⚡ Flash Summary

NIT Pakistan Gateway Exchange Traded Fund (NIT-PGETF) reported its unaudited condensed interim financial statements for the quarter ended September 30, 2025. The fund’s net income for the period stood at PKR 40.859 million, a significant increase from PKR 2.431 million in the same quarter last year. Total assets increased to PKR 162.954 million, while net assets reached PKR 162.046 million. The net asset value (NAV) per unit increased to PKR 34.9994 from PKR 26.1742 as of June 30, 2025.

📌 Key Takeaways

• 📈 Net income for the quarter soared to PKR 40.859 million, up from PKR 2.431 million YoY.
• 💰 Total assets grew to PKR 162.954 million from PKR 110.156 million.
• ✨ Net asset value per unit increased to PKR 34.9994 from PKR 26.1742.
• 📊 Dividend income increased to PKR 2.142 million from PKR 1.826 million YoY.
• 🚀 Gain on sale of investments reached PKR 478k compared to a loss of PKR 1k last year.
• 💼 Net unrealized appreciation on investments was PKR 36.880 million versus PKR 894k YoY.
• 🏦 Mark-up/return on bank deposits decreased slightly to PKR 38k from PKR 71k YoY.
• 📉 Operating expenses increased to PKR 541k from PKR 359k YoY.
• 💸 Net cash flow used in operating activities was (PKR 13.220) million, compared to (PKR 692k) YoY.
• 💸 Net cash flow generated from financing activities improved to PKR 13.902 million from PKR 1.075 million YoY.
• 🏦 Cash and cash equivalents increased to PKR 2.007 million from PKR 1.811 million YoY.
• ✅ Issue of 570,000 units versus 80,000 units in 2024 added PKR 17.315 million to the fund.
• ❌ Redemption of 110,000 units versus 20,000 units in 2024 reduced the fund by PKR (3.413) million.

🎯 Investment Thesis

BUY. The fund is showing positive financial results. Net income has grown substantially YoY. The fund’s NAV per unit has seen meaningful growth. A price target of PKR 40.00 per unit is reasonable within a 12-month time horizon.