MNRB's 2Q Net Profit More Than Doubles on Higher Insurance Service Earnings

MNRB Holdings Bhd's net profit for the second quarter ended Sept 30, 2024 jumped to RM92.74 million, from RM41.57 million a year earlier, on the back of an RM85 million jump in the group's insurance service earnings amid improved claims.

"However, the increase was offset by lower investment results by RM46 million and other operating income by RM60.3 million primarily attributed to unrealised foreign exchange losses on the foreign assets," the group said in a bourse filing on Wednesday.

Earnings per share rose to 11.84 sen from 5.31 sen.

Revenue for the quarter ended Sept 30, 2024 (2QFY2025) fell slightly to RM974.34 million from RM977.52 million previously, following a drop in insurance revenue from the reinsurance business that was offset by growth in general takaful revenue earned from motor and fire businesses as well as family takaful.

Cumulative net profit for the first two quarters of FY2025 rose 66.46% year-on-year to RM184.94 million from RM111.11 million, while revenue was steady at RM1.92 billion.

MNRB declared a dividend of 10 sen per share for the quarter, compared to 4.45 sen a year earlier.

On prospects for the current year, the group said it remains cautiously optimistic.

“By focusing on high-quality assets and capital preservation, the group ensures it is well-positioned to navigate risks and capture growth opportunities as the economic environment evolves,” it added.

MNRB’s shares closed down a sen or 0.47% at RM2.11, giving the group a market capitalisation of 1.65 billion.