MNRB Holdings has reported a 36.93% increase in its third quarter net profit which amounts to MYR115.86m ($25.90m) registering a surge from MYR84.61m a year earlier. The company has achieved this milestone on the back of a MYR136.7m jump in the group's insurance service earnings.
MNRB provides reinsurance and operates Islamic life and general insurance businesses. The company said it maintained a cautiously optimistic outlook for FY25 financial performance.
Revenue for the quarter ended 31 December 2024 (3QFY2025), rose 15.85% to RM936.68m from RM808.55m previously, supported by growth in the reinsurance and general takaful businesses, although this was partially offset by a reduction in the retakaful business. The company did not declare any dividend for the quarter.
For the first nine months of the financial year, MNRB’s net profit rose 53.69% year-on-year to MYR300.8m from MYR195.72m while revenue grew 9.3% to MYR2.85bn from MYR2.61bn, according to the group's filing with stock exchange.
“Despite external challenges and a competitive environment, the group is confident that the steadfast execution of the various identified initiatives under its business plan will result in a credible performance.”