LPI Capital : Thrid Quarter Financial Statements For Year 2023

LPI CAPITAL BHD
		SUMMARY OF THE KEY FINANCIAL INFORMATION
		FOR THE FINANCIAL PERIOD ENDED 30 SEPTEMBER 2023
			(the figures have not been audited)
		INDIVIDUAL PERIOD	CUMULATIVE PERIOD
			RESTATED		RESTATED
		CURRENT PRECEDING YEAR	CURRENT	PRECEDING YEAR
		YEAR	CORRESPONDING	YEAR	CORRESPONDING
		QUARTER	QUARTER	TO DATE	PERIOD
		ENDED	ENDED	ENDED	ENDED
		30/9/2023	30/9/2022	30/9/2023	30/9/2022
		RM'000	RM'000	RM'000	RM'000
1	Revenue	498,400	434,046	1,424,063	1,254,353
2	Profit before tax	119,569	107,562	291,741	259,009
3	Profit for the period	97,368	79,184	235,146	197,606
4	Profit attributable
	to ordinary equity
	holders of the
	parent	97,368	79,184	235,146	197,606
5	Basic earnings per
	share (sen)	24.45	19.87	59.03	49.60

6 Proposed/ declared dividend per

share (sen)	0.00	0.00	26.00	25.00
			RESTATED
	AS AT END OF CURRENT	AS AT PRECEDING
		QUARTER	FINANCIAL YEAR END

7 Net assets per share attributable to ordinary equity holders of the

parent (RM)

5.3942

5.5302

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LPI CAPITAL BHD

Condensed Consolidated Statement of Profit or Loss for the Quarter Ended 30 September 2023 - Unaudited

	Individual Period	Cumulative Period
		Restated		Restated
	Current	Preceding Year	Current	Preceding Year
	Year	Corresponding	Year	Corresponding
	Quarter	Quarter	To Date	Period
	Ended	Ended	Ended	Ended
	30.09.2023	30.09.2022	30.09.2023	30.09.2022
	RM'000	RM'000	RM'000	RM'000
Operating revenue	498,400	434,046	1,424,063	1,254,353
Insurance revenue	454,372	402,836	1,324,828	1,182,487
Insurance service expenses	(237,081)	(224,844)	(647,232)	(879,168)
Net expenses from reinsurance contracts	(128,802)	(92,677)	(465,036)	(77,826)
Insurance service result	88,489	85,315	212,560	225,493
Investment income	44,028	31,210	99,235	71,866
Net fair value (losses)/gains	(1,781)	319	15,177	(10,822)
Net reversal of impairment loss on investments carried at amortised cost	-	-	1	1
Investment return	42,247	31,529	114,413	61,045
Net finance expenses from insurance contracts	(17,053)	(7,639)	(54,180)	(23,022)
Net finance income from reinsurance contracts	9,306	3,263	29,928	10,551
Net financial result	34,500	27,153	90,161	48,574
Other income	818	671	3,524	1,153
Other operating expenses	(4,354)	(5,632)	(14,956)	(16,256)
Other finance costs	(282)	(304)	(874)	(943)
Share of profit after tax of equity accounted
associated company	398	359	1,326	988
Profit before tax	119,569	107,562	291,741	259,009
Tax expense	(22,201)	(28,378)	(56,595)	(61,403)
Profit for the period	97,368	79,184	235,146	197,606
Profit attributable to:
Owners of the Company	97,368	79,184	235,146	197,606
Earnings per ordinary share (sen)
- Basic	24.45	19.87	59.03	49.60
- Diluted	N/A	N/A	N/A	N/A

N/A - Not Applicable.

Note : The Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the Annual Financial Report for the year ended 31 December 2022.

