MNRB shares jump 11pct on Q1 profit surge
The counter opened 18 sen or 10.59 per cent higher at RM1.88 before briefly touching RM1.89. It was last traded at RM1.88 at press time with 1.19 million shares changing hand, its busiest day in over three months.
Main Market-listed MNRB began the year at RM2.23, hitting a high of RM2.27 and a low of RM1.69. Year-to-date, the stock has fallen 33 sen, or 13.90 per cent, valuing the company at RM1.48 billion.
The group said the stronger quarterly earnings were driven by improved underwriting performance, higher net investment income, greater contributions from associates and lower operating expenses.
Quarterly revenue rose 13.76 per cent to RM975.56 million from RM857.58 million a year earlier, supported by higher insurance and takaful contributions across its reinsurance, general takaful, family takaful and retakaful operations. No dividend was declared.
On its outlook, MNRB, which operates Takaful Ikhlas, said the newly imposed eight per cent service tax on financial services could marginally impact profitability in the family takaful segment through higher distribution and investment management costs.
"The general takaful segment is largely not impacted by this development as the contributions are already subject to service tax," it said.
Despite the potential headwind, MNRB said it remains confident in its long-term growth prospects and will continue to focus on balancing its portfolio across the reinsurance, takaful and retakaful segments.
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