Karachi: AKD Islamic Income Fund (AKDISIF), an open-end fund managed by AKD Investment Management Limited, has announced its financial results for the fiscal year ending June 30, 2024, following a meeting of the Board of Directors held on September 30, 2024. The board did not recommend any cash dividend, bonus issue, or right issue for the year.

According to the audited financials, the total income for AKDISIF in FY 2024 amounted to 311.35 million rupees, a significant increase from 204.66 million rupees in FY 2023. The rise in income was primarily driven by a capital gain of 91.56 million rupees on the sale of investments, compared to a gain of 61.06 million rupees in the previous year. Income from GoP Ijara Sukuks also contributed 3.27 million rupees, compared to 0.47 million rupees the previous year.

Net unrealized loss on the remeasurement of investments was reported at 7.17 million rupees, in contrast to a gain of 5.63 million rupees in FY 2023. Profit from bank deposits decreased from 7.78 million rupees in FY 2023 to 3.85 million rupees in FY 2024.

Total expenses rose to 20.37 million rupees in FY 2024, compared to 12.25 million rupees in FY 2023. The largest portion of expenses was the remuneration of AKD Investment Management Limited, which totaled 7.79 million rupees, up from 4.58 million rupees the previous year.

After accounting for taxation, the net income available for distribution for FY 2024 stood at 76.79 million rupees, compared to 60.79 million rupees in FY 2023.

According to information available from the Pakistan Stock Exchange (PSX), AKDISIF’s fiscal performance showed strong growth in capital gains and income from investments, although expenses also rose during the year. The fund's total income before taxation reached 290.98 million rupees, an increase from 192.41 million rupees in the previous fiscal year.

The fund’s operating results highlight AKDISIF's ability to generate income from sukuk investments and commercial paper despite fluctuating market conditions.