Latest news with #RM1.2bil
The Star
3 days ago
- Business
- The Star
Prudential BSN leads in Family Takaful for the 12th year
Wan Saifulrizal (right) said that PruBSN is committed to offering affordable yet comprehensive coverage despite the rise of medical claims inflation. Prudential BSN Takaful Berhad (PruBSN) is named Malaysia's Best Takaful Operator – Family Takaful Agency Business for the 12th year at the Takaful Star Awards 2025. The award by the Malaysia Takaful Association (MTA) reaffirms PruBSN's excellence in the Family Takaful segment since its establishment in 2006. For almost two decades, the company has demonstrated significant growth while staying focused on its mission to deliver accessible, Shariah-compliant protection solutions to all Malaysians. Better solutions for the future According to PruBSN chief executive officer Wan Saifulziral Wan Ismail, medical claims inflation has risen by about 16% annually between 2021 and 2023 as inflation and healthcare costs have soared over the years. Despite this, he maintains that PruBSN is committed to offering quality protection solutions that strike the right balance between affordability and comprehensive coverage. 'We continue to focus on sustainable innovation – enhancing value for our customers without compromising coverage and the quality of protection. Wan Saifulrizal receiving the award from MTA chief executive officer Mohd Radzuan Mohamed. 'Through continuous education, we ensure our customers are empowered to make informed decisions,' said Wan Saifulrizal. Wan added that a total of RM1.2bil was disbursed across all types of claims in 2024 alone, ensuring timely and comprehensive support for peace of mind. As healthcare needs grow more complex, PruBSN has expanded its offerings that are customisable and affordable including PruBSN AnugerahMax, PruBSN Asas360, Medik Asas, Crisis TotalCare, Medic TotalCare and Health360 to meet Malaysians' evolving needs. With healthcare expenditure projected to double by 2028, these solutions are built to address both physical and financial risks, empowering Malaysians to face life's uncertainties with confidence. Inclusive and accessible healthcare At the heart of PruBSN's philosophy lies the spirit of Ta'awun – the principle of mutual assistance. PruBSN's Tabarru' fund enables participants to support one another in times of need, reflecting the company's commitment to inclusive, accessible healthcare and social sustainability. According to Wan, PruBSN's Microtakaful Jariyah initiative embodies this spirit by offering complimentary protection to B40 breadwinners. The programme supports underserved communities by offering coverage to more than 188,000 individuals, with nearly RM5mil in claims disbursed since its inception. PruBSN team celebrating the win as the Best Family Takaful Operator. At the forefront of inclusive Takaful ecosystem PruBSN has earned other recognitions during the prestigious awards night including third place in Top Unit Manager, first place in Top Agency Manager (Direct), second place in Top Agency Manager (Group), first place for the MDRT Builder Award, a special award for MTA Member Companies Top Agency/Agent/Intermediaries, as well as several Institution categories for best Takaful products such as Critical Illness Plan, Terms Plan, Social Takaful Fund and Microtakaful. The Takaful Star Awards, presented annually by MTA, recognise exemplary performance among Takaful operators, agents and industry leaders. PruBSN remains resolute in its commitment to deliver value-driven, sustainable protection solutions that support the health, security and financial well-being of all Malaysians.
The Star
5 days ago
- Business
- The Star
OSK expects steady 2025 backed by core segment performance
OSK Holdings Bhd group executive chairman Tan Sri Ong Leong Huat KUALA LUMPUR: OSK Holdings Bhd is confident of delivering satisfactory results for 2025, with its property development division as a key profit driver well-positioned for strong performance. As of March 31, the group's unbilled sales stood at RM1.2bil, with minimal unsold completed inventory. OSK has a total land bank of 2,083 acres with an estimated effective gross development value of RM17.7bil, located across the Klang Valley, Kedah, Penang, Negeri Sembilan, and Melbourne, Australia. For the first quarter ended March 31 (1Q24), OSK recorded a slightly higher net profit of RM124.3 mil, up from RM122.9 mil a year earlier. Revenue rose 8.9% to RM400.6 mil against RM367.9mil while earnings per share climbed to 6.03 sen from 5.96 sen previously. 'We are pleased with the solid start to the year and strong fundamentals across most core segments. Despite the challenging operating environment, our diversified business model has enabled us to sustain earnings and strengthen our fundamentals across key segments,' OSK Group executive chairman Tan Sri Ong Leong Huat said in a separate statement. Under the industries segment, OSK said the cable division aimed to grow revenue by expanding its sales team and upgrading its Melaka factory. Operations at two newly acquired Johor Bahru factories began on March 6, 2025, with production set to ramp up progressively. 'With the new orders from the utility companies, we expect the division to continue to perform well. The IBS Division is expected to sustain its momentum, which is driven by a steady demand for its product and to provide a reliable revenue stream,' it said. OSK said its hospitality segment is set to benefit from favourable tourism trends, with visa-free travel for Chinese and Indian nationals extended to December 2026. 'In addition, the completion of the Phase 2 refurbishment at Swiss-Garden Beach Resort Kuantan in 2Q25 will enhance guest experiences by offering upgraded facilities and an expanded capacity for corporate meetings and events. 'Our partnership with international operators for the rebranded hotels, including DoubleTree by Hilton Damai Laut Resort and Holiday Inn Express & Suites in Johor Baru is also anticipated to continue to deliver improved performance as they strengthen their brands' presence and market appeal,' it said. Meanwhile, OSK said the growth in the financial services segment is expected to continue through the remainder of 2025, principally driven by the increase in loan portfolios, greater geographical coverage and new product offerings.
