Alhamra Islamic Asset Allocation Fund Reports Significant Half-Year Gains

Karachi, MCB Investment Management Limited, the management company of Alhamra Islamic Asset Allocation Fund, has announced its financial results for the half-year ended December 31, 2023. In a meeting held on February 2, 2024, at their Karachi office, the Board of Directors approved the results, showcasing a remarkable turnaround in the Fund’s performance.

For the period under review, the Fund recorded a total income of Rs. 575,914 thousand, a significant improvement from the Rs. 7,336 thousand reported in the same period of the previous year. This income was generated through realized gains on the sale of investments, dividend income, markup on bank deposits, and net unrealized appreciation on re-measurement of investments classified as financial assets at fair value through profit or loss.

The Fund’s expenses for the half-year stood at Rs. 33,763 thousand, compared to Rs. 37,045 thousand in 2022, indicating efficient cost management. Major expense categories included remuneration of the management company, Sindh Sales Tax on remuneration of the management company, allocated expenses, remuneration of the Central Depository Company of Pakistan Limited as Trustee, and other regulatory and operational charges.

After accounting for expenses, the net income before taxation for the half-year ended December 31, 2023, was reported at Rs. 542,151 thousand, reversing the net loss of Rs. 29,709 thousand from the previous year. The post-tax net income also marked a substantial recovery, totaling Rs. 542,151 thousand, reflecting the Fund’s successful investment strategy and operational efficiency over the period.

This financial performance highlights Alhamra Islamic Asset Allocation Fund’s successful navigation through the market dynamics and underscores the management’s commitment to generating robust returns for its investors, adhering to Islamic financial principles.