Karachi: The AKD Index Tracker Fund (AKDITF), managed by AKD Investment Management Limited, disclosed robust financial results for the fiscal year ending June 30, 2024, showcasing substantial income growth and improved net earnings. The fund reported a significant increase in total income, achieving 372.43 million rupees compared to just 1.62 million rupees in 2023, according to the financial statements released at the company’s registered office in Karachi.
During the reported year, the fund’s total income was buoyed by a massive unrealized gain on the re-measurement of investments at fair value through profit or loss, which amounted to 296.70 million rupees, a notable reversal from a loss of 44.88 million rupees in the previous year. This shift contributed decisively to the fund’s financial turnaround.
According to information available from the Pakistan Stock Exchange (PSX), AKDITF also benefitted from a capital gain on the sale of investments which totaled 12.54 million rupees, up from 0.35 million rupees in 2023. Furthermore, the dividend income significantly increased to 60.74 million rupees from 44.61 million rupees the prior year, with profit on bank deposits also rising to 2.45 million rupees.
However, the fund faced higher operational costs, with total expenses for the year amounting to 9.04 million rupees compared to 6.32 million rupees in 2023. Notable increases were seen in the remuneration of the management company and expenses related to the Central Depository Company, alongside fees paid to the Securities and Exchange Commission of Pakistan.
Despite these increased costs, the net income before taxation stood at 363.39 million rupees, a sharp recovery from a net loss of 4.70 million rupees in 2023. This resulted in a net income of the same amount, due to no taxation charges, marking a substantial improvement from the previous year.
Income available for distribution reached 362.21 million rupees, excluding capital gains, with a retained earning of 309.24 million rupees. The fund did not announce any dividend, bonus issue, or rights issue for the year.
The Annual Report of the Fund will be transmitted through PUCARS in due course of time.