Alhamra Islamic Income Fund Reports Significant Half-Year Earnings

Karachi, MCB Investment Management Limited, the management company of Alhamra Islamic Income Fund, has announced its financial results for the half-year ended December 31, 2023. The Board of Directors approved these results in a meeting held at the company’s Karachi office on February 2, 2024.

For the period under review, the Fund reported a total income of Rs. 591,516 thousand, showing a significant increase from Rs. 428,507 thousand in the corresponding period of the previous year. The income sources included government securities, sukuk certificates, profits on bank deposits, term deposit receipts, Dai Muajjal, commercial paper, and net unrealized appreciation on re-measurement of investments classified as financial assets at fair value through profit or loss, alongside other income.

The Fund’s expenses were managed efficiently, amounting to Rs. 56,346 thousand, compared to Rs. 26,913 thousand in the previous year. These expenses comprised remuneration for MCB Investment Management Limited, Sindh Sales Tax on management company remuneration, allocated expenses, remuneration of the Central Depository Company of Pakistan Limited as Trustee, annual fees of the Securities and Exchange Commission of Pakistan, and other operational costs.

After accounting for expenses, the net income before taxation was Rs. 535,170 thousand, up from Rs. 401,594 thousand in the prior year, indicating a strong performance. The post-taxation net income remained the same as the pre-taxation figure, demonstrating the fund’s tax efficiency and strategic investment approach.

This financial announcement highlights Alhamra Islamic Income Fund’s ability to generate significant returns for its investors through prudent investment strategies in compliance with Islamic financial principles. The Fund’s success is a testament to its effective management and the robust performance of its investment portfolio.