Tune Protect Group reported a remarkable surge in net income for fiscal year 2024 (FY 2024), reaching $0.614 million (RM2.74 million), marking an extraordinary year-on-year (YoY) increase of 1,018.8%.
The company’s profit before tax stood at $0.493 million (RM2.2 million), supported by $6.731 million (RM30.0 million) in realized and unrealized investment income, as well as a reversal of impairment allowances amounting to $0.987 million (RM4.4 million) on insurance receivables and reinsurance assets.
Earnings per share (EPS) for FY 2024 were reported at $0.018 (RM0.08).
Despite these gains, the company faced challenges from several factors. Net operating expenses totaled $5.318 million (RM23.7 million). Additionally, Tune Protect incurred a $1.503 million (RM6.7 million) share of loss from an associate due to claims recovery impairment related to RAOT. Impairment losses on intangible assets in the life insurance entity amounted to $0.673 million (RM3.0 million), and the company also experienced $0.426 million (RM1.9 million) in foreign exchange losses due to the strengthening of the Malaysian Ringgit (MYR) against the US Dollar (USD) in the general reinsurance segment.
In terms of revenue, the company saw a 4.0% YoY increase, with insurance revenue reaching $87.126 million (RM389.2 million) for FY 2024. This growth was primarily driven by a $2.244 million (RM10.0 million) rise in the general insurance segment and a $1.099 million (RM4.9 million) increase in the general reinsurance segment.
Exchange Rate: $1.00 = RM4.46
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