The Star
7 days ago
- Business
- The Star
Warisan calls for White Paper, audit on Sabah GLCs
KOTA KINABALU: Warisan is urging the Sabah government to table a Cabinet-level White Paper to address the underperformance of several government-linked companies (GLCs) and state agencies in Sabah. Warisan secretary-general Datuk Loretto Padua Jr the White Paper would allow concerned Sabahans to know what led to the underperformance and what the state government plans to do about it. He added that transparency is needed, saying: "The best watchdogs in this state are the people of Sabah themselves, not those appointed by the Chief Minister from the ruling party or coalition." "Prudent spending must be emphasised and all unnecessary overseas trips must be stopped immediately," he said in a statement on Monday (May 26) adding that if Warisan was given the mandate to govern, they would table a White Paper in the State Assembly within six months. He said the White Paper would address matters such as the RM5bil in non-performing loans at Sabah Development Bank and its use of "creative accounting"; the cancellation of Sabah Forest Industries concession land and its reallocation to peninsula-based companies; the water and electricity supply crises including exorbitant charges by private tanker contractors; and the RM1.2bil bailout of Sabah International Petroleum via a RM900mil Sukuk Wakalah issuance by SMJ Energy Sdn Bhd. It would also cover unresolved GLC-related issues previously raised by Warisan and other Opposition parties, which Loretto said were never addressed by GRS-Pakatan Harapan in the state assembly. He also said Warisan would also push for detailed investigations by the National Audit Committee into all problematic state agencies and GLCs. "I believe that a Cabinet White Paper and National Audit Committee investigations are the first steps towards improving the performance of GLCs and state agencies," he said.
The Star
20-05-2025
- Business
- The Star
US tariffs have limited impact on Sarawak trade, State Assembly told
KUCHING: The reciprocal tariffs announced by the United States will have a limited impact on Sarawak's economy and trade relations, says Datuk Dr Malcolm Mussen Lamoh. The state Deputy International Trade, Industry and Investment Minister said this is because Sarawak's exports to the US amounted to RM1.2bil in 2023. "This only contributed 0.9% to Sarawak's total exports, with the main product being ferroalloy," he told Johnichal Rayong (GPS-Engkilili) during question time in the Sarawak Legislative Assembly on Tuesday (May 20). Last month, the US imposed a 24% reciprocal tariff on Malaysian imports as part of higher tariffs against multiple countries before announcing a 90-day pause on the new rates. Mussen also said Sarawak's main export market is Asia, comprising 73.4% of the state's total exports. He said the state's main exports were liquefied natural gas (LNG), petroleum, palm oil, and aluminium, amounting to RM102.6bil in 2023. "The reciprocal tariff is expected to have minimal impact on Sarawak's trade relations with key Asian partners, including China, India, Japan, and South Korea. These countries remain our major trading partners. "Trade continues to be strengthened through various free trade agreements (FTAs). Sarawak will utilise these FTAs to diversify and broaden our export markets," he said. Regarding the state's key commodities, Mussen said LNG is predominantly exported to Japan and China, palm oil to China and India, and petroleum to Peninsular Malaysia, Australia, and Thailand. "As a result, Sarawak's trade flows remain resilient, supported by its trade relations, which are focused on other countries," he said. In addition, he said Sarawak would refine its economic policies in line with proactive measures taken by the Federal Government to address the impact of the reciprocal tariff. These measures include strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability. "Sarawak will continue to capitalise on our strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties," he said. Mussen added that Malaysia, as the chair of Asean, would work collaboratively to strengthen the regional bloc's influence in negotiations with the US. He said discussions would focus on charting a way forward and mitigating potential disruptions to regional trade, supply chain, and cross-border investments.
The Star
14-05-2025
- Business
- The Star
DKSH 1Q25 net profit rises 19% on strong sales
The company's revenue for the quarter rose 7.1% to RM2.22bil from RM2.07bil in 1Q24. KUALA LUMPUR: DKSH Holdings (M) Bhd , which has posted a 19% rise in first-quarter (1Q25) net profit, says it will continue focusing on talent development, digitalisation, and automation. 'The group's strategy remains to grow existing businesses and secure new businesses, improve cost and resource efficiency, manage working capital, and consistently monitor the outlook to navigate the prevailing environment,' DKSH said in a filing with Bursa Malaysia. The trading group expects the economy to maintain its positive momentum in 2025, building on the strong year-on-year (y-o-y) growth achieved in 2024. 'While this outlook is encouraging, it is tempered by evolving global trade policies – including recent tariff adjustments and supply chain realignments – which may impact specific sectors. 'Potential rationalisation of domestic subsidies could introduce new cost dynamics,' it added. In the 1Q25 ended March 31, 2025, DKSH's net profit rose 19% y-o-y to RM48.2mil or 30.56 sen per share, on sales growth, improved cost efficiencies and favourable foreign exchange gains. Additionally, revenue for the quarter rose 7.1% to RM2.22bil from RM2.07bil in 1Q24. It attributed the improved revenue to stronger sales from new and existing clients in the consumer goods and healthcare segments, along with higher outlet sales in the others segment. DKSH added operating expenses for the quarter increased by 6.9% y-o-y to RM2.15bil compared to the corresponding 1Q24 and increased by 7.9% compared to the preceding 4Q24. Furthermore, the changes in operating expenses were largely in line with the movement in revenue with controlled cost measures in selling and distribution expenses. DKSH's consumer goods segment's revenue for the quarter improved by 6.8% on-year to RM1.2bil due to growth from existing and newly secured clients, and seasonal sales due to the timing of festivities in 2025, its filing noted. Its healthcare segment's revenue for the quarter improved by 7.4% y-o-y to RM984mil driven by strong growth from existing and newly secured clients.
