Karachi, National Investment Trust Limited NITL, the first & largest Asset Management Company of Pakistan Thursday declared outstanding results along with remarkable payouts for all Funds under its management for year ended June 30, 2012, says its Chairman, Managing Director Wazir Ali Khoja.
Speaking after Board of Directors approved annual accounts of all Funds under its management, he said as of June 30, 2012, NIT is managing 5 Funds with net assets under management of around Rs 74,152 million. NIT declared dividend @ Rs 3.50 per unit for unit holders of NI(U)T for year ended June 30, 2012 as compared to Rs 4.0 per unit for year ended on June 30, 2011. Payment of dividend @ Rs 3.50 per unit would involve huge cash payout of Rs 4,798 million among its unit holders.
He said Fund registered healthy growth of 69.6% in realized capital gains which rose to Rs 1,439 million during year ended on June 30, 2012 from Rs 848 million for year ended June 30, 2011. Dividend income earned also increased by 25% to Rs 2,421 million in FY12 against Rs 1,931 million in FY11.
During FY12, it earned net income (excluding unrealized figures) of Rs 5,664 million translating into earnings per unit of Rs. 4.13. NAV per unit of NI(U)T rose from Rs 28.14 as on June 30, 2011 (Ex Dividend) to Rs 30.27 as on June 30, 2012, generating total return of around 7.6% against benchmark (KSE-100) return of 10.45%.
On NIT State Enterprise Fund (NIT-SEF) results for year ended June 30, 2012, he said NITL declared bonus @ 9.30% on face value of Rs 50/- for unit holders. In FY12, it realized capital gains of Rs 1,658 million as compared to Rs 1,252 million last year showing 32% growth. Dividend income earned by Fund in FY12 stood at Rs 1,259 million against Rs 1,342 million in previous year. It earned Net Income (without impairment) of Rs 1,552 million for year ended June 30, 2012 translating into per unit earning of Rs 5.51.
Net Asset Value of units of NIT-SEF rose by 6.1% yoy from Rs 84.21 as on June 30, 2011 (Ex-Dividend) to Rs 89.32 as on June 30, 2012 compared to benchmark KSE-100 index which increased by 10.45% in period under review. Since inception till June 30, 2012, it outperformed benchmark index by 24.5%.
He said during year NITL repaid Rs 5.0 billion to one of lenders of NIT-SEF from its internally generated cash, reducing financing facility from Rs 17.2 billion to Rs 12.2 billion, hence reduction in Government Guarantee from Rs 20 billion to Rs 12.2 billion. Government approved to extend its guarantee for another 2 years.
On Equity Market Opportunity Fund (NIT-EMOF), he said Board declared Rs 6.75 per unit bonus for unit holders for year ended June 30, 2012. In period under review, Fund’s net profit (without impairment) grew by 42.2% YoY to Rs 831 million against Rs 584 million in corresponding period of last year, translating into earning per unit of Rs 17.50 & Rs 12.44 respectively.
It realized capital gains of Rs 433 million in FY12 as compared to Rs 226 million realized in FY11, depicting YoY growth of 91.6%. Dividend income earned rose by 14.8% to Rs 357 million in FY12 against Rs 311 million in FY11. It outperformed its benchmark by sizeable margin of 7.59% during FY12 where its NAV increased by 18.04% against benchmark KSE-100 increase of 10.45%.
Khoja said in period under review another 10% redemption of unit holding were offered and redemption amount of Rs 551 million paid to unit holders. So far unit holders offered 50% redemptions of their respective unit holding since inception of Fund.
He said NIT declared per unit distribution of Rs 1.1094 for unit holders of NIT Government Bond Fund NIT-GBF to unit holders for year ended June 30, 2012 as compared to per unit distribution of Rs 1.0201 for year ended June 30, 2011. Those who opted for growth units with option to receive bonus will be allocated 11.1241 units per 100 units at ex-dividend NAV.
During FY12, Fund earned net income of Rs 315 million as compared to Rs 305 million in FY11. Net income translates into per unit earning of Rs 1.21 as compared to Rs 1.03 per unit last year. NAV of NIT-GBF rose from Rs. 10.0968 (Ex dividend) as on June 30, 2011 to Rs 11.0823 on June 30, 2012, yielding annualized return of 9.76% compared to benchmark return of 10.64%. Since inception, NIT-GBF earned annualized return of 11.45% against benchmark return of 10.85%.
He said NIT Income Fund NIT-IF declared per unit distribution of Rs 1.1065 for FY12 as compared to per unit distribution of Rs 1.0581 for FY11. Those who opted for growth units with option to receive bonus will be allocated 10.7531 number of units per 100 units at ex-dividend NAV. During FY12, it earned net income of Rs 283 million as compared to Rs 207 million in previous year which translates into per unit earning of Rs 1.46 as compared to Rs 1.10 per unit in FY11.
NAV of NIT-IF rose from Rs 10.1448 (Ex-Dividend) as on June 30, 2011 to Rs 11.3966 as on June 30, 2012, yielding annualized return of 12.34% compared to benchmark return of 12.38%. Since inception, it earned annualized return of 12.81% against benchmark return of 12.80%.
He said NIT launched campaign to create awareness among general public about mutual funds and set up kiosks throughout the year in leading shopping malls and mega events nationwide. Number of days to meet redemption requests significantly reduced and to further facilitate investors, introduced ATM based redemption facility allowing them to redeem its units without any loss of time and hassle of paper based documentation.
He said investor facilitation centre has been set up and inaugurated soon to provide additional services to unit holders. NIT is in process to set up a call centre to provide round the clock information, facilities to existing and potential investors. For fast, easy access, separate Toll Free Number is being acquired for investors facilitation centre.
In last 15 months, NIT opened 3 new branches, two in Lahore, one in Karachi and nationwide distribution network now comprises 22 branches. Opening of few more branches is in pipeline and hopefully start operations in next fiscal year. NIT is working on new products and soon introduce new schemes for investors.
On November 12, 2012, NIT will complete 50 years of asset management services to unit holders. Since launch in 1962, NIT never missed dividend for a single year. In Mutual Fund Industry, NIUT maintains largest equity portfolio in size and number of companies. On June 30, 2012, NIT unit holders number was around 57,000.