Karachi: The Board of Directors of MCB Investment Management Limited, the management company of Alhamra Islamic Money Market Fund, approved the financial results for the fiscal year ended June 30, 2024. The meeting held at the head office in Karachi on September 25, 2024, at 3:00 pm, confirmed a significant performance increment in both income and comprehensive income for the year.

The fund reported a total income of 4.57 billion Rupees for the year 2024, a notable increase from the 4.16 billion Rupees recorded in 2023. The increase was primarily driven by a return on investments which almost doubled to 2.42 billion Rupees in 2024 from 1.14 billion Rupees the previous year. According to information available from the Pakistan Stock Exchange (PSX), other income also saw a rise, contributing 9.70 million Rupees.

However, the expenses for 2024 also witnessed an increase. Total expenses amounted to 244.53 million Rupees compared to 192.65 million Rupees in 2023, influenced by higher remuneration of the management company, and allocated expenses. Despite these higher costs, the net income before taxation improved, reaching 4.34 billion Rupees in 2024 up from 3.97 billion Rupees in 2023.

The fund did not disclose earnings per unit as it considers the calculation of weighted average number of units impracticable. However, it stated that accounting income available for distribution included 2.12 billion Rupees relating to capital gains and a further 2.32 billion Rupees excluding capital gains.

The financial summary underscores the fund's solid performance and growth over the fiscal year, reflecting its robust management and strategic investment approaches amidst variable market conditions.