Al Meezan Investments, the largest Shariah compliant asset management company in Pakistan, declared an interim Cash dividend @ 10% each (i.e., Re. 1 per share) for Al Meezan Mutual Fund (AMMF) and Meezan Balanced Fund (MBF).The book closure will be held from November 20, 2009. The Board of Directors of Al Meezan Investments also approved the financial results of Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Capital Protected Fund - I (MCPF-I) and Meezan Tahaffuz Pension Fund (MTPF) in the same meeting.
Al Meezan Mutual Fund Limited (AMMF), a closed end equity fund, reported a net income of Rs. 329.6 million for the 1st quarter ended September 30, 2009. This translates into earnings per share of Rs. 2.40 and NAV based gain of 28.41%. AMMF has provided 101.18% return during the calendar year i.e., NAV has increased from Rs. 5.45 per share (as at December 31, 08) to Rs. 10.96 per share (as at September 30, 2009). The benchmark KSE-Meezan Index (KMI) has appreciated by 103.60% during this period. The net assets of the fund stand at Rs. 1,553 million. The payment of dividend in 2009 marks the 10th consecutive calendar year during which AMMF has paid dividend to its shareholders.
Meezan Balanced Fund (MBF), a closed end balanced fund, reported a net income of Rs. 196.3 million for the 1st quarter ended September 30, 2009. This translates into earnings per certificate of Rs. 1.64 and appreciation in the NAV of 17.22%. During the calendar year MBF has provided 63.63% return i.e., NAV has increased from Rs. 6.82 per certificate (as at December 31, 2008) to Rs. 11.16 per certificate (as at September 30, 2009) against benchmark return of 54.04% The net assets of MBF stand at Rs. 1,365 million.
Meezan Islamic Fund (MIF), Pakistan’s largest open end equity fund in private sector, reported a net income of Rs.1,063 million for the 1st quarter ended September 30, 2009. The appreciation in the NAV during the 1st quarter is 28.11%. Since past few months, KSE has been performing well in terms of volume and returns and the KSE-100 Index has crossed 9,000 level in September, 2009. This growth is also reflected in the NAV of MIF, which has increased from Rs. 22.29 per unit (as at December 31, 2008) to Rs. 45.20 per unit (as at September 30, 2009), thus providing 102.77% return during nine months period as compared to 59.41% appreciation in KSE-100 Index and 103.60% appreciation in its benchmark KSE-Meezan Index. The net assets of MIF currently stand at Rs. 4,576 million.
For the quarter ended September 30, 2009, Meezan Islamic Income Fund (MIIF) earned a net income of Rs. 152.1 million, providing an annualized return of 10.99%. Currently its net assets stand at Rs. 6,078 million. Earlier, MIIF has announced interim dividend of 2.5% for its unit holders. Meezan Cash Fund (MCF) earned a net income of Rs.341.1 million, providing an annualized return of 10.08% for the quarter. Currently its net assets stand at Rs. 1,595 million. Meezan Capital Protected Fund-I (MCPF-I) earned a net income of Rs. 36.6 million and its net assets currently stands at Rs. 614 million.
Mr. Mohammad Shoaib, CFA, informed that the net assets under management of Al Meezan Investments have increased by 27% during the period under review i.e., from Rs. 12.33 billion as at June 30, 2009 to Rs. 15.65 billion as at September 30, 2009, thus making it the third largest asset management company in Pakistan in the private sector and the largest Shariah compliant asset management company He highlighted that the retail investor base of Al Meezan Investments has crossed 10,000 mark, which is one of the highest in mutual fund industry of Pakistan. He said that this success is reflective of the confidence and trust of both individual and institutional investors and thanked the investors for their valuable support and continued patronage.