MPHB Q3 net profit jumps to RM203.14 mln on disposal of insurance subsidiary

23/11/2022 07:22 PM

KUALA LUMPUR, Nov 23 (Bernama) -- MPHB Capital Bhd's net profit jumped to RM203.14 million in the third quarter ended Sept 30, 2022 (Q3 2022) from RM11.45 million in the same quarter last year, attributable to the disposal of an insurance subsidiary.

Revenue also surged to RM34.32 million from RM4.22 million previously, as the investment segment performed better while the hotel operations achieved higher revenue, it said in a filing to Bursa Malaysia today.

The group said the investment segment reported higher revenue of RM30.8 million in Q3 2022 from RM0.8 million in Q3 2021, due to revenue recognition from an ongoing joint-venture (JV) agreement between Tibanis Sdn Bhd, a wholly-owned subsidiary, and Pinggir Mentari Sdn Bhd.

The increased contribution from hotel operations of RM4.5 million in Q3 2022 versus RM300,000 in Q3 2021 was driven by higher domestic travel demand, it said.

On prospects, MPHB said the credit segment maintains its conservative strategy to finance reputable niche clients with low-risk exposure while practising stringent management of credit risk.

"The group will continue to conserve and safeguard its resources in the current lacklustre property environment.

"However, it will evaluate viable options to create long-term sustainable value in its landbanks and consider JV arrangements with niche reliable partners or outright disposal," it added.



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