Karachi: The financial results for the year ended June 30, 2024, were approved by the Board of Directors of MCB Investment Management Limited, the management company of Alhamra Islamic Income Fund, showcasing substantial growth in income and profitability. The approval occurred during a meeting at the Head Office in Karachi on September 25, 2024.

The Alhamra Islamic Income Fund reported a notable increase in total income, which reached 1.70 billion, up from 901.83 million in the previous year. This surge was primarily driven by profits on savings accounts with banks, which almost doubled from 328.84 million to 455.57 million. Additionally, income from government securities and commercial papers saw a significant rise, moving from 171.64 million to 891.49 million.

Expenses for the year also grew but at a slower pace, totaling 128.85 million compared to 57.79 million in 2023. Despite higher expenses, the net income before taxation escalated impressively from 844.04 million to 1.58 billion. After accounting for taxation, the net income for the year stood at 714.34 million, an increase from 401.20 million in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the fund's management highlighted the robust performance despite the complexities of the market. The report detailed that the net realized loss on sale of investments was 10.04 million, a slight increase from the loss of 10.18 million in the previous year. However, the net unrealized appreciation on investments improved, turning a loss of 15.98 million in 2023 into a gain of 46.80 million in 2024.

The financial results also noted that the total operating expenses included remuneration of MCB Investment Management Limited, which was recorded at 61.04 million, and other operational costs such as legal and professional charges, brokerage and settlement charges, and audit fees.

The management also stated that the earnings per unit (EPU) is not disclosed as it believes the calculation of weighted average number of units is more reflective of the fund's performance.