. The management also announced plans for the distribution of printed copies of the financial results among the exchange members.