Karachi: JS Investments Limited, the Management Company of JS Large Cap. Fund, announced a significant financial turnaround for the year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the fund's management team convened on August 20, 2024, in Karachi to approve these results.

The Fund reported a total income of Rs. 328.26 million for the year 2024, a sharp increase from Rs. 8.90 million in 2023. This dramatic rise is attributed to both realized and unrealized gains on investments. The realized gains on sales of investments marked at fair value through profit or loss were Rs. 91.97 million, contrasting starkly with a loss of Rs. 7.21 million in the previous year. Similarly, unrealized gains on re-measurement of investments improved dramatically, recording Rs. 170.24 million, compared to a loss of Rs. 24.89 million in 2023.

Dividend income also saw a healthy increase to Rs. 36.35 million up from Rs. 25.97 million, while returns on bank balances rose from Rs. 11.40 million in 2023 to Rs. 13.82 million. Other income, which includes various minor sources of revenue, more than quadrupled from Rs. 3.64 million in 2023 to Rs. 15.87 million in 2024.

Total expenses for the year amounted to Rs. 19.31 million, a slight increase from Rs. 13.97 million in 2023. These expenses include remuneration for JS Investments Limited, accounting and operational charges, and selling and marketing expenses among others. Despite these costs, the net income before taxation stood at Rs. 308.95 million, rebounding from a loss of Rs. 5.07 million the previous year.

After accounting for taxes and distributions, the final net income available for distribution to investors was Rs. 200.22 million. This includes Rs. 262.21 million related to capital gains and a deduction for capital losses amounting to Rs. 61.99 million. The interim distributions during the period totaled Rs. 1.00 per unit.

JS Large Cap. Fund’s turnaround is a significant highlight in the financial sector, reflecting robust gains in investment and effective management strategies. The financial results provide a strong foundation for future growth and stability.