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NIT announces cash dividends

Business

July 9, 2020

KARACHI: National Investment Trust Limited (NITL), in its annual results for funds under management for the year ended June 30, 2020, has declared a cash dividend of Rs1.29/unit for its unit holders of NI(U)T Fund, a statement said on Wednesday.

This translates in the payout of Rs1.154 billion among its unit holders, it added.

NITL Managing Director Adnan Afridi said that during the year under review NIT launched two new funds, one being an Asset Allocation fund (NIT-AAF) and the other being Pakistan’s first Exchange Traded Fund (NIT-PGETF). He expressed pleasure that the vast majority of NITL funds under management outperformed their benchmarks by a significant margin. Despite challenging macroeconomic conditions and the impact of Covid-19, NIT has maintained its 57-year track-record of consistently paying dividends.

During FY20, the fund earned a total return of 6.38 percent where its NAV appreciated from Rs52.85 (ex-dividend) as on 30.06.2019 to Rs56.22 as on 30.06.2020 against the benchmark KSE-100 index, which increased 1.53 percent. NIUT Fund outperformed its benchmark by a healthy 4.85 percent, Afridi said. NIT has declared a cash dividend of 16 paisas/unit for unit holders of NIT-State Enterprise Fund for the year ended June 30, 2020.

It has declared a per unit cash dividend of Rs.4.21for unit holders of NIT Equity Market Opportunity Fund for the same period. During FY20, the fund earned a total return of 4.64 percent against the benchmark KSE-100 index return of 1.53 percent, translating to an outperformance of 3.11 percent.

NIT has also declared a per unit cash dividend of 14 paisas for unit holders of NIT Islamic Equity Fund for the year ended on June 30, 2020. During FY20, it earned a total return of 2.78 percent against the benchmark KMI-30 index return of 1.62 percent, translating in to an outperformance of 1.16 percent.