announcements

⚡ Flash Summary

Alhamra Cash Management Optimizer’s financial results for the quarter ended September 30, 2025, show a decline in profitability compared to the same period last year. Net income after taxation decreased from PKR 1,646.195 million to PKR 892.107 million. The decrease is primarily attributable to lower profit on investments and deposits with banks. Despite the drop in net income, the net assets value per unit increased slightly from PKR 100.3604 to PKR 102.8438.

📌 Key Takeaways

• 💰 Net income after taxation decreased by 45.8% from PKR 1,646.195 million in 2024 to PKR 892.107 million in 2025.
• 📉 Total income declined by 44.4% from PKR 1,744.028 million to PKR 969.992 million.
• 📊 Profit on investments decreased by 30.4% from PKR 998.005 million to PKR 695.056 million.
• 🏦 Profit on deposits with banks decreased significantly by 60.3% from PKR 666.041 million to PKR 264.582 million.
• 📈 Net Assets Value (NAV) per unit increased slightly by 2.5% from PKR 100.3604 to PKR 102.8438.
• 💸 Total assets decreased by 20.1% from PKR 42,649.054 million to PKR 34,084.594 million.
• ⬇️ Investment decreased by 4.8% from PKR 24,596.628 million to PKR 23,419.910 million.
• ✅ Total liabilities decreased substantially by 80.5% from PKR 209.810 million to PKR 41.024 million.
• 💸 Unit Holders’ Fund decreased by 20% from PKR 42,439.244 million to PKR 34,043.570 million.
• 🔻 Number of units in issue decreased by 21.7% from 422,868,512 to 331,022,208.
• 📉 Net cash generated from operating activities decreased significantly from a negative PKR 2,998.865 million to positive PKR 5,313.953 million.
• 📉 Net cash used in financing activities turned negative from a positive PKR 3,646.661 million to a negative PKR 9,287.781 million.

🎯 Investment Thesis

HOLD. While the fund has shown stability in its NAV per unit, the significant drop in income and overall contraction in size warrant a cautious approach. The fund’s performance needs to be closely monitored to determine if it can regain profitability and attract new investors. Given the increased economic uncertainty, a hold rating is appropriate.

⚡ Flash Summary

MCB DCF Income Fund’s financial results for the quarter ended September 30, 2025, reveal a decrease in net income compared to the same period last year. Total income decreased significantly, driven by lower income from government securities and reduced gains on investment sales. Expenses increased slightly, impacting overall profitability. The fund’s net asset value (NAV) per unit increased marginally, while the number of units in issue decreased.

📌 Key Takeaways

• 📉 Total income decreased to PKR 575.64 million in Q3 2025 from PKR 1,174.54 million in Q3 2024.
• 🔻 Income from Government securities dropped from PKR 692.71 million to PKR 434.45 million year-over-year.
• 📉 Net gain on sale of investments significantly declined to PKR 10.72 million versus PKR 288.31 million.
• ⬆️ Mark-up on bank deposits and term deposit receipt increased from PKR 65.96 million to PKR 86.45 million.
• ➖ Unrealised (diminution)/appreciation on re-measurement of investments resulted in a loss of PKR 0.32 million compared to a gain of PKR 58.27 million.
• 📈 Total operating expenses rose slightly to PKR 97.75 million from PKR 92.10 million.
• 📉 Net income for the period decreased to PKR 477.89 million versus PKR 1,082.43 million in the prior year.
• 🔻 Net income after taxation decreased to PKR 477.89 million from PKR 1,082.43 million.
• ⬇️ Income already paid on units redeemed decreased from PKR 79.91 million to PKR 35.87 million.
• ⚖️ Accounting income available for distribution decreased to PKR 442.02 million from PKR 1,002.53 million.
• ⬆️ Net Assets Value per Unit (NAVPU) increased slightly to PKR 112.16 compared to PKR 109.53 as of June 30, 2025.
• ⬇️ Number of units in issue decreased from 189.59 million to 177.54 million.
• 💸 Net cash generated from operating activities totaled PKR 4,747.95 million compared to PKR 3,762.75 million.
• 💸 Net cash (used in)/generated from financing activities amounted to (PKR 1,331.81) million versus PKR 261.91 million.

🎯 Investment Thesis

HOLD. The fund’s decreased income and overall profitability raise concerns about its future performance. Although NAVPU increased slightly, the negative trends in income generation and expense management warrant caution. A more in-depth analysis, including a sector comparison and detailed portfolio breakdown, is needed before making a strong buy or sell recommendation. Price target to remain the same, as of last analysis.