Alhamra Islamic Stock Fund Reports Challenging Year with Comprehensive Losses

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Karachi, The Board of Directors of MCB-Arif Habib Savings & Investments Limited met at their Head Office in Karachi to announce the financial results of Alhamra Islamic Stock Fund for the year ending June 30, 2023.

Alhamra Islamic Stock Fund experienced a challenging year marked by comprehensive losses. The approved financial report reveals the following results:

INCOME:

Profit on Balances with Banks: Rs. 27,763,000

Dividend Income: Not disclosed

Realized Gain (Loss) on Sale of Investments Net: Rs. (20,150,000)

Unrealized Loss on Revaluation of Investments classified as ‘at fair value through profit or loss’ Net: Rs. (684,971,000)

Total Income (Loss): Rs. (20,150,000)

EXPENSES:

Remuneration of the Management Company: Not disclosed

Sindh Sales Tax on Remuneration of the Management Company: Not disclosed

Remuneration of the Trustee: Not disclosed

Sindh Sales Tax on Remuneration of Trustee: Not disclosed

Annual Fee of Securities and Exchange Commission of Pakistan: Not disclosed

Allocated Expenses: Not disclosed

Selling and Marketing Expenses: Not disclosed

Auditors’ Remuneration: Not disclosed

Securities Transaction Cost: Not disclosed

Settlement and Bank Charges: Not disclosed

Legal and Professional Charges: Not disclosed

Shariah Advisory Fee: Not disclosed

Printing and Related Charges: Not disclosed

Donation / Charity: Not disclosed

Fees and Subscriptions: Not disclosed

Total Operating Expenses: Not disclosed

NET LOSS FROM OPERATING ACTIVITIES:

Net Loss from Operating Activities: Rs. (20,150,000)

REVERSAL OF PROVISION:

Reversal of Provision for Sindh Workers’ Welfare Fund: Not disclosed

NET LOSS FOR THE YEAR BEFORE TAXATION:

Net Loss for the Year Before Taxation: Rs. (20,150,000)

NET LOSS FOR THE YEAR AFTER TAXATION:

Net Loss for the Year: Rs. (20,150,000)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR:

Total Comprehensive Loss for the Year: Rs. (20,150,000)

The fund’s comprehensive loss reflects the challenges faced in the market and is a matter of concern for investors. The management company is likely to assess and implement strategies to improve performance and regain investor confidence.

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