The National Investment Trust (NIT) has announced the results of all Funds under its management for the nine months ended March 31, 2012. This is stated by the Chairman and MD NIT, Wazir Ali Khoja, in a statement issued here by the NIT on Wednesday.
NI(U)T Fund: During 9MFY12, NI(U)T has registered a net profit (excluding unrealized gains) of Rs. 4,335 million compared to Rs. 3,343 million in 9MFY11, a growth of 29.7% YoY. This net profit of Rs. 4,335 million earned in 9MFY12 translates into an earning per unit of Rs. 3.23 against earning per unit of Rs. 2.85 in 9MFY11. The Chairman also stated that during 9MFY12, the dividend income earned by the Fund grew by 36.7% YoY and stood at Rs. 2,148 million as compared to Rs. 1,571 million in the corresponding period last year. The Fund realized capital gains of Rs. 891 million in 9MFY12 against Rs. 548 million in 9MFY11, a growth of 62.5% YoY. During 9MFY12, the Fund’s NAV increased by 6.65% from Rs 28.14 (Ex-Dividend) as on 30.06.11 to Rs 30.01 as on 31.03.12 against the benchmark KSE-100 index which increased by 10.13%.
NIT-State Enterprise Fund (NIT-SEF): Referring to the results of NIT-SEF, the Chairman said that during 9MFY12, the Fund earned a net profit of Rs. 859 million (without impairment) translating into an earning per unit of Rs. 2.89. The fund realized capital gains of Rs. 1,058 million and earned a dividend income of Rs. 1,119 million in 9MFY12 compared to capital gains of Rs. 851 million and a dividend income of Rs. 1,033 million in 9MFY11, a growth of 24.3% and 8.28% YoY respectively.
During the period under review, the NAV of the Fund has increased by 8% from Rs. 84.21 (ex-dividend) on 30.06.11 to Rs. 90.95 on 31.03.12 against an increase of 10.13% in the benchmark KSE-100 Index, thus underperforming the benchmark by 2.13%. However, since-inception the fund has outperformed its benchmark by 27.2%.
The Chairman also stated that NITL paid Rs. 5.375 billion to one of the lenders on March 26, 2011, thereby reducing the Government Guarantee of principal facility from Rs. 20 billion to Rs. 12.2 billion.
NIT – Equity Market Opportunity Fund: While presenting the financials of NIT – Equity Market Opportunity Fund, the Chairman said that NIT EMOF has outperformed its benchmark by a sizeable margin of 7.79% during the 9MFY12 whereas the NAV increased by 17.92% against the benchmark KSE-100 increase of 10.13%. During the period under review, the Fund’s net profit grew by 27.1% YoY to Rs. 558 million (without impairment) against Rs. 439 million in the corresponding period last year, translating into an earning per unit of Rs. 11.56 and Rs. 9.34 respectively. The Fund also realized capital gains of Rs. 198 million and earned a dividend income of Rs. 329 million in 9MFY12 compared to capital gains of Rs. 147 million and a dividend income of Rs. 253 million in 9MFY11, a growth of 34.5% and 30.2% YoY respectively.
The Chairman further stated that 10% redemptions of unit holding were offered and Rs. 551 million were paid to unit holders during the period. Thus, so far unit holders have been offered 50% of their respective unit holding since inception of the Fund.
NIT GOVERNMENT BOND FUND: During first nine months of FY12, NIT GBF earned a net income of Rs. 197 million which translates into an earnings per unit Rs. 0.77 against earnings per unit of Rs. 0.72 in the same period last year.
The NAV of NIT GBF increased from Rs.10.0968 (Ex-Dividend as on June 30, 2011) to Rs.10.8204 as on March 31, 2012, thus yielding an annualized return of 9.51% for its unit holders, where as the benchmark return stood at 10.74%, thus underperforming its benchmark by 123 bps.
NIT INCOME FUND: During the period of nine months FY12, the net income of NIT IF grew substantially by 18.9% YoY to Rs. 185 million, translating into an earnings per unit of Rs. 0.98 from a net income of Rs. 155 million in the period of nine months FY11, translating into an earnings per unit of 0.80.
The NAV of NIT IF increased from Rs.10.1448 (Ex-Dividend as on June 30, 2011) to Rs.11.1151 as on March 31, 2012, yielding an annualized return of 12.69%, against the benchmark return of 12.50%, thus outperforming its benchmark by 19 bps.