LPI Capital’s 4Q net profit falls 12.7%, pays 50 sen dividend
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LPI Capital’s 4Q net profit falls 12.7%, pays 50 sen dividend
LPI Capital’s 4Q net profit falls 12.7%, pays 50 sen dividend
By Gho Chee Yuan / The Edge Financial Daily | January 28, 2016 : 10:05 AM MYTThis article first appeared in The Edge Financial Daily, on January 28, 2016.
KUALA LUMPUR: [size=16]LPI Capital Bhd ([You must be registered and logged in to see this image.] Valuation: 1.65, Fundamental: 2.10)’s net profit fell 12.7% to RM102.21 million for the fourth quarter ended Dec 31, 2015 (4QFY15), from RM117.06 million a year ago, on lower realised gains on its equity investment.
Revenue, however, rose 6.5% year-on-year (y-o-y) to RM338.62 million from RM299.17 million, mainly driven by its general insurance segment. The insurance group also declared a second interim dividend of 50 sen for the full FY15, amounting to RM166 million, payable on Feb 24.
Its FY15 net profit was up 13.4% y-o-y at RM320.99 million from RM283.02 million, as its general insurance’s performance strengthened. Revenue grew 9.4% y-o-y to RM1.28 billion from RM1.17 billion.
In a statement, LPI Capital founder and chairman Tan Sri Teh Hong Piow said unfavourable global economic developments, weak commodity prices and a weak ringgit had continued to dampen investor sentiment and adversely affected the Malaysian general insurance industry.
Gross premium income growth slowed to 2.3% for the nine months ended September 2015, compared with 5.1% in the same period in 2014, Teh said.
Still, the group’s wholly-owned insurance subsidiary, Lonpac Insurance Bhd, chalked up 8.8% growth in gross premium income to RM1.25 billion in FY15, more than double FY14’s 3.9%.
“This strong business growth trend has enabled Lonpac to increase its market share to 6.8% in FY15, from 6.2% in FY14 ... the board is confident [that] Lonpac’s healthy financial position, strong capital adequacy ratio and prudent business plan are sufficient to ensure [that] it can compete effectively in its core business going forward,” he said.
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