The federal government has extended its sovereign guarantee for another two years for the National Investment Trust Limited (NITL) which during FY12 repaid Rs 5.0 billion to one of the lenders of NIT State Enterprise Fund (NIT-SEF) from its internally-generated cash.
The official extension came after the partial repayment of financing which has reduced the Government Guarantee from Rs 20 billion to Rs 12.2 billion.
“Government of Pakistan has approved to extend its guarantee for another 2 years,” COO NIT Manzorr Ahmed told a briefing here while unveiling the Trust’s results for FY12.
Flanked by NIT Chairman and Managing Director Wazir Ali Khoja, the COO said the country’s largest asset management company posted a dividend of Rs 3.50 per unit for the unit holders of NI(U)T for the said year compared to Rs 4.0 per unit for last year.
In a detailed presentation, Ahmed said the review period saw outstanding results along with remarkable payouts for all Funds under NIT’s management.
He said the payment of dividend at Rs. 3.50 per unit would involve a huge cash payout of Rs 4,798 million among its unit holders.
Ahmed said the Fund had registered a healthy growth of 69.6% in realized capital gains which increased to Rs 1.439 billion from Rs 848 million of previous year. The dividend income earned, he said, also increased by 25% to Rs 2.421 billion in FY12 against Rs 1.931 billion in FY11.
During FY12, NI(U)T Fund has earned a net income (excluding unrealized figures) of Rs 5.664 billion translating into an earnings per unit of Rs 4.13.
The NAV per unit of NI(U)T increased from Rs. 28.14 (Ex Dividend) to Rs 30.27, thus generating a total return of around 7.6% against the benchmark (KSE-100) return of 10.45%.
NIT State Enterprise Fund: About the results of NIT-SEF, the COO said NITL had declared a bonus of 9.30% on the face value of Rs 50/- for the unit holders of NIT-SEF. He said in FY12 the Fund realized capital gains of Rs 1.658 billion compared to Rs 1.252 billion last year showing a growth of 32%, whereas, the dividend income earned by the Fund stood at Rs 1.259 billion against Rs 1.342 billion earned during the previous year.
NIT–Equity Market Opportunity Fund: The NIT Board has declared a bonus of Rs 6.75 per unit for its unit holders for the year in review.
During the period under review, the Fund’s net profit (without impairment) grew by 42.2% YoY to Rs 831 million against Rs 584 million in the corresponding period of last year, translating into an earning per unit of Rs 17.50 and Rs 12.44, respectively.
The Fund has realized a capital gains of Rs 433 million in FY12 as compared to the capital gains of Rs 226 million realized in FY11, thus depicting a YoY growth of 91.6%. Similarly, the dividend income earned by the Fund increased by 14.8% to Rs. 357 million in FY12 against Rs. 311 million in FY11.
NIT-EMOF has outperformed its benchmark by a sizeable margin of 7.59% during FY12 where the NAV of the Fund increased by 18.04% against the benchmark KSE-100 increase of 10.45%.
The COO said another 10% redemption of unit holding was offered and a redemption amount of Rs 551 million was paid to unit holders. Thus, so far unit holders had been offered 50% redemptions of their respective unit holding since inception of the Fund.
NIT Government Bond Fund: NIT declared a per unit distribution of Rs 1.1094 for unit holders of NIT-GBF compared to the per unit distribution of Rs 1.0201 for last year. During FY12, the Fund earned a net income of Rs 315 million compared to Rs. 305 million in FY11. Net income translates into per unit earning of Rs. 1.21 as compared to Rs. 1.03 per unit last year.
NIT Income Fund: For NIT-IF, the NIT declared a per unit distribution of Rs 1.1065 compared to FY11’s per unit distribution of Rs 1.0581. The Fund earned a net income of Rs. 283 million as compared to Rs. 207 million earned in the previous year.
Earlier, MD NIT Wazir Ali Khoja said the results were being announced after the Trust’s Board of Directors approved the annual accounts of all Funds. Khoja said as of 30th June (2012) NIT was managing five Funds with net assets under management of around Rs 74.152 billion.
