Karachi: The AKD Opportunity Fund (AKDOF), managed by AKD Investment Management Limited, has released its financial results for the fiscal year ending June 30, 2024. The board of directors held a meeting on September 30, 2024, at the company’s registered office in Karachi, confirming the financial outcomes and dividends.
The fund reported a significant increase in total income, rising from a loss of 62.06 million in 2023 to a profit of 169.26 million in 2024. This growth was largely driven by notable gains in capital from the sale of investments, which spiked to 59.79 million, up from 15.96 million in the previous year. Similarly, net unrealized gains on re-measurement of investments surged to 80.01 million, a reversal from a significant loss of 165.88 million in 2023.
In terms of expenses, AKDOF incurred 148.03 million in 2024 compared to 99.36 million the previous year. The increased costs were primarily due to higher management fees and charges related to securities transactions. Notably, management fees paid to AKD Investment Management Limited rose to 12.13 million from 21.54 million.
After accounting for taxes and other deductions, the net income available for distribution stood at 127.21 million. The fund declared a cash dividend, while no bonus or rights issues were announced. According to information available from the Pakistan Stock Exchange (PSX), the increase in net income marks a robust recovery for AKDOF, positioning it well for future growth.
The report also detailed the fund’s tax contributions, including a sundries tax remuneration of 1.57 million and securities transaction taxes amounting to 0.72 million. Legal and professional fees also saw an increase, indicative of heightened activity and regulatory compliance.
The year-end financials highlight AKDOF’s resilience and capacity to navigate market volatility, reflecting its strategic investment decisions and robust management practices. The annual report, to be issued through PUCARS, will provide further details and insights into the fund’s operations over the past year.