MNRB’s Net Profit Crawled Back to Black, RM71.23 Mil in 3QFY23

Photo credit: BCP Group

MNRB Holdings registered a net profit of RM71.23 million in the third quarter of the financial year 2023 (3Q FY2023) ended Dec 31, 2022,

This is compared against a net loss of RM22.11 million in the previous corresponding quarter.

The company also stated that revenue for the quarter under review also improved to RM924.79 million from RM836.29 million previously, in a filing with Bursa Malaysia today.

In a separate statement, the investment holding company has said that the improvement in results was due to the strong underwriting performance of all its reinsurance, retakaful and takaful subsidiaries, as well as improved market conditions overall.

MNRB said for the nine-month period under review, net profit grew 13.7 per cent to RM72.0 million from RM63.3 million recorded in the same period last year.

“The group also recorded a growth of 16.0 per cent in its gross written premiums and takaful contributions in the first nine months to RM2.4 billion from RM2.1 billion recorded last year,” it said.

“The company had weathered challenging operating environments in the first and second quarters of FY2023,” Group president and chief executive officer Zaharudin Daud said.

“MNRB group maintained strong momentum in 3Q, made good progress of our strategy, and this resulted in the robust performance whereby all our business lines recorded top-line growth in 3Q FY2023,” he added.

“The group also remained committed to executing a strategy to deliver profitable growth sustainably,” he stressed.

“This includes enhancing our digital capabilities to optimise operational efficiency as well as delivering service excellence to customers and our partners.”

Zaharudin said in line with the goal to expand its geographical and market reach, the group would continue to focus on the development of strategic partnerships.

“Franchise, corporate and bancatakaful partnerships remain priorities for our takaful businesses. For our reinsurance business, the focus is to grow our overseas business, specifically in the overseas and speciality treaty and MGA portfolios as well as both our family and general retakaful businesses.”

“We remain focused on our initiatives of operational efficiency and strategic business expansion and are confident that the group will be able to increase its market share and deliver better performance for FY2023,” he concluded.

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