KUALA LUMPUR, Oct 29 (Bernama) -- LPI Capital Bhd’s net profit for the third quarter rose to RM123.94 million from RM97.92 million in the same quarter last year.
Revenue climbed to RM499.83 million compared to RM498.40 million, largely contributed by its investment holding segment and higher tax-exempt dividend income received from its equity investment.
“Meanwhile, the general insurance segment recorded marginally lower revenue of RM477.9 million compared to RM478.9 million reported in the previous corresponding quarter mainly due to lower insurance revenue.
“The lower insurance revenue was caused by the currency translation of its Singapore operation arising from the strengthening of the ringgit,” it said in a stock exchange filing.
During the nine months ended Sept 30, 2024, the general insurer's net profit rose to RM303.23 million from RM235.15 million. Revenue climbed 1.0 per cent to RM1.44 billion from RM1.42 billion in the corresponding period in 2023, largely contributed by the general insurance segment.
On its prospects, the group expects the fourth quarter to remain challenging and it “will be keenly focused on international and local developments.”
It said wholly-owned subsidiary Lonpac Insurance Bhd’s distribution channels will be further enhanced to tap into the insurance needs of the increased domestic and foreign direct investments.
-- BERNAMA
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