Karachi: The Faysal Islamic Stock Fund (FISF) has demonstrated a strong financial performance for the fiscal year ended June 30, 2024, with significant gains in asset value and impressive returns, according to the latest financial statements.

The Fund, which operates as a Shariah Compliant Open Ended Equity Scheme, witnessed its net assets grow to PKR 140.65 million in 2024, up from PKR 350.40 million the previous year. This surge is reflective of a strategic portfolio adjustment and favorable market conditions. Notably, the Net Asset Value (NAV) per unit has seen a minimal increase, settling at PKR 93.86 from PKR 93.79 in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the FISF's income for the year saw a drastic improvement, with net income after taxation reaching PKR 251.60 million, a significant rebound from a net loss of PKR 11.14 million in the previous year. This turnaround was primarily driven by substantial realized gains on the sale of investments totaling PKR 223.22 million and dividend income amounting to PKR 28.82 million.

Investment activity showed a robust accumulation of assets, with major holdings in the banking, oil and gas, and fertilizer sectors contributing positively to the fund's performance. The total expenses for the fund were reported at PKR 16.96 million, slightly down from PKR 21.76 million in 2023, reflecting efficient operational management.

The FISF operates under the management of Faysal Asset Management Limited and is audited by A.F. Ferguson and Co. The fund continues to maintain a high-risk profile due to its focus on equity investments but has managed to deliver competitive returns and manage risks prudently throughout the fiscal year.