Karachi: The MCB Investment Management Limited, the managing entity of MCB Pakistan Stock Market Fund, has announced a significant turnaround in its financial performance for the fiscal year ended June 30, 2024. The detailed financial results were approved at a board meeting held on September 25, 2024.

The Fund reported a net income of PKR 2.69 billion for the year before taxation, a stark contrast to a net loss of PKR 298.24 million recorded in the previous year. The total income for the year surged to PKR 3.82 billion, significantly higher compared to PKR 422.66 million in 2023. This income includes earnings from government securities, dividends, and profits on investments.

According to information available from the Pakistan Stock Exchange (PSX), the turnaround was primarily driven by substantial gains in net realized and unrealized profits on the sale of investments, totaling PKR 389.10 million, and dividend income of PKR 35.58 million. Additionally, other income contributed PKR 339,000 to the total revenue.

Expenses for the year were recorded at PKR 3.55 billion, with major costs related to the management of investments and trustee fees. Remuneration of MCB Investment Management Limited stood at PKR 161.29 million, while fees to the Central Depository Company and the Securities and Exchange Commission of Pakistan were notable expenses.

The net income after taxation stood at PKR 2.65 billion, reflecting the Fund’s improved profitability and efficiency in managing its investment portfolio. This marks a substantial recovery and highlights the Fund’s ability to navigate through market fluctuations and capitalize on favorable conditions.

The financial report further indicated that earnings per unit (EPU) calculation was deemed impracticable by the management, underscoring the complexity and variability in unit measurements.

MCB Investment Management’s commitment to transparency and regulatory compliance was evident in the detailed disclosure of financial activities and strategic operations affecting shareholder value. This robust financial health not only reassures the investors but also strengthens the Fund's position in Pakistan's financial markets.