Tune Protect Group Berhad (Tune Protect) posted a Profit After Tax (‘PAT’) of RM11.4 million with Operating Revenue (‘OR’) of RM125.8 million and Gross Written Premiums (‘GWP’) of RM114.8 million for the fourth quarter of 2019 (‘4Q2019’).

For the 4Q2019, the Group’s Profit Before Tax (PBT) and GWP increased 28.1% and 11.0% year-on-year (YoY) respectively. The Group’s PAT for 4Q2019 increased marginally by 1.4% YoY to RM11.4 million while the Group’s OR declined 10.4% YoY.

For the full year ended 31st December 2019 (FY2019), the Group’s PAT ended higher by 9.7% YoY to RM58.1 million, while GWP and OR reduced 10.6% and 11.5% YoY to RM463.9 million and RM500.8 million, respectively.

Growth in the Group’s 4Q2019 PBT was largely driven by favourable prior year claims experience, lower combined ratio and higher investment income. The Group’s management expenses improved to RM35.0 million and combined ratio reduced substantially from 101.1% in 4Q2018 to 88.8% in 4Q2019.

4Q2019 investment income increased 4.5% to RM8.8 million, while FY2019 investment income was higher by 8.3% to RM31.5 million.

The Group’s strong GWP performance in 4Q2019 was driven by higher non-motor business recorded by Tune Protect Malaysia (TPM), the Group’s Malaysian General Insurance subsidiary.

“The Group’s commendable PAT recorded in FY2019 was a result of our GAIN transformation strategy and ongoing efforts to improve operational efficiencies,” said Khoo Ai Lin (‘Ai Lin’), Group Chief Executive Officer of Tune Protect.

TPM’s PAT increased fourfold from RM1.8 million in 4Q2018 to RM9.2 million in 4Q2019. Likewise, TPM’s FY2019 PAT rose 61.8% YoY to RM34.1 million, largely driven by favourable claims experience arising from our portfolio restructuring initiatives, lower management expenses due to lower impairment and gain in investment income.

In 4Q2019, TPM saw improvements in net claims by 44.1% due to favourable claims experience and lower management expenses by 28.8%. TPM also posted a 11.4% YoY increase in GWP to RM95.7 million, mainly driven by non-motor segments.

Although TPM recorded decline in GWP for the full year 2019, its GWP mix is heading in the right direction stemming from our aspiration to grow the preferred segments. TPM is working towards achieving the optimal portfolio mix of Motor (below 35%) and Non-motor (above 65%), as part of the Group’s strategy to ensure the sustainability and profitability of its Malaysian General Insurance business.

Tune Protect Re (TPR), the Group’s reinsurance arm, recorded a 36.8% YoY decline in 4Q2019 PAT to RM6.2 million mainly due to the change in the intra-group premium retention arrangements for its Malaysia travel business.

The decline is cushioned by the stronger performance from its three largest travel markets after Malaysia – Thailand, the Philippines, and Indonesia, in tandem with the growth of its airline partner.

In 4Q2019, TPR’s business in Thailand and Indonesia posted a premium growth of 39.6% and 34.2%, aided by the Group’s revenue optimisation initiative for AirAsia.

The Group’s FY2019 overseas ventures declined by 10.4% YoY from RM4.9 million to RM4.4 million, and this was mainly a result of the switch to opt-in setting on the AirArabia in-path booking platform.

The impact of the decline is cushioned by the 5.4% growth in travel business for Tune Protect Thailand (“TPT”), on the back of the positive response to the revenue optimisation initiative, in addition to the higher revenue from Tune Protect EMEIA’s B2B channels with policies issued increasing a commendable 48.8% YoY.

In December 2019, Tune Protect EMEIA commenced its partnership with SalamAir, the first low-cost carrier in Oman, offering travel insurance in four key markets in the Middle East, namely Oman, the United Arab Emirates, Kuwait and Qatar.