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LPI CAPITAL BHD

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Quarter Ended 30 September 2023 - Unaudited

	Individual Period	Cumulative Period
		Restated		Restated
	Current	Preceding Year	Current	Preceding Year
	Year	Corresponding	Year	Corresponding
	Quarter	Quarter	To Date	Period
	Ended	Ended	Ended	Ended
	30.09.2023	30.09.2022	30.09.2023	30.09.2022
	RM'000	RM'000	RM'000	RM'000
Profit for the period	97,368	79,184	235,146	197,606
Other comprehensive income
Items that are or may be reclassified subsequently
to profit or loss
Foreign currency translation differences for foreign operation	(77)	4,077	10,573	9,382
Net finance (expenses)/income from insurance contracts	(445)	(2,919)	(7,260)	3,740
Net finance income from reinsurance contracts	393	1,438	5,216	341
Income tax relating to these items	574	(849)	574	(849)
Items that will not be reclassified to profit or loss
Net gains/(losses) on investments in equity instruments designated at
fair value through other comprehensive income	46,276	(30,916)	(57,499)	15,247
Income tax relating to these items	(299)	242	506	18
Total other comprehensive income/(expenses) for the period,
net of tax	46,422	(28,927)	(47,890)	27,879
Total comprehensive income for the period attributable to
owners of the Company	143,790	50,257	187,256	225,485

Note : The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Annual Financial Report for the year ended 31 December 2022.

3

LPI CAPITAL BHD

Condensed Consolidated Statement of Financial Position As At 30 September 2023 - Unaudited

Assets

Plant and equipment Right-of-use assets Investment properties Intangible assets

Investment in an associated company Other investments

Fair value through other comprehensive income Fair value through profit or loss

Amortised cost Reinsurance contract assets Loans and receivables Current tax assets

Cash and cash equivalents

Total assets

Equity

Share capital

Reserves

Total equity

Liabilities

Insurance contract liabilities

Deferred tax liabilities

Lease liabilities

Other payables

Current tax payables

Total liabilities

Total equity and liabilities

30.09.2023

RM'000

4,999

39,218

31,510

3,901

46,130

2,963,937

894,396

1,166,974

902,567

1,016,245

85,189

6,597

368,140

4,565,866

398,383

1,754,456

2,152,839

2,306,588

26,484

41,444

38,366

145

2,413,027

4,565,866

Restated

31.12.2022

RM'000

6,736

43,372

29,862

5,440

42,387

2,607,994

951,672

1,140,334

515,988

1,315,810

73,108

-

724,911

4,849,620

398,383

1,810,213

2,208,596

2,559,397

8,584

45,384

7,762

19,897

2,641,024

4,849,620

Restated

1.1.2022

RM'000

4,717

47,821

27,316

8,401

39,446

3,095,543

916,424

1,137,794

1,041,325

1,095,522

80,882

-

87,900

4,487,548

398,383

1,791,326

2,189,709

2,208,220

7,686

49,630

7,422

24,881

2,297,839

4,487,548

Note : The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Report for the year ended 31 December 2022.

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LPI CAPITAL BHD
Condensed Consolidated Statement of Changes in Equity for the Period Ended 30 September 2023 - Unaudited
		Non-distributable		Distributable
		Foreign
		currency	Insurance	Fair
	Share	translation	finance	value	Retained
	capital	reserve	reserve	reserve	earnings	Total
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
9 Months Period Ended 30 September 2023
At 1 January 2023, restated	398,383	35,155	357	791,936	982,765	2,208,596
Foreign currency translation differences for foreign operation	-	10,573	-	-	-	10,573
Net finance expenses from insurance contracts	-	-	(5,416)	-	-	(5,416)
Net finance income from reinsurance contracts	-	-	3,946	-	-	3,946
Net losses on investments in equity instruments designated
at fair value through other comprehensive income	-	-	-	(56,993)	-	(56,993)
Total other comprehensive income/(expenses) for the period	-	10,573	(1,470)	(56,993)	-	(47,890)
Profit for the period	-	-	-	-	235,146	235,146
Total comprehensive income/(expenses) for the period	-	10,573	(1,470)	(56,993)	235,146	187,256
Distributions to owners of the Company
Dividends to owners of the Company	-	-	-	-	(243,013)	(243,013)
Total transaction with owners of the Company	-	-	-	-	(243,013)	(243,013)
At 30 September 2023
398,383	45,728	(1,113)	734,943	974,898	2,152,839

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LPI CAPITAL BHD

Condensed Consolidated Statement of Changes in Equity for the Period Ended 30 Sepember 2023 - Unaudited (continued)

