Sign in Subscribe
Mutual funds

Al Meezan Mutual Fund Records Impressive Annual Performance for FY 2024

Strategic Insights

— 2 min read

The Al Meezan Mutual Fund (AMMF) managed by Al Meezan Investment Management Limited has achieved an outstanding annual performance for the fiscal year ending June 30, 2024, with a 74.84% return to its shareholders. This impressive feat is especially notable given the challenging market conditions throughout the year. The Fund's Net Asset Value (NAV) experienced a remarkable surge, growing from Rs. 15.68 per unit at the start of the year to Rs. 24.40 per unit by year-end, reflecting a substantial increase in investment value and efficiency in fund management.

Key Takeaways:

  • The Al Meezan Mutual Fund (AMMF) recorded a remarkable 74.84% return to its shareholders for the fiscal year ending June 30, 2024.
  • The Fund's Net Asset Value (NAV) increased from Rs. 15.68 per unit at the start of the year to Rs. 24.40 per unit by year-end.
  • AMMF maintained a high equity exposure throughout the year, averaging around 98.08% with significant investments in sectors like Cement and Power Generation.
  • The Fund distributed a considerable interim dividend of Rs. 3.00 per unit, totaling Rs. 487 million in cash dividends, representing a payout of 30.00%.
  • Total income for FY 2024 stood at Rs. 2,431 million, a significant increase from the previous year's Rs. 124 million, with contributions from both realized and unrealized gains.
  • Expenses were well managed at Rs. 170 million, leading to a net income of Rs. 2,261 million for the year.
  • As of June 30, 2024, the net assets of AMMF increased by 55% year-over-year to Rs. 4,874 million.
  • AMMF maintained a strategic stake in Hub Power Company Ltd., which expanded into the electric vehicle market in collaboration with China's BYD.
  • Al Meezan Mutual Fund's performance closely followed the KSE Meezan Index (KMI 30) which increased by 78.70% to close at 126,424 points.

Statistics:

  • 74.84%: Return on investment for AMMF shareholders for the fiscal year ending June 30, 2024
  • 98.08%: AMMF's average equity exposure throughout the year
  • Rs. 24.40: Net Asset Value (NAV) per unit by year-end
  • Rs. 3.00: Dividend per unit, totaling Rs. 487 million in cash dividends
  • Rs. 2,431 million: Total income for FY 2024
  • Rs. 2,261 million: Net income for the year
  • Rs. 4,874 million: Net assets of AMMF as of June 30, 2024
  • 55%: Increase in net assets of AMMF year-over-year
  • 78.70%: Increase in the KSE Meezan Index (KMI 30) to close at 126,424 points

Sources:

  • "Al Meezan Mutual Fund Records Impressive Annual Performance for FY 2024" - Pakistan Stock Exchange (PSX)
  • Al Meezan Investment Management Limited - FY 2024 Annual Report

Read more