MCB Investment Management Limited Announces Financial Results for Q1 2024 with Increased Revenues and Profits

Karachi, MCB Investment Management Limited released its financial results for the quarter ending March 31, 2024. The Board of Directors, during their meeting held on April 22, 2024, at Karachi and via video link, decided not to issue any interim cash dividends for this period, maintaining the previous dividend rate of Rs. 3.5 per share, or 35%. There will be no issuance of bonus or right shares.

The company’s unaudited condensed interim statement of profit and loss reveals significant increases in both revenue and profits compared to the same quarter last year. Total revenue for the quarter ended March 31, 2024, stood at Rs. 442,124,139 compared to Rs. 300,485,836 in 2023. This was primarily driven by management and investment advisory fees which rose to Rs. 367,637,145 from Rs. 272,758,459.

Similarly, profit after taxation for this quarter increased substantially to Rs. 185,695,724 from Rs. 105,230,647 in the previous year. Earnings per share also rose to Rs. 2.58 from Rs. 1.46. Despite higher revenues, the company did manage to keep administrative expenses in check, which were Rs. 233,030,162, up from Rs. 167,303,547 in the previous year. Other income for the company included share of profit from associates amounting to Rs. 89,339,003, significantly higher than last year’s Rs. 34,156,473.

The report detailing the company’s performance and further insights into its operations will be transmitted separately through PLICARS within the designated timeframe.