National Investment Trust Limited (NITL) on Tuesday declared results along with payouts for all funds under its management for the year ended June 30, 2011. NIT Managing Director Wazir Ali Khoja, while speaking at a press briefing here, presented the financial results of NIT and payouts for all its funds.
NI(U)T Fund: A dividend of Rs 4.00 per unit was declared for the unit holders of NI(U)T for the year ended June 30, 2011. The payment of dividend at Rs 4.00 per unit would involve a payout of Rs 5,037 million among its unit holders. The MD NIT said that the Fund had registered a healthy growth of 15.1 percent in capital gains realised, which increased to Rs 848 million during the year ended on June 30, 2011 from Rs 737 million for the year ended June 30, 2010.
Furthermore, the dividend income earned also increased by 25 percent to Rs 1,930 million in FY11 against Rs 1,549 million earned in FY10. During FY11, NI(U)T Fund earned a net income (excluding unrealised gains) of Rs 5,871 million against Rs 2,608 million earned by the Fund last year. This net income translates into earnings per unit of Rs 4.66 in FY11 against an earnings per unit of Rs 2.44 in FY10, thus depicting a huge growth of 91 percent on year-on-year basis.
The NAV of units of NI(U)T increased from Rs 25.92 as on June 30, 2010 (ex dividend) to Rs 32.14 as on June 30, 2011, thus generating a total return of around 24 percent against the benchmark (KSE-100) return of 28.5 percent. Furthermore, during the period, a gross sale of NI(U)T units (including CIPs) was recorded at Rs 9,780 million as compared to units worth Rs 4,600 million sold in FY10, showing a massive growth of 113 percent during the period.
NIT State Enterprise Fund (NIT-SEF): While referring to the results of NIT-SEF for the year ended June 30, 2011, the MD NIT said that NITL had declared a bonus at 23 percent on the face value of Rs 50.00 for the unit holders of NIT-SEF. He said that in FY11, the Fund realised capital gains of Rs 1,252 million as compared to Rs 1,740 million in the last year, whereas, the dividend income earned by the Fund in FY11 stood at Rs 1,342 million as against Rs 1,094 million earned during the previous year.
He said that the Fund had earned a net income of Rs 3,325 million for the year which translates into per unit earning of Rs 12.07 compared to Rs 5,071 million earned last year, translating into a per unit earning of Rs 20.13. The Net Asset Value of units of NIT-SEF increased by 14.75 percent on year-on-year basis from Rs 83.41 as on June 30, 2010 (ex-dividend) to Rs 95.71 as on June 30, 2011 compared to the benchmark KSE-100 index, which increased by 28.53 percent during the period under review.
He said that that underperformance was attributed mainly to a few stocks in which the Fund was heavily invested which had not performed relative to the benchmark. However, since inception till June 30, 2011, NIT-SEF had significantly outperformed the benchmark index by 35 percent, as it generated a return of 141 percent compared to the benchmark KSE-100 index return of 106 percent in the same period, he added.
NIT Equity Market Opportunity Fund (NIT-EMOF): MD NIT informed that the Board had declared a bonus of Rs 8.00 per unit for its unit holders for the year ended June 30, 2011. He said that the net asset value of units of NIT-EMOF increased from Rs 98.33 as on June 30, 2010 (ex dividend) to Rs 121.62 as on June 30, 2011, thus depicting a total return of around 23.7 percent whereas the benchmark KSE-100 index increased by 28.5 percent during the year. However, since inception, the NAV of the Fund increased by 27.74 percent compared to the benchmark KSE-100 increase of 12 percent, thus outperforming the benchmark by a healthy margin of 15.74 percent.
He further mentioned that during the year, the Fund realised capital gains of Rs 226 million compared to Rs 139 million in the previous year, while the dividend income earned by the Fund stood at Rs 311 million as against Rs 250 million earned in the previous year. During FY11, the Fund earned a net income of Rs 405 million which translates into an earning per unit of Rs 8.63 compared to Rs 149 million earned in the previous year, translating into an earning per unit of Rs 3.27.
NIT Government Bond Fund (NIT-GBF): The MD NIT announced that NIT had declared a per unit distribution of Rs 1.0201 for unit holders of NIT-GBF. Those who have opted for growth units with the option to receive bonus would be allocated 10.1032 units per 100 units at the ex-dividend NAV.
During FY11, the Fund earned a net income of Rs 305 million, as compared to Rs 232 million in FY10 (since its inception on November 18, 2009 till June 30, 2010). Net income translates into per unit earning of Rs 1.11 as compared to Re 0.66 per unit last year.
The NAV of NIT GBF increased from Rs 9.9980 (ex dividend) as on June 30, 2010 to Rs 11.1169 as on June 30, 2011, thus yielding an annual return of 11.19 percent compared to the benchmark return of 11.32 percent. Further, since its inception, NIT GBF earned an annualised return of 11.03 percent against the benchmark return of 10.98 percent, thus outperforming its benchmark.
NIT Income Fund (NIT-IF): For NIT IF, the Board of Directors of NIT declared a per unit distribution of Rs 1.0581. Those who have opted for growth units with the option to receive bonus would be allocated 10.4300 number of units per 100 units at the ex-dividend NAV.
During FY11, the Fund earned a net income of Rs 207 million as compared to Rs 86 million in the previous year (since its inception on February 19, 2010 till June 30, 2010). This net income translates into per unit earning of Rs 1.15 as compared to Rs 0.39 per unit last year.
The NAV of NIT IF increased from Rs 9.9938 (ex-dividend) as on June 30, 2010 to Rs 11.2029 as on June 30, 2011, thus, yielding an annualised return of 12.10 percent compared to the benchmark return of 13.38 percent. Wazir Ali Khoja said that the total Funds under management of NIT had shown a remarkable growth of 18 percent to Rs 81,301 million as of June 30, 2011 from Rs 68,972 million as of June 30, 2010.
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