KARACHI, Sept 24: The mutual funds under the management of Investment Corporation of Pakistan (ICP) recorded 44 per cent increase in net profit for the year ended June 30, 2002, amounting to Rs651.5 million, from a year ago net profit at Rs451.6 million, ICP managing director Tariq Iqbal Khan told a press briefing on Tuesday.
He said that profit earned by all the mutual funds together stood at approximately 20 per cent against total capitalization as compared to 14 per cent of capitalization the earlier year.
Earlier in the day, the board of directors of ICP had met to approve the results for financial year 2002, and declare dividends. The board declared dividends on 1st to 25th mutual funds and SEMF (with the exception of two funds: 23rd and 24th). Dividends declared stood in the range of 7.5% to 165% compared with 5% to 60% dividends declared last year. Highest Dividend at 165 per cent was on 9th Fund followed by 60 per cent on 10th Fund and 48 per cent on 8th Fund.
The ICP MD stated that all the mutual funds had recorded higher net assets value as compared to their market value, which showed market potential for investment. He claimed that the management had put up great deal of efforts and managed to actively roll over port folio of funds, which enabled the corporation to capture opportunities for realizing capital gains as the condition on the stock market became conducive.
The ICP MD contended that the year 2001-02 was a year of turmoil. In the aftermath of September 11 events, economies of countries all over the world especially the developing countries were facing problems. The problems of border tension had a marked effect on the economy and the stock market. He pointed out that out of 11 private sector mutual funds listed on the stock exchanges, only 4 funds had thus far declared dividends in the range of 16 to 25 per cent.
An ICP announcement read out at the Karachi stock exchange on Tuesday, notified that the transfer books of the 1st to 25th ICP Mutual Funds and SEMF Series “A” would remain closed from October 15 to 24 (both days inclusive) for the purpose of determining entitlement for dividends. The dividends announced were as follows: 1st ICP 17 per cent; 2nd 18 per cent; 3rd 29 per cent; 4th 45 per cent; 5th 17 per cent; 6th 30 per cent; 7th 15 per cent; 8th 48 per cent; 9th 165 per cent; 10th 60 per cent; 11th 28 per cent; 12th 23 per cent; 13th 35 per cent; 14th 13 per cent; 15th 17 per cent; 16th 10 per cent; 17th 16 per cent; 18th 12 per cent; 19th 23 per cent; 20th 21 per cent; 21st 9 per cent; 22nd 11 per cent; 23rd and 24th nil; 25th 7.5 per cent and SEMF Series “A” 26 per cent.