Karachi: MCB Investments Management Limited, the management company of MCB DCF Income Fund, has announced the financial results for the year ended June 30, 2024.

The Board of Directors of MCB Investments Management Limited approved the results on Wednesday, September 25, 2024, during a meeting at the head office in Karachi. According to the approved results, the fund reported a total income of 2.58 billion rupees for the fiscal year 2024, a notable increase from the 1.03 billion rupees reported in the previous year.

The primary sources of income for the fund included profits on bank deposits and term deposit receipts, which saw an impressive jump from 185.41 million rupees in 2023 to 269.07 million rupees in 2024. Income from government securities also rose sharply, reaching 2.10 billion rupees up from 754.67 million rupees the previous year.

However, the fund recorded a loss on sale of investments at 79.65 million rupees, and an unrealized gain on re-measurement of investments net of investments through profit or loss, which turned around from a loss of 75.75 million rupees in 2023 to a gain of 71.46 million rupees in 2024.

Total expenses for the year were significantly higher, totaling 298.54 million rupees compared to 140.31 million rupees in the prior year. The major expense items included remuneration of the management company, taxes, and various fees associated with the operations of the fund.

After accounting for expenses, the net income before tax for the fund stood at 2.28 billion rupees. The fund declared a net income after taxation of 1.79 billion rupees, compared to 892.01 million rupees in the previous year. The fund also reported other comprehensive income, which contributed to a total comprehensive income of 1.79 billion rupees for the year 2024.

According to information available from the Pakistan Stock Exchange (PSX), the allocation of net income for the year included accounting income available for distribution, relating to capital gains and equaling capital gains for the year, totaling 1.79 billion rupees. Notably, earnings per unit (EPU) is not disclosed as the management deems the calculation of weighted average number of units impracticable.

This substantial increase in both income and net earnings reflects the fund's robust performance amidst varying market conditions, underlining its commitment to delivering significant returns to its investors.