Karachi: AKD Islamic Stock Fund (AKDISSF), managed by AKD Investment Management Limited, announced a remarkable recovery in its financial performance for the fiscal year ended June 30, 2024. The open-end fund registered a net income of 78.06 million rupees after taxation, a sharp reversal from a net loss of 38.82 million rupees in the previous year.

The fund's total income for the year was 117.25 million rupees, driven by significant gains in the sale of investments, which were reported at 65.08 million rupees, and a substantial recovery in the re-measurement of investments valued at 35.10 million rupees. This represents a marked improvement from the previous year's losses in these categories, which were 16.69 million rupees and 30.82 million rupees, respectively. Additionally, the fund earned 14.02 million rupees from dividend income and 3.05 million rupees from bank deposits.

On the expenditure front, total expenses for the year amounted to 7.87 million rupees. This included management fees, remuneration for digital custodianship, and various transaction costs. Noteworthy expense items were the annual fee to the Securities and Exchange Commission of Pakistan and auditor's remuneration, totaling 169,000 rupees and 250,000 rupees, respectively.

According to information available from the Pakistan Stock Exchange (PSX), the fund has demonstrated an effective control over costs, managing to decrease its total expenses despite the inflationary pressures affecting the broader financial market. This prudent management has been crucial in navigating the volatile market conditions and securing profitability for its investors.

The results highlighted not only the recovery from the previous year's losses but also the fund's ability to capitalize on favorable market conditions to deliver strong returns to its stakeholders. The significant increase in income, combined with controlled expenditure, underscores the fund's robust strategic management and operational efficiency.

The complete annual report of AKD Islamic Stock Fund will be available through the Pakistan Central Depository Company's Automated Customer Account Transfer Service (PUCARS) soon, providing stakeholders with comprehensive details of the fund’s financial health and strategic direction.