PETALING JAYA: LPI Capital Bhd
, which owns Lonpac Insurance, saw its net profit rise by 26.6% year-on-year (y-o-y) to RM123.9mil in the third quarter ended Sept 30, 2024 (3Q24).
The improved bottomline was largely due to increased contribution from the general insurance segment, following a higher insurance service result.
The group’s revenue in 3Q24 increased marginally by 0.3% y-o-y to RM499.8mil.
The earnings per share for 3Q24 was recorded at 31.11 sen. No dividend was declared for the quarter.
For the first nine months ended Sept 30, 2024, net profit rose by 29% y-o-y to RM303.23mil, while revenue increased by 1% to RM1.44bil.
The increase in revenue was mainly driven by the investment holding segment, attributable to the higher dividend income.
Looking into the last three months of 2024, LPI said the fourth quarter is expected to remain challenging amid external factors.
“LPI Group will be keenly focused on international and local developments that may affect its prospects.
“Lonpac’s distribution channels will be further enhanced to tap into the insurance needs of the increased domestic and foreign direct investments to drive sustainable business growth. “
