PAKISTAN: Al Meezan Investment Management has declared a total dividend of PKR3.27 billion (US$37.67 million) for six of its funds for the financial year ended the 30th June 2011.
Meezan Balanced Fund, which earned a net income of PKR226 million (US$2.6 million), declared a final cash dividend of 17.5%. Net assets for the fund stood at PKR1.52 billion (US$17.51 million) at the end of the financial year.
Meezan Islamic Fund earned the highest net income of the Meezan funds with a total of PKR1.08 billion (US$12.44 million) and provided a total payout dividend of PKR10 (US$0.12) per unit to its unit holders. Its net assets of the fund were at PKR4.5 billion (US$51.84 million).
Meezan Islamic Income Fund’s net income was PKR309 million (US$3.56 million) at the end of the financial year while its net assets were PKR2.54 billion (US$29.26 million). The fund paid a total dividend of PKR6.25 (US$0.07) per unit to its unit holders.
The net income for Meezan Cash Fund amounted to PKR623 million (US$7.18 million), which paid a total dividend of PKR5.26 (US$0.06) per unit to its unit holders. The fund’s net assets were at PKR5.96 billion (US$68.66 million).
Meezan Sovereign Fund earned a net income of PKR884 million (US$10.18 million) and paid a total dividend of PKR5.52 (US$0.06) per unit to its unit holders. Net assets amounted to PKR12.55 billion (US$144.59 million).
Meezan Capital Protected Fund-I paid a total dividend of PKR7.97 (US$0.09) per unit to its unit holders for the financial year ended the 29th June 2011. Total return earned by investors for the fund that matured on June 29, 2011, was at 14.14%.