KARACHI, April 24: JS ABAMCO Limited posted after tax earnings of Rs212 million, translating into earning per share (eps) of Rs2.12 for the nine months ended March 31, 2007.
It represented 18.63 per cent growth on a year-on-year basis.
The board also announced results of the 10 funds under management of JS ABAMCO, stating it was managing the largest size of Net Assets in the private sector with total funds under management at Rs23.56 billion at the end of nine months period, growing by 4.2 per cent from Rs22.62 billion at June 30, 2006.
The asset management company has recently added a capital protected fund with assets of Rs1.1 billion as on March 31, 2007.
JS ABAMCO conducted an IPO on March 21 and 22, which received good response from the public which subscribed Rs2.5 billion against the offered amount of Rs1.3 billion.
“The board also noted with pride and satisfaction that a major renowned foreign fund based in the US has acquired over 13 per cent shareholding in the company,” JS ABAMCO said in a statement issued on Monday, adding “It was for the first time that foreign investors directly participated in an IPO.”
The profit after tax (PAT) and earning per unit (epu)/earning per certificate (epc)/earning per share (eps) of 10 funds under management for the period ended March 31, 2007 stood as follows: (1) UTP-A30+Fund--PAT: Rs34.24; epu/epc Rs6.19; (2) UTP-aggressive asset allocation fund--PAT: Rs38.79 and epu/epc Rs1.49; (3) Unit Trust of Pakistan--PAT Rs291.56; epu/epc Rs620.18; (4) UTP—Islamic Fund—PAT Rs69.90 and epu/epc Rs49.28 (5) UTP-Income Fund—PAT Rs 355.3 and epu/epc Rs40.71; (6) UTP- Fund of Fund—PAT Rs8.11 and epu/epc Rs2.78; (7) UTP-Capital Protected Fund—PAT Rs11.26 and epu/epc Rs1.02; (8) UTP-Growth Fund—PAT Rs592.53 and epu/epc Rs1.86; (9) UTP-Large Cap Fund—PAT Rs415.74 and epu/epc Rs1.26 and (10) BSJS Balanced Fund Limited—PAT Rs219.99 and epu/epc Rs1.86.
JS ABAMCO stated that it held a rating of AM2+, which to-date is the highest Asset Management Company (AMC) rating awarded to any AMC in Pakistan.
The company is also managing the largest number of funds and has been the pioneer in introducing Shariah Compliant, Principal Protected, Indexed and other funds.
The management company had earlier distributed a total payout of Rs850 million to the certificate holders of its closed end funds along with half year results.
In addition, the open-end fund UTP A30 +, launched in May 2006 had also paid cash dividend of 15 per cent of its par value at the end of December 31, 2006.
JS ABAMCO noted that the return of UTP A30+ for the nine months ending March 31, 2007, stood highest amongst all funds under its management.
“UTP – A 30+ that is replicating the benchmark ABAMCO 30 Index, reported a return of 14.63 per cent which is not only an out-performance of the KSE-100 Index by around 1.8 per cent but the fund also stands consistently amongst the top three ranking open-end funds of the industry on return basis since its inception,” the company said.
The company statement also highlighted performances of other funds under its management.