There are plans in the pipeline to acquire more markets in the 2020 expansion trajectory. Based on performance to date, the Group is already seeing promising results, at this early stage. SalamAir currently flies to 27 destinations across the Gulf Corporation Council (GCC), Asia, Africa and the Indian subcontinent.

Moving forward, the Group aims to strengthen its business by exploring more strategic partnerships or acquisition opportunities in Indonesia, Vietnam and the Philippines while growing its airline partnerships including the likes of SalamAir.

The Group plans to unlock further potential and synergies with its affiliates including customer acquisition and cross-selling activities within the AirAsia ecosystem.

The Group is also looking at introducing a mobile apps with self-manage claims function as part of its turnkey digital insurance enabling platform.

The Group launched several new products in 2019, including Auto Buddy, Business Shield, Foreign Workers PA and the opt-in feature for motor insurance, Pay-As-You-Drive (PAYD). For 2020, the Group aims to continue its innovation in developing new products for consumers – including a new motor insurance product. It also aims to optimise its distribution channels by targeting at preferred segments of motor and non-motor portfolio while investing in technological capabilities.

In the near-term, though the COVID-19 outbreak has impacted the global economy, particularly the travel and tourism industry, the Group remains cautiously optimistic that it will regain growth momentum in the second half of the year.

Several countries in ASEAN have announced initiatives to cushion the impact of COVID-19 on the region’s economy and particularly for Malaysia, the recent budget stimulus announcement to boost the local travel and tourism industry will help to ease the impact of COVID-19.

The Malaysian economy is also not spared from the impact of the current political uncertainty which is foreseen to ease once the new government is formed.

Notwithstanding these factors, Tune Protect believes that its transformation initiatives, including the GAIN strategy which encompasses beyond Travel insurance and Malaysia market, will help the Group weather the challenges in 2020.

“We have a good spread across multiple lines of business and our fundamentals remain strong. We believe that the Group is in shape to weather the challenges and is in a good position to prosper when the travel industry recovers,” Ai Lin concluded.

Q4 FY19 revenue stood at RM365.0 million, while profit before tax (“PBT”) rose 107.9% to RM272.7 million, and net profit attributable to shareholders (“net profit”) surged 354.4% to
RM233.9 million

Property developer, Tropicana Corporation Berhad (Tropicana) announced its unaudited financial results for the fourth quarter ended 31 December 2019.

For the quarter under review (“Q4 FY19”), Tropicana recorded a revenue of RM365.0 million, decreasing 38.5% from the corresponding quarter in FY2018 attributed to lower progress billings across some of the Group’s key on-going projects and lower sales given the challenging property industry.

The disposal of a parcel of freehold development land for RM143.0 million in the corresponding quarter in the preceding year also contributed to higher revenue in that quarter.

The Group’s PBT rose 107.9% to RM272.7 million as compared to the RM131.2 million achieved in the same period a year ago. The spike in PBT was a result of the recognition from the negative goodwill which arose when Tropicana acquired development lands held by twelve acquiree companies from a related party at an average discount of 13.4% to the market value of these lands where the completion of this corporate exercise was in November 2019. Correspondingly, its net profit surged 354.4% to RM233.9 million in Q4 FY19 from RM51.5 million in Q4 FY18.

For the year under review, lower sales and progress billings across projects in the Klang Valley and the Southern region led to the decrease of 31.5% in Tropicana’s revenue, from RM1.1 billion compared to RM1.6 billion in the preceding year. Nonetheless, the Group’s PBT increased by 19.6% from RM320.2 million in 2018 to RM383.1 million in 2019 due to the recognition of the negative goodwillsubsequent to the completion of the corporate exercise in November 2019. Net profit jumped 97.5% to RM335.8 million in 2019 from RM170.0 million recorded in 2018.

While the Malaysian property market is expected to be challenging in the short term, the Group believes that the government will provide continued support towards home ownership, especially towards first-time home buyers.

