LPI Capital profit surges 78% to RM78mil


  • Business
  • Saturday, 15 Jan 2005

BY DANNY YAP

LPI Capital has achieved a pre-tax profit of RM77.5mil for the financial year ended Dec 31, 2004, up 78% from RM43.6mil the year before. Net profit improved by 57% to RM55.5mil from RM35.3mil previously.  

For the year under review, revenue rose 10% to RM376.9mil. 

Chairman Tan Sri Teh Hong Piow said despite having to operate in a very competitive environment, the company was able to improve its revenue and pre-tax. 

Tan Sri Teh Hong Piow

“The major factors contributing to LPI Capital's sterling performance were better underwriting results achieved by the general insurance operations and improved investment income,” he said in a statement yesterday. 

Lonpac Insurance Bhd, a wholly-owned subsidiary, contributed RM54mil of group profit. 

Teh said Lonpac Insurance's underwriting surplus expanded by 33% to RM28.1mil, up from RM21.2mil previously. 

LPI Capital's shareholders' funds improved by 22% to RM357.9mil, while its total asset base grew 17% to RM633.4mil. 

Its net tangible asset per share stood at RM2.78 while and earnings per share improved by 51% to 44.8 sen. 

“The board of directors has proposed a special dividend of 30% and a final dividend of 30%, making a total payout of 60% (less 28% taxation) in view of our excellent performance,” Teh said. 

The special dividend was part of the company's endeavour to enhance the efficiency of its capital structure, he added. 

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