Al Meezan Investment Management Announces Financial Results for Alhamra Islamic Stock Fund

Karachi, Al Meezan Investment Management Limited, the management company of Alhamra Islamic Stock Fund, has disclosed its financial results for the half year ended December 31, 2023. The announcement came after the Board of Directors’ meeting, which took place at the company’s head office in Karachi on February 2, 2024.

The Fund reported a total income of Rs. 1,377,605 thousand for the half year ended December 31, 2023, a significant turnaround from a loss of Rs. 37,646 thousand in the corresponding period of 2022. This income includes profits on bank deposits, dividend income, gains on the sale of investments, and net unrealized appreciation on the revaluation of investments classified as financial assets at fair value through profit or loss.

Expenses for the period amounted to Rs. 69,886 thousand, compared to Rs. 57,520 thousand in 2022. These expenses encompassed remuneration of MCB Investment Management Limited as the management company, Sindh Sales Tax on remuneration of the management company and the Trustee, remuneration of the Central Depository Company of Pakistan Limited as Trustee, and various other operational expenses.

After accounting for these expenses, the net income before taxation stood at Rs. 1,307,719 thousand, showing a substantial recovery from the net loss of Rs. 95,188 thousand reported in the previous year. The net income after taxation for the period amounted to Rs. 1,111,373 thousand, marking a significant improvement over the net loss of Rs. 89,710 thousand in the previous half-year period.

The report also highlighted other comprehensive income for the period, leading to a total comprehensive income of Rs. 1,111,373 thousand for the half-year ended December 31, 2023.

This financial performance demonstrates the Alhamra Islamic Stock Fund’s strong recovery and positive growth trajectory during the reported period, reflecting effective fund management and investment strategies in alignment with Islamic financial principles.