Karachi: Al Meezan Investment Management Limited has reported a notable financial performance for the fiscal year 2024, according to their recently released annual report.

According to information available from the Pakistan Stock Exchange (PSX), the Meezan Dedicated Equity Fund (MDEF), managed by Al Meezan, achieved a substantial return of 74.90% for its investors, significantly outperforming the KSE Meezan Index (KMI 30), which saw a decrease of 78.70% during the same period. The fund's net asset value per unit increased from Rs. 39.99 on June 30, 2023, to Rs. 67.70 by June 30, 2024.

The total income for the fund in FY24 reached Rs. 244.00 million, comprising realized gains of Rs. 91.00 million and unrealized gains of Rs. 125.00 million. Dividend income contributed an additional Rs. 27.00 million. After accounting for expenses, the net income stood at Rs. 229.00 million.

In compliance with its Shariah mandate, the fund allocated Rs. 0.94 million to charity for the year, reflecting its commitment to ethical investing. The net assets of the fund slightly decreased by 5%, totaling Rs. 385.00 million at the end of the fiscal year compared to Rs. 406.00 million in the previous year.

Al Meezan Investment Management Limited, with a robust presence across Pakistan through 25 branches and over 1,000 partnered branches with Meezan Bank, remains dedicated to providing Shariah-compliant investment solutions to its clientele.