⚡ Flash Summary

Alhamra Opportunity Fund reported a net income of PKR 152.203 million for the quarter ended September 30, 2025, a significant turnaround from the loss of PKR 1.843 million in the same period last year. The fund’s net assets increased substantially from PKR 564.293 million to PKR 1,045.570 million. This growth was driven by a large increase in investments and issuance of new units. However, the fund did distribute a final dividend for the period ended June 30, 2025.

📌 Key Takeaways

• 📈 Net income soared to PKR 152.203 million, reversing a loss of PKR 1.843 million year-over-year.
• 💰 Total income surged to PKR 160.583 million, compared to PKR 970,000 in the previous year.
• 🏦 Balances with banks increased significantly to PKR 166.084 million from PKR 96.655 million.
• 📊 Investments grew substantially to PKR 901.816 million from PKR 545.983 million.
• 🚀 Total assets reached PKR 1,071.994 million, up from PKR 655.422 million.
• ✅ Net assets stood at PKR 1,045.570 million, a notable increase from PKR 564.293 million.
• ⭐ Number of units in issue increased to 5,391,632 from 3,501,009.
• NAV per unit rose to PKR 193.9246 from PKR 161.1801.
• 💸 Final distribution for the period ended June 30, 2025, was declared at PKR 4 per unit.
• 📉 Net cash used in operating activities was PKR 259.645 million, compared to PKR 27.198 million in the prior year.
• 💸 Receipts against issuance of units (net of refund of capital) totaled PKR 773.892 million, compared to PKR 46.845 million in the prior year.
• 🚫 Earnings per unit (EPU) were not disclosed, as calculation of weighted average number of units was deemed impracticable.
• 🧾 Total expenses increased significantly to PKR 8.380 million from PKR 2.813 million due to higher management and trustee remuneration.
• 💰 Net cash generated from financing activities amounted to PKR 329.074 million, a substantial increase from PKR 85.843 million.

🎯 Investment Thesis

Given the significant improvement in net income and the growth in assets, a HOLD recommendation seems appropriate for the Alhamra Opportunity Fund. While the fund has demonstrated positive growth, further analysis is needed to assess its long-term sustainability and competitive positioning within the sector. Investors should closely monitor the fund’s expense management, cash flow from operations, and its ability to sustain returns in varying market conditions.