KARACHI, Sept 15: JS Investments Limited (JSIL) announced financial results for the asset management company and closed-end funds under management for the fiscal year ended 30, 2008, on Monday.

The board of directors approved a final dividend payout of 10 per cent (Re1 per share) for the shareholders of JSIL. This was in addition to the 15pc (Rs1.5 per share) interim dividend declared earlier.

The annual dividend payout by the company for the year came to 25 per cent (Rs2.5 per share)

For the year under review JSIL posted net profit of Rs549 million, which was 5.37 per cent higher as compared to the previous year. This translated to an earning per share of Rs5.49 per share, as compared to Rs5.21 in the preceding year.

For the 12 months period, JSIL increased its assets under management by 32.8 per cent, from Rs29.3 billion as at end of FY07 to R38.9 billion as at end of FY08. The significant growth in assets under management translated in to a 35.71 per cent growth in management fee earned by JSIL during this period.

Remuneration from funds under management jumped from Rs462 million in 2007 to Rs627 million in 2008.

A press release by the company stated that as of June 30, 2008, JS Investments’ market share of assets under management was 12 per cent, a growth of 20 per cent as compared to FY07.

Commenting on the performance, Najam Ali, CEO of JSIL, said: “These financial results are a testimony of our experience, in-depth market knowledge and strong management focus. Despite severely adverse market conditions we have maintained our leadership position”.

The company stated: “JS Value Fund was the best performing fund across the industry, posting a return of 39.9 per cent”, adding that UTP Large Cap Fund generated a return of 8.2 per cent on its opening net asset value. JS Value Fund, UTP Large Cap Fund and JS Growth Fund have paid dividend of 30 per cent, 10 per cent and 10 per cent to its shareholders during the year under review.

Despite the unprecedented economic and political turmoil witnessed during the preceding year that saw the KSE 100 Index fall by 10.8 per cent, close-end funds under the management of JSIL posted valuable returns for the shareholders, the company press release stated.

The company stated that it was the first year of commencement of investment finance service (investment banking) activities and it was able to generate net profit of over Rs145 million.