Tune Protect’s Profit Surges in FY2024, with EPS at $0.018 (RM0.08)
Tune Protect Group experienced a remarkable fiscal year in 2024, with net income soaring to $0.614 million (RM2.74 million). This represents a substantial 1,018.8% year-on-year (YoY) increase. The company’s profit before tax also saw a boost, reaching $0.493 million (RM2.2 million).
This positive financial performance was driven by a robust $6.731 million (RM30.0 million) in realized and unrealized investment income. Furthermore, a $0.987 million (RM4.4 million) reversal of impairment allowances on insurance receivables and reinsurance assets contributed to the group’s strong results. For the year, earnings per share stood at $0.018 (RM0.08).
These gains were partially offset by certain expenses. Net operating expenses amounted to $5.318 million (RM23.7 million). The group also recorded a $1.503 million (RM6.7 million) share of loss from an associate due to claims recovery impairment related to RAOT, $0.673 million (RM3.0 million) in impairment losses on intangible assets from the life insurance entity, and $0.426 million (RM1.9 million) in realized and unrealized foreign exchange losses. These losses were due to the strengthening of the Malaysian Ringgit against the US Dollar in the general reinsurance segment.
Despite these offsets, insurance revenue increased by 4.0% YoY, reaching $87.126 million (RM389.2 million) in FY 2024. The growth was primarily attributed to a $2.244 million (RM10.0 million) increase in the general insurance segment and a $1.099 million (RM4.9 million) increase in the general reinsurance segment.
($1.00 = RM4.46)
