KUALA LUMPUR: LPI Capital Bhd's net profit increased by 2.6 per cent to RM322.36 million in the financial year ended Dec 31,2019 (FY19) amid a challenging operating environment for the general insurance industry.
Revenue for the year also rose to RM1.60 billion against RM1.51 billion in the preceding year, the company said in a filing with Bursa Malaysia on Monday.
Its earnings per share went up to 80.92 sen in FY19 from 78.83 sen last year.
LPI said the growth in revenue was largely contributed by the general insurance segment, which registered an increase of 6.0 per cent to RM1.57 billion compared to RM1.50 billion in 2018.
Meanwhile, the investment holding segment recorded higher revenue of RM35.2 million compared to RM34.7 million in 2018 mainly due to higher dividend income received during the current financial year.
For the fourth quarter, LPI's net profit rose to RM86.60 million from RM84.0 million a year earlier while revenue grew RM399.26 million from RM389.03 million.
"In view of the improved performance of the group, the board has declared a second interim dividend of 43.0 sen per share.
"This second interim dividend payment, which amounted to RM171.30 million, is part of the group’s effort to reward its shareholders for their trust and confidence in LPI, ” said founder and group chairman Tan Sri Dr Teh Hong Piow in a separate statement today. - Bernama
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