Karachi, Sept 21: The National Investment Trust (NIT) declared figures for the financial year ended June 30, 2004. The dividend had already been announced on July 5, but the Board which met on Monday, unveiled all of the audited figures.
A press release issued by the Trust on Tuesday stated that the Chairman NIT, Tariq Iqbal Khan, briefed the board on the achievements of NIT during the year and the declaration of dividend of Rs2.55/unit for the financial year 2003-04.
The Fund outperformed KSE-100 index, which appreciated by 55.1pc during 2003-04, compared to rise of 60.7 per cent in the Net Asset Value (NAV) of NIT including a dividend yield of 12.4pc (on opening NAV of Rs20.58/unit) for the year.
NIT recorded sale of its units at Rs11,749 million for 2003-04. "A record amount of NIT units worth Rs9657 million were redeemed during the year but the system and procedures that had been strengthened during the last few years, enabled it to meet all such redemptions," NIT said.
During the financial year under review, NIT made transactions of Rs12,031 million. Income from capital gains realized during this period amounted to Rs1,979 million, 104pc more than Rs972m last year.
Dividend income rose 5pc to Rs2,487m for the year 2003-04 from Rs2,368m the previous year. Net income of the fund (excluding unrealized gains) increased significantly by 48pc to Rs4,262m against Rs2,878m earned during the last financial year.
The increase in net income has translated into a growth of 40pc in earning per unit of the Trust that also rose to earning of Rs2.63 per unit for the year under review from Rs1.87 per unit the previous year. Dividend involves total pay out of over Rs4bn that has already been distributed.
The press release stated that in a bid to make NIT unit more competitive and to address the long-outstanding demand of investors, the Trust has reduced the total load (spread) on its units from the existing 4.5pc to 3.5pc with effect from August 2004. The Trust has also changed the pricing system of its units from previous day pricing to forward day pricing system with effect from August 2004.
