Karachi: The NIT Pakistan Gateway ETF has reported a substantial increase in its financial outcomes for the year ended June 30, 2024, with a detailed review provided in its latest audited income statements.

The fund experienced a significant rise in income, posting a net income for the year of 35,138 thousand rupees, a stark increase from 3,541 thousand rupees in the previous year. This performance is primarily attributed to a notable gain in net unrealised appreciation on investments, which soared to 26,203 thousand rupees from a loss of 996 thousand rupees in 2023. According to information available from the Pakistan Stock Exchange (PSX), dividend income also showed strong growth, increasing from 5,148 thousand rupees in 2023 to 6,524 thousand rupees in 2024.

Other income components, such as mark-up returns on bank deposits and realised gains on the sale of investments, contributed positively to the financial results. Mark-up returns grew to 759 thousand rupees from 395 thousand rupees, while realised gains turned positive at 2,318 thousand rupees compared to a loss of 164 thousand rupees the previous year.

On the expenditure front, the total costs amounted to 952 thousand rupees in 2024, slightly higher than the 809 thousand rupees recorded in 2023. The management company's remuneration and related sales taxes formed significant parts of the expenses, along with trustee fees and regulatory charges.

The comprehensive income for the year mirrored the net income, standing at 35,138 thousand rupees, indicating no further gains or losses recognized in other comprehensive income categories.

These financial statements provide a clear insight into the operational success and financial health of the NIT Pakistan Gateway ETF over the past fiscal year, marking a period of robust growth and favorable market conditions.