KARACHI: National Investment Trust Limited (NITL), the largest mutual fund in the country, announced distribution of Rs4,798 million to the unit holders in dividend at Rs3.50 per unit for the year ended on June 30.
NIT chairman and MD Wazir Ali Khoja chaired the meeting of the board on Thursday, which approved annual accounts of all funds under management.
"NIT is managing five funds with net assets under management of around Rs74,152 million", Khoja said in a statement issued after the meeting.
The NI(U)T Fund had paid Rs4 per unit last year.
The chairman said that during the year NIT repaid Rs5.0 billion to one of the lenders of NIT-SEF from its internally generated cash, thereby reducing the financing facility from Rs17.2 billion to Rs12.2 billion and hence reducing government guarantee from earlier Rs20 billion to Rs12.2 billion.
He further informed that the government had extended its guarantee for two years.
As regards performance, NIT showed growth of 69.6pc in realised capital gains which increased to Rs1,439 million during the year ended on June 30, 2012, from Rs848 million last year.
During the year, the Fund earned net income of Rs5,664 million translating into an earning per unit of Rs4.13.
The net asset value (NAV) per unit increased from Rs28.14 (ex-dividend) to Rs30.27 as on June 30, 2012.
It represented total return of around 7.6pc against the benchmark (KSE-100) return of 10.45pc.
NIT State Enterprise Fund (NIT-SEF) declared bonus at 9.30pc.
During the year, the Fund realised capital gains of Rs1,658 million as compared to Rs1,252 million last year, showing growth of 32pc.
The net asset value of units of NIT-SEF increased by 6.1pc YoY to Rs89.32. NIT-EMOF declared a bonus of Rs6.75 per unit for the year under review.
The fund’s net profit grew by 42.2pc YoY to Rs831 million from Rs584 million last year, translating into an earning per unit of Rs17.50 and Rs12.44, respectively.
NIT-EMOF has outperformed its benchmark by margin of 7.59pc during FY12.
During the year 10pc redemption of unit holding were offered and a redemption amount of Rs551 million was paid to unit holders.
Thus, so far unit holders have been offered 50pc redemptions of their respective unit holding since inception of the fund.
NIT declared per unit distribution of Rs1.1094 on NIT-GBF. Those who have opted for growth units with the option to receive bonus will be allocated 11.1241 units per 100 units at the ex-dividend NAV.
The NAV of NIT-GBF stood at Rs11.0823 at year end, thus yielding an annualised return of 9.76pc.
For NIT-IF, the Fund declared per unit distribution of Rs1.1065 for FY12. Those who have opted for growth units with the option to receive bonus will be allocated 10.7531 number of units per 100 units at the ex-dividend NAV.
The NAV of NIT-IF increased to Rs11.3966 at year end, yielding an annualised return of 12.34pc compared to the benchmark return of 12.38pc.
The NIT chairman stated that during the last 15 months, the Fund had opened three new branches, two in Lahore and one in Karachi, increasing the nationwide distribution of branches to 22.
The Fund would be completing 50 years of its asset management services on Nov 12, 2012.
"In mutual fund industry, NIT maintains the largest equity portfolio not only in terms of size but also in terms of number of companies.
As on June 30, 2012, the number of unit holders of NIT stood at 57,000," NIT stated.