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NIT announces highest-ever dividend

KARACHI: National Investment Trust (NIT) Limited has declared highest-ever dividend of Rs 6.50 per unit for its unit holders (both for LOC and non-LOC Funds) for the year ended on June 30, 2008. “The payment of record dividend would involve a huge total payout of Rs 10,490 million among its unit holders as against Rs 10,034 million paid to unit holders last year,” chairman and managing director NIT, Muhammad Nawaz Tinsha said Tuesday. NIT has out performed the benchmark KSE-100 Index by a good margin of 4.4 percent where Net Asset Value of NIT unit declined by 6.4 percent from Rs 56.18 as on June 30, 2007 (Ex- Dividend) to Rs 52.58 on June 30, 2008 against a decline of 10.8 percent in KSE-100 index during the same period. The Fund (LOC and non-LOC) has registered a growth of 9 percent in dividend income, which increased to Rs 3,344 million during July-June 08 from Rs 3,082 million in the same period previous year. The Trust has realized capital gains of Rs 929 million in 2007-08. “Capital gains of previous year was mainly attributable to rightsizing of HFT and AFS Portfolios and block sale of NIT’s holding in few major stocks”, he said. Net Income earned by the Trust amounted to Rs 4,013 million for the year ended on June 30, 2008. The net income of Rs 19,812 million in 2006-07 included a capital gains of Rs 15,655 million earned by the fund through rightsizing of HFT and AFS Portfolios and block sale of NIT’s holding in few stocks. The sale of NIT units (including CIPs) July-June 08 stood at Rs 21,748 million as against the sale of NIT units worth Rs 14,736 million in last year, an increase of 47.6 percent in sale of units over previous year. staff report

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