⚡ Flash Summary

ABL Asset Management Company Limited has announced the financial results of ABL Income Fund for the quarter ended September 30, 2025. The fund reported a net income for the period after taxation of PKR 91.948 million, compared to PKR 171.376 million in the same period last year, representing a decrease of approximately 46%. The Net Asset Value (NAV) per unit increased to PKR 10.4538 from PKR 10.1982 at the beginning of the period, and total assets decreased from PKR 4.897 billion to PKR 4.083 billion. These results reflect a challenging quarter for the fund, with lower profitability despite an increase in NAV.

📌 Key Takeaways

• 📉 Net income after taxation decreased by approximately 46%, from PKR 171.376 million in September 2024 to PKR 91.948 million in September 2025.
• ⬆️ NAV per unit increased from PKR 10.1982 at the beginning of the period to PKR 10.4538 by the end of September 2025.
• Assets decreased from PKR 4.897 billion as of June 30, 2025 to PKR 4.083 billion as of September 30, 2025.
• ⚠️ Total operating expenses increased from PKR 10.716 million to PKR 17.021 million.
• ⚠️ Income on government securities decreased from PKR 61.971 million to PKR 45.246 million.
• ⚠️ Income from term finance certificates and sukuk certificates decreased from PKR 45.472 million to PKR 30.848 million.
• ⚠️ Income on savings accounts with banks decreased from PKR 34.695 million to PKR 27.539 million.
• ✅ Total proceeds on issuance of units increased from PKR 614.987 million to PKR 1,824.674 million.
• ✅ Payments on redemption of units increased from PKR 469.314 million to PKR 2,144.246 million.
• Total distribution during the period remained at zero.
• The number of units in issue decreased from 399,426,515 to 367,886,058.

🎯 Investment Thesis

HOLD. Although NAV has increased, the significant decrease in net income and profitability raises concerns. Reduce position in ABL Income Fund.