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25 February 2023. Saturday
KUALA LUMPUR (Feb 24): Syarikat Takaful Malaysia Keluarga Bhd’s net profit for the fourth quarter ended Dec 31, 2022 (4QFY22) was down 52% to RM74.9 million from RM156.1 million a year ago, as it incurred higher non-deductible expenses and the prosperity tax for the financial year ended Dec 31, 2022 (FY2022).
However, the insurer’s quarterly revenue hit a new record high of RM1.01 billion, up 15% from RM878 million last year attributable to higher sales generated from its Family Takaful and General Takaful businesses, which also helped raise its annual revenue by 18% from RM3.18 billion a year ago.
Earnings per share contracted to 8.95 sen in 4QFY22 from 18.74 sen in 4QFY21, according to Syarikat Takaful’s bourse filing.
The company declared a higher dividend of 13.5 sen per share versus 12 sen per share last year despite lower profit.
For FY2022, its annual net profit fell 22.6% to RM318.5 million from RM411.4 million.
“Our ongoing strategic focus is to continue diversifying our business portfolio into the retail market with regular contribution offerings,” the company said in regards to its current year prospects.
“Takaful Malaysia is looking at further business growth from our multi-distribution strategy to strengthen our presence by providing Malaysians with even greater access to more affordable regular contribution protection products.”
Shares of Syarikat Takaful gained three sen to RM3.48 per share, bringing it a market value of RM2.91 billion.
