Karachi: JS Islamic Daily Dividend Fund, managed by JS Investments Limited, announced a substantial growth in its financial performance for the fiscal year ended June 30, 2024.

The Board of Directors of JS Investments Limited convened on August 20, 2024, in Karachi, where they approved the annual financial outcomes. The Fund recorded a daily dividend payout amounting to Rs 19.64 per unit throughout the financial year. According to information available from the Pakistan Stock Exchange (PSX), the details of the financial results for the year are as follows:

The Fund's total income surged to Rs 611.90 million, up from Rs 322.28 million in the previous year. The increase was primarily driven by a significant rise in income from Musharakah/Mudarabah, which soared to Rs 329.10 million from just Rs 9.10 million in 2023, and profits on savings accounts, although these decreased from Rs 274.37 million in 2023 to Rs 106.45 million in 2024. Income from Government of Pakistan Ijarah Sukuk also increased, reaching Rs 160.93 million.

Total expenses for the year were recorded at Rs 24.82 million, a considerable rise from Rs 11.03 million in 2023. This included management fees, sales tax on management fees, and allocated expenses by the management company. Selling and marketing expenses increased significantly to Rs 5.29 million, and the annual fee to the Securities and Exchange Commission of Pakistan (SECP) also saw a substantial increase to Rs 2.27 million.

The net income before taxation for JS Islamic Daily Dividend Fund stood at Rs 587.08 million, almost doubling from Rs 311.25 million in the prior year. After accounting for taxation, the net income remained at Rs 587.08 million, reflecting robust profitability and effective tax management.

The Fund has continued to fulfill its commitment to providing daily dividends to its investors, reflecting its strong financial health and strategic investment approach.