Karachi: In a striking financial recovery, Tri-Star Mutual Fund Limited announced a profit of PKR 30.34 million for the fiscal year ending June 30, 2024. This marks a substantial reversal from the previous year's loss of PKR 16.28 million, reflecting a robust performance in a challenging economic landscape.
The annual general meeting, scheduled for October 28, 2024, will discuss the audited accounts and the proposed dividend payment of PKR 1.00 per share, representing a 10% cash dividend, as recommended by the board. This development follows a period where the fund navigated market fluctuations with strategic investments, particularly in growth stocks that showed potential for capital appreciation and dividends.
According to information available from the Pakistan Stock Exchange (PSX), the fund's successful strategy was evidenced by a notable increase in income from operations, which turned around from a loss of PKR 14.89 million in 2023 to a gain of PKR 26.95 million in 2024. Operational efficiency was also reflected in the reduction of operating expenses and an effective tax management strategy that saw a taxation expense of just PKR 415,380.
The fund's asset base grew considerably, with total assets recorded at PKR 93.08 million, up from PKR 62.53 million in the previous year. This growth is primarily attributed to a significant increase in marketable securities, which were valued at PKR 92.38 million, an increase from PKR 62.02 million in the prior year.
Tri-Star's governance practices were also highlighted, maintaining adherence to corporate governance best practices. The board, including non-executive and independent directors, demonstrated full participation across all scheduled meetings, underscoring their commitment to the fund's oversight.
Looking ahead, the fund aims to continue its focus on high-potential investments and maintaining rigorous governance standards to sustain profitability and shareholder value. The forthcoming AGM will also provide shareholders the option to participate via video conferencing, ensuring broad accessibility and engagement.