Al Meezan Investment Management Announces Annual Financial Results for Managed Funds

Karachi: Al Meezan Investment Management Limited has disclosed the financial results of multiple funds it manages for the fiscal year ending June 30, 2024. The disclosure came following a board meeting held on August 19, 2024, where the Board of Directors approved these results.

The financial outcomes, detailed for each fund, will be submitted to the Pakistan Stock Exchange and made available on the company’s website within the prescribed timeframe. According to information available from the Pakistan Stock Exchange (PSX), this announcement covers a wide range of funds, including the Meezan Islamic Fund, Al Meezan Mutual Fund, and several others focusing on different market sectors.

The financial highlights reveal mixed results across the funds. The overall net income for the year stood at Rs. 48,286 thousand, a significant turnaround from a loss of Rs. 926 thousand in the previous year. This income includes profits on bank savings, dividend income, and both realized and unrealized gains on investments.

Despite the robust income figures, there was no annual distribution made to the shareholders, though an interim payout of Rs. 1 per unit was distributed on June 28, 2024. Total expenses for the year were recorded at Rs. 1,183 thousand, with the major components being remuneration to Al Meezan Investment Management and associated taxes.

This financial briefing underscores the operational results and strategic financial management of the funds under Al Meezan’s stewardship, reflecting their ability to navigate and capitalize on market conditions over the fiscal year.

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