KUALA LUMPUR (Aug 12): Syarikat Takaful Malaysia Bhd’s net profit for the second quarter ended June 30, 2015 (2QFY15) declined 8.2% to RM38.95 million on-year, from RM42.44 million previously, mainly on lower surplus transfer from both family and general takaful.
Earnings per share fell to 4.78 sen from 5.21 sen, according to its filing to Bursa Malaysia today.
Syarikat Takaful said surplus transfer from family takaful during the quarter under review, fell to RM18 million, from RM24 million in 2QFY14; while General Takaful’s surplus transfer fell to RM9.5 million, from RM14.9 million.
Nevertheless, the group posted a revenue of RM433.53 million in 2QFY15, up a marginal 2.1% from RM424.81 million in 2QFY14.
“The increase (in revenue) is mainly attributable to higher sales generated by general takaful business, and higher net investment income,” the group said.
In the first half of FY15 (1HFY15), it’s net profit came in at RM85.17 million or 10.45 sen per share, up 9.9% from RM77.52 million or 9.52 sen per share a year ago, mainly on higher wakalah fee income.
Revenue in 1HFY15 also improved 16.2% to RM995.99 million, as compared with RM856.83 million in 1HFY14, on higher sales from both family and general takaful business, and higher net investment income.
Moving forward, Syarikat Takaful said it will continue to establish a strong foothold in the local insurance and takaful arena, as the preferred choice for insurance.
“Through its extensive range of products and services, the company continues to be the market leader in the group family takaful business,” it said.
Syarikat Takaful (fundamental: 1.05; valuation: 2.4) closed 13 sen or 3.29% lower at RM3.82 today, for a market capitalisation of RM3.11 billion.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)