Karachi: AL Habib Asset Management Limited announced a strong financial performance for the fiscal year ending June 30, 2024, showcasing significant growth across its funds amidst economic uncertainties and a recovering Pakistani market.

During the year, Pakistan's economy exhibited resilience with a GDP growth of 2.4%, driven by strong agricultural performance and improvements in industrial output. The year also saw a notable 0.68 billion increase in remittances compared to the previous year, supporting the country's economic stability.

Among the notable funds, the AL Habib Cash Fund (AHCF) achieved an annualized return of 22.16%, generating income of Rs. 8.59 billion from securities and bank deposits. The fund also paid cumulative interim dividends amounting to Rs. 19.99 per unit.

The AL Habib Money Market Fund (AHMMF) posted an annualized return of 22.14%, with its income reaching Rs. 3.52 billion. The fund's stability was underscored by the distribution of Rs. 20.04 per unit in dividends to its investors.

According to information available from the Pakistan Stock Exchange (PSX), the AL Habib Islamic Cash Fund (AHICF) provided a return of 21.34%, amassing Rs. 4.67 billion in income, chiefly from government securities and bank deposits. Dividends distributed by the fund amounted to Rs. 19.52 per unit.

Furthermore, the AL Habib Income Fund (AHIF) offered an impressive annualized return of 22.71%, with total earnings from securities and deposits totaling Rs. 9.92 billion. Dividend payments reached Rs. 21.31 per unit for the year.

The directors expressed gratitude to the fund holders for their continued trust and support and acknowledged the guidance of the Securities and Exchange Commission of Pakistan and the cooperation of the Central Depository Company of Pakistan.