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Karachi, The Board of Directors of MCB-Arif Habib Savings & Investments Limited, the management company of MCB Pakistan Sovereign Fund, met at their Head Office in Karachi to announce the financial results for the year ended June 30, 2023.
Amidst the backdrop of challenging market conditions, the MCB Pakistan Sovereign Fund demonstrated resilience and achieved commendable results during the fiscal year. The approved financial results are as follows:
INCOME:
Gain/(Loss) on Sale of Investments – Net: (Rs. 3,290,000)
Income from Government Securities: Rs. 59,220,000
Markup on Deposits with Banks: Rs. 11,311,000
Unrealized Loss on Re-measurement of Investments at Fair Value through Profit or Loss – Net: (Rs. 1,038,000)
Total Income: Rs. 107,849,000
EXPENSES:
Remuneration of MCB-Arif Habib Savings and Investments Limited – Management Company: Rs. 7,339,000
Sindh Sales Tax on Remuneration of Management Company: Rs. 954,000
Allocated Expenses and Related Taxes: Rs. 696,000
Marketing and Selling Expense: Rs. 2,375,000
Remuneration of Central Depository Company of Pakistan Limited – Trustee: Rs. 402,000
Sindh Sales Tax on Remuneration of Trustee: Rs. 52,000
Annual Fee to Securities and Exchange Commission of Pakistan: Rs. 139,000
Auditors’ Remuneration: Rs. 580,000
Brokerage, Printing, and Bank Charges: Rs. 388,000
Legal and Other Professional Charges: Rs. 1,686,000
Total Operating Expenses: Rs. 10,628,000
REVERSAL OF PROVISION:
Reversal of Provision for Sindh Workers’ Welfare Fund: Rs. (13,419,000)
NET INCOME FROM OPERATING ACTIVITIES:
Net Income from Operating Activities: Rs. 96,921,000
TAXATION:
Taxation: Not disclosed
NET INCOME AFTER TAXATION:
Net Income for the Year After Taxation: Rs. 96,921,000
OTHER COMPREHENSIVE INCOME:
Other Comprehensive Loss: Rs. (20,987,000)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR:
Total Comprehensive Income for the Year: Rs. 75,934,000
The MCB Pakistan Sovereign Fund’s strong financial performance amid market uncertainties showcases effective investment strategies and prudent risk management by MCB-Arif Habib Savings & Investments Limited. Investors can remain confident in the fund’s ability to navigate market challenges and achieve favorable returns in the future.
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