Karachi, The Board of Directors of Atlas Asset Management Limited, the Management Company overseeing a diverse portfolio of investment funds, revealed impressive financial results for the year ending June 30, 2023. The announcement was made during a virtual board meeting held earlier today.

Atlas Money Market Fund (AMF), one of the company's flagship funds, reported substantial gains in various areas, contributing to a robust performance. The fund's total income for the year reached a remarkable Rupees 3,326,740,299, significantly surpassing the previous year's figures of Rupees 1,910,112,279.

Key highlights from AMF's financial results for the year ended June 30, 2023, include:

Profit on bank balances: Rupees 391,321,007 compared to Rupees 1,041,260,094 in 2022.

Interest on letter of placements: Rupees 20,071,233 compared to Rupees 122,792,740 in 2022.

Income from government securities: Rupees 2,630,321,376 compared to Rupees 717,309,652 in 2022.

Income from sukuk certificates: Rupees 110,510,278.

Income from commercial papers: Rupees 47,748,985.

Capital gain on sale of investments net: Rupees 144,467,726 compared to Rupees 28,749,793 in 2022.

However, it's worth noting a net unrealized loss on re-measurement of investments classified as 'financial asset at fair value through profit or loss' at Rupees (17,700,305), which was compensated by significant gains in other areas.

Total expenses for AMF in 2023 were recorded at Rupees 166,678,614, including various operational costs and fees.

The fund's net income for the year before taxation stood at a remarkable Rupees 3,160,061,686, showing substantial growth from the previous year's Rupees 1,952,798,757. After accounting for taxation, the net income for the year matched the same figure, Rupees 3,160,061,686.

Regarding income distribution, the company reported an accounting income available for distribution of Rupees 2,733,328,700, which can be divided into capital gains of Rupees 144,467,726 and income excluding capital gains of Rupees 2,588,860,973.

The positive financial results highlight the prudent investment strategies employed by Atlas Asset Management Limited and affirm its commitment to delivering strong returns to its investors across a diverse range of funds.

Investors and stakeholders are optimistic about the company's performance and eagerly await further insights and updates from Atlas Asset Management Limited as they continue to navigate the financial landscape in the coming months.