Karachi: MCB Investment Management Limited has announced a substantial increase in its financial results for the year ended June 30, 2024. The meeting of the board of directors held on September 25, 2024, at 3:00 PM at the head office in Karachi, disclosed these results for its MCB Pakistan Opportunity Fund.

According to the financial report, the total income of the fund has seen a notable rise from 22.17 million in 2023 to 199.99 million in 2024. This increase is primarily due to significant gains in financial income on government securities and bank balances, as well as dividends and gains on the sale of investments.

Total expenses for the year were recorded at 13.54 million, slightly up from 3.91 million in the previous year. The increase in expenses includes higher remuneration of the management company and trustee, along with increased audit fees and securities transaction costs.

The net income before taxation rose dramatically to 186.32 million, compared to 18.26 million in 2023. After accounting for taxation, the net income available for distribution stood at 111.73 million, a substantial increase from the previous year’s 6.28 million.

The total comprehensive income for the year similarly reflected this growth, tallying up to 186.32 million. The allocated net income for the period after taxation is reported at 74.64 million.

According to information available from the Pakistan Stock Exchange (PSX), the earnings per unit (EPU) is not disclosed, as the management believes the calculation of weighted average number of units is impracticable. However, the figures presented showcase a strong performance for the year, marking a successful period for the fund amidst a challenging economic environment.

This financial outcome highlights the fund’s effective investment strategies and robust management practices, promising positive future prospects for its investors.