KUALA LUMPUR (May 8): MNRB Holdings Bhd (KL:MNRB) was Bursa Malaysia’s biggest gainer on Wednesday, after the insurer and reinsurer announced record quarterly and annual net profit for the financial year ended March 31, 2024 (FY2024).

The counter climbed 30% — the largest one-day gain that MNRB has ever recorded — to its upper limit of RM2.34. At the closing bell, the stock was trading at RM2.32, still up 28.89% or 52 sen, with 17.15 million shares changing hands, compared to its 200-day volume of 790,941.

At RM2.32, MNRB is valued at RM1.82 billion. The stock has racked up 90.16% in gains since the beginning of this year and surged 136.73% in the past one year.

Maybank Investment Bank is the sole research house covering MNRB with a “buy” call and a target price (TP) of RM1.70.

MNRB posted a record profit of RM232.63 million for its fourth quarter ended March 31, 2024 (4QFY2024), more than double the RM94.95 million it made in the same period a year ago. Revenue for the quarter rose 28% year-on-year to RM816.79 million from RM637.97 million.

The group attributed the better earnings to lower insurance expenses and higher investment income.

Net profit for the full year also leapt a new high after it tripled to RM428.34 million from RM142.65 million in FY2023, as revenue rose 21.23% to RM3.6 billion from RM2.97 billion a year ago.