Karachi: MCB Investment Management Limited, the management company of Alhamra Islamic Money Market Fund, has announced the financial results for the half-year ended December 31, 2024. The financial report was approved by the Board of Directors at their meeting held at the company's Head Office in Karachi on February 4, 2025.

The comprehensive financial statements revealed significant movements in the fund's assets and liabilities. The net assets at the beginning of the period were reported at 22.06 billion rupees, which decreased to 6.19 billion rupees by the end of the period. The decrease in net assets is attributed to the redemption of 247.08 million units, which outweighed the issuance of 87.61 million units. The capital value of the redeemed units accounted for 24.59 billion rupees, while the units issued had a capital value of 8.72 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), the fund reported a total comprehensive income of 610.49 million rupees for the half year. Despite this income, distributions made during the period totaled 615.01 million rupees, leading to a net income after distribution of negative 4.52 million rupees.

The statements also indicated that the net assets value per unit remained stable at 99.51 rupees, both at the beginning and end of the reporting period. The report detailed the cash flows from operating activities, which generated a net cash inflow of 1.13 billion rupees. However, financing activities, primarily due to the significant redemption of units, resulted in a net cash outflow of 16.48 billion rupees. Consequently, the cash and cash equivalents at the end of the period decreased to 912.01 million rupees from the previous 9.40 billion rupees.

The management has not disclosed the earnings per unit (EPU), citing the impracticability of calculating the weighted average number of units. The financial results reflect the challenges faced by the fund in maintaining a balance between unit issuance and redemption, as well as managing distributions to unit holders.