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BUSINESS

MNRB posts net profit of RM114.4 mln in FY2022

30/05/2022 09:08 PM

KUALA LUMPUR, May 30 (Bernama) -- MNRB Holdings Bhd's net profit for the financial year ended March 31, 2022 (FY2022) slipped by 39.6 per cent to RM114.42 million from RM189.50 million registered in FY2021.

However, revenue increased by 14.1 per cent to RM3.24 billion from RM2.84 billion previously, it said in a filing with Bursa Malaysia.

MNRB in a statement today said the increase in revenue was due to higher gross premiums and contributions generated by the reinsurance and takaful subsidiaries.

President and group chief executive officer Zaharudin Daud said FY2022 had imposed several challenges to the group’s operating environment.

“The domestic market was not spared from the direct and indirect impact of the global pandemic and as we progressed into the year with the implementation of the National Recovery Plan, the nation was then hit by the devastating flood incident in December 2021, and being a responsible reinsurance and takaful organisation that we are, the entities swung into action to respond to the calamity.

“The Group had shown great resilience, nonetheless, in weathering the challenges and performed admirably in FY2022,” he said. 

Going forward, Zaharudin said the resumption of business activities and the higher reinsurance prices in a hardening market, the takaful and reinsurance segment is expected to record higher revenue.

MNRB is confident that, barring unforeseen circumstances, and with its strengthened distribution channel and concerted efforts in executing its business plan, the group will be able to achieve better results for the current financial year ending March 31, 2023.

-- BERNAMA

 

 


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