The board of directors of Al Meezan Mutual Fund Limited (AMMF) and Al Meezan Investments, and investment advisor of Meezan Balanced Fund (MBF) in meetings has approved the financial results for the year ended June 30, 2006 and announced 30 percent cash dividend ie Rs 3 per share for AMMF and 20 percent cash dividend ie Rs 2 per share for MBF.
According to a press release issued here on Friday the meetings of the board of directors and investment advisor were held recently. AMMF has been in operation since 1995 and since its inception, AMMF has been paying regular and healthy dividends to its investors. Its average annual return over the last five years is 41 percent.
The net profit earned by AMMF during the financial year 2005-06 was Rs 440 million as against Rs 430 million in 2004-05. 81 percent of the total earnings are being paid out as dividends, which amount to Rs 359 million. The net assets increased to Rs 2,023 million as on June 30, 2006 reflecting appreciation of 28.4 percent for the year.
MBF was launched by Al Meezan Investments on November 30, 2004 as Pakistan's first and only Shariah compliant closed end balanced fund with the investment objective to generate long-term capital appreciation as well as current income by creating a balanced portfolio that is invested both in high quality equity securities and Islamic income instruments. During the period under review the net profit earned by MBF stood at Rs 287 million, reflecting the growth of 95.2 percent compared to Rs 147 million reported last year.
Out of total earnings, Rs 240 million will be distributed by way of 20 percent cash dividend, which represents 84 percent of total earnings. The net assets of MBF increased to Rs 1,513 million as on June 30, 2006 from Rs 1,347 million last year.
Earlier, Al Meezan Investments announced 35 percent stock dividend for unit holders of Meezan Islamic Fund (MIF). The fund size has increased to Rs 3,200 million in last three years.
This is the highest growth rate recorded by any open-end Shariah compliant mutual fund with the focus on Pakistan's stock market, making Meezan Islamic Fund the largest Shariah compliant mutual fund in the country.
All three funds - MIF, MBF and AMMF have got 5-Star rating, which is the highest possible rating for any mutual fund. This makes Al Meezan Investments the only asset management company in Pakistan with 5-Star rating for all funds under its management.-PR
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