Karachi: Al Meezan Investment Management Limited (Al Meezan) announced its financial results for the quarter ended September 30, 2024, revealing a detailed performance overview of various funds managed by the company. The results were approved in a Board meeting held on October 10, 2024. These quarterly financial statements indicate varying levels of income and expenses across Al Meezan’s diversified portfolio of funds, ranging from equity to fixed income investments.
The Meezan Islamic Fund reported a total income of 651.20 million for the quarter, with significant contributions from dividend income and realized gains on the sale of investments. After accounting for expenses amounting to 223.38 million, the fund recorded a net income of 427.83 million. In contrast, the Al Meezan Mutual Fund, with a total income of 132.46 million, saw a decline in net income to 81.59 million after deducting 50.87 million in expenses.
According to information available from the Pakistan Stock Exchange (PSX), other funds under management showed varied results. The KSE Meezan Index Fund experienced a net loss of 68.87 million, primarily due to unrealized diminution in investment value, while the Meezan Energy Fund also reported a net loss of 8.96 million after posting an income of 24.80 million against 18.97 million in expenses. Conversely, the Meezan Balanced Fund maintained a net income of 95.64 million, supported by gains in profit on sukuk certificates and dividend income.
The Meezan Islamic Income Fund, one of the top-performing funds, recorded a net income of 1.60 billion, driven by a substantial income of 1.72 billion for the quarter. Similarly, the Meezan Sovereign Fund posted an impressive net income of 7.16 billion, indicating its strong position within Al Meezan’s portfolio. On the other hand, the Meezan Cash Fund achieved a net income of 4.03 billion, marking consistent growth with total income of 4.32 billion for the quarter.
Al Meezan’s gold-focused funds, such as the Meezan Gold Fund, recovered from previous losses to post a net income of 307.11 million, benefiting from a substantial unrealized appreciation of 298.49 million in the value of gold investments. The Meezan Pakistan Exchange Traded Fund, however, ended the quarter with a net loss of 3.89 million, despite a total income of 3.14 million.
Other funds, including the Meezan Asset Allocation Fund, Meezan Dedicated Equity Fund, and the Meezan Financial Planning Fund of Funds, reported mixed results, with each fund’s net income largely dependent on the fluctuation of dividend income and realized gains on investments. The Meezan Strategic Allocation Fund and its subsequent series saw moderate performance, recording a net income of 16.57 million across multiple series.
The comprehensive results of the funds managed by Al Meezan for the quarter ended September 30, 2024, will be made available on the company's website as per regulatory requirements. Investors and stakeholders are advised to review the detailed reports to gain a complete understanding of each fund’s performance and strategic outlook.