First Capital Mutual Fund Reports Significant Turnaround in 2024

KARACHI: First Capital Mutual Fund experienced a substantial financial recovery in the year ended June 30, 2024, according to their latest income statement. The fund reported a total income of 63.94 billion rupees, a dramatic increase from the 1.43 billion rupees recorded in the previous year.

In 2024, the fund’s primary income sources included a substantial 14.53 billion rupees from capital gains on the sale of investments, a notable improvement compared to the 3.06 billion rupees in 2023. Dividend income also contributed significantly with 8.13 billion rupees. Furthermore, the fund earned 4.61 billion rupees from bank deposits.

According to information available from the Pakistan Stock Exchange (PSX), expenses for the year totaled 4.73 billion rupees. The largest expense was the remuneration of the management company, amounting to 2.43 billion rupees. Additionally, the fund incurred various regulatory and operational fees, including 115.24 million rupees for the annual fee of the Securities and Exchange Commission of Pakistan and 244.16 million rupees in securities transaction costs.

Despite the high operational costs, the fund managed a net income after taxation of 59.22 billion rupees, recovering from a net loss of 2.34 billion rupees in 2023. The net income for the year stood at 59.22 billion rupees, with 51.21 billion rupees allocated to capital gains and the remaining 5.71 billion rupees accounted for other incomes.

The turnaround is particularly notable given the challenging market conditions of the previous years, and positions First Capital Mutual Fund for potentially stable growth moving forward.