August 21, 2007	Tuesday	Sha’aban 7, 1428

KARACHI, Aug 20: JS ABAMCO Limited showed 29.7 per cent growth in net assets under management which amounted to Rs29 billion at June 30, 2007 and five-year cumulative average growth rate (CAGR) of 43.3 per cent.

The board of directors which met on Monday reported management fee income sustained at Rs462 million and net margin at 52.36pc for the year under review.

A press release issued by the company stated that the company had earned profit after tax of Rs521 million (CAGR of 89.2pc over the past five years) with an earning per share of Rs5.21, return on assets at 21.2pc and return on equity at 32.64pc for the year.

The company said it had secured best rated asset management company by Pakistan Credit Rating Agency with rating of AM2+ (credit rating AA-/A1+). International Finance Corporation and Invesco Plc are founding partners.

The operating profit of the company decreased by 6.9 per cent to Rs632 million on a year-on-year basis, which the company attributed to investment in brand, organisational infrastructure and human capital. The new areas included investment banking and launch of company’s first pension fund.