	Non-distributable		Distributable
	Foreign
	currency	Insurance	Fair
Share	translation	finance	value	Retained
capital	reserve	reserve	reserve	earnings	Total
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000

9 Months Period Ended 30 September 2022

At 1 January 2022, as previously reported	398,383	25,709	-	756,981	959,949	2,141,022
Changes on initial application of MFRS 17	-	-	(777)	-	49,464	48,687
Restated balance at 1 January 2022	398,383	25,709	(777)	756,981	1,009,413	2,189,709
Foreign currency translation differences for foreign operation	-	9,382		-	-	9,382
Net finance income from insurance contracts	-	-	3,002	-	-	3,002
Net finance income from reinsurance contracts	-	-	230	-	-	230
Net gains on investments in equity instruments designated at
fair value through other comprehensive income	-	-	-	15,265	-	15,265
Total other comprehensive income for the period	-	9,382	3,232	15,265	-	27,879
Profit for the period	-	-	-	-	197,606	197,606
Total comprehensive income for the period, restated	-	9,382	3,232	15,265	197,606	225,485
Distributions to owners of the Company
Dividends to owners of the Company	-	-	-	-	(278,868)	(278,868)
Total transaction with owners of the Company	-	-	-	-	(278,868)	(278,868)
Restated balance at 30 September 2022
398,383	35,091	2,455	772,246	928,151	2,136,326

Notes : The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Report for

the year ended 31 December 2022.	6

LPI CAPITAL BHD
Condensed Consolidated Statement of Cash Flows
for the Period Ended 30 September 2023 - Unaudited
			Restated
	Current		Preceding Year
	Year		Corresponding
	To Date		Period
	Ended		Ended
	30.09.2023	30.09.2022
	RM'000		RM'000
Operating activities
Profit before tax	291,741	259,009
Investment income	(99,235)	(71,866)
Gain on disposal of plant and equipment	(156)	(16)
Net fair value (gains)/losses recorded in profit or loss	(15,177)	10,822
Share of profit of equity accounted associated company	(1,326)	(988)
Interest on lease liabilities	874	943
Non-cash items:
Depreciation of plant and equipment	1,914	2,160
Depreciation of right-of-use assets	5,376	5,276
Amortisation of intangible assets	2,127	2,916
Write off of plant and equipment	1	-
Unrealised foreign exchange gain	(162)	(278)
Net reversal of impairment loss on investments carried at amortised cost	(1)	(1)
Changes in working capital:
Other investments	(395,235)	326,982
Loans and receivables	(9,514)	(1,073)
Reinsurance contract assets	306,463	(99,181)
Insurance contract liabilities	(268,855)	178,351
Other payables	30,450		29,549
Cash (used in)/generated from operating activities	(150,715)	642,605
Dividend income received	58,176	48,374
Interest income received	40,551	23,048
Rental income on investment property received	640	588
Interest paid	(874)	(943)
Income tax paid	(64,101)		(74,859)
Net cash flows (used in)/generated from operating activities	(116,323)		638,813

7

LPI CAPITAL BHD
Condensed Consolidated Statement of Cash Flows
for the Period Ended 30 September 2023 - Unaudited (continued)
			Restated
	Current		Preceding Year
	Year		Corresponding
	To Date		Period
	Ended		Ended
	30.09.2023	30.09.2022
	RM'000		RM'000
Investing activities
Proceeds from disposal of plant and equipment	156	16
Purchase of plant and equipment	(157)	(4,357)
Purchase of intangible assets	(579)		(887)
Net cash flows used in investing activities	(580)	(5,228)
Financing activities
Dividends paid to owners of the Company	(243,013)	(278,868)
Payment of lease liabilities	(5,173)		(5,139)
Net cash flows used in financing activities	(248,186)		(284,007)
Net (decrease)/increase in cash and cash equivalents	(365,089)	349,578
Cash and cash equivalents at 1 January	724,911	87,900
Effect of movement in exchange rates	8,318	6,300
Cash and cash equivalents at 30 September	368,140		443,778

Note : The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Annual Financial Report for the year ended 31 December 2022.

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