This growth momentum is expected to sustain throughout 2020. Against this backdrop, the Group believes that there will still be demand for properties in prime locations with attractive pricing.

The Group has been focused on laying the groundwork to strengthen its foundations to see it through the next growth phase, including the current market environment.

In 2020, the Group plans to introduce new development and phases across its signature Tropicana townships amounting to a GDV surpassing RM2.0 billion.

A key highlight in 2020 will be the launch of the Group’s maiden development, Tropicana Grandhill. Situated 3,000 ft above sea level, this 112-acre township with a potential GDV between RM12.0 and RM15.0 billion will be the first township development in Genting Highlands.

Based on the master plan, this highland city is expected to usher a new trend of holistic and health-centric resort living lifestyle. The first phase of Tropicana Grandhill will be the TwinPines Serviced Suites with over 1,400 units of serviced apartments.

Other new upcoming launches include Shoppes & Residences (South), a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya; three upcoming landed residential phases at Tropicana Aman, Kota Kemuning; the sixth residential and commercial phase at Tropicana Heights, Kajang; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; as well as shop offices at Gelang Patah, Johor.

Coupled with the successful launch of Elemen Residences, the first phase of lakeside homes featuring modern, tropical-themed superlink homes at Tropicana Aman in Kota Kemuning; and Edelweiss SOFO & Serviced Residences, the final phase of Tropicana Gardens in Tropicana Indah at the end of 2019, all these developments and phases are expected to contribute positively to the Group’s earnings in 2020 and beyond.

With the completion of the corporate exercise in November 2019, the Group’s landbank increased to 1,754.1 acres with a total potential GDV of RM61.5 billion, along with the joint development agreements for 1,235 acres of land with a potential GDV of RM4.8 billion, which will further strengthen the Group’s project development offerings.

Looking ahead, the Group will continue to stay focused on being market driven in its product offerings while unlocking value of its landbank in strategic locations in the Klang Valley, Genting and the Southern region of Peninsular Malaysia.

8K Technology Depicts Malaysia In Hyper Realism For Holidaymakers Across SHARP’s Local and Global Network

Electronics titan, Sharp Electronics Malaysia Sdn Bhd (SHARP), chartered new waters by extending its 8K ecosystem to benefit Malaysia’s tourism aspirations.

In the spirit of Visit Malaysia 2020, SHARP and Tourism Malaysia unveiled their highly anticipated production titled ‘Truly Aquos 8K, Truly Asia Malaysia’ to captivate tourists across SHARP’s extensive network, both locally and globally.

SHARP Deputy Chief Executive Officer of ASEAN and Managing Director, Robert Wu, said, “SHARP is thrilled to promote Malaysia to the world through this creative collaboration with Tourism Malaysia. We can all agree there is no place like Malaysia.

“We have beautiful rainforests, friendly people, unique architecture, and charming islands. What sets the ‘Truly Aquos 8K, Truly Asia Malaysia’ production apart is the presence of our 8K technology which captures every micro-detail and moment and presents it to our audience in the same manner as if experiencing it in real life.

“SHARP is happy to support Tourism Malaysia and complement their efforts to boost interest among holidaymakers, especially potential travellers who are also customers across our global SHARP network.”

The production team created two videos, with a duration of two minutes each, themed, ‘Amazing’ and ‘Diversity’ to represent the qualities that best describe Malaysia. The process took approximately 240 hours within 20 days in production and 16 days in post-production.

“Malaysia continues to be a melting pot of cultures with the right mix of urban and natural charms. It is refreshing to see this brought to life visually through the lens of new technology.

Amid the current challenge faced by the tourism sector as a result of the COVID-19 outbreak, we remain optimistic. We have taken measures by setting up the Tourism Recovery Committee taskforce to monitor current developments and provide advice and clarification to all tourists, including steps needed to safeguard personal health as advised by the Health Ministry.

We believe these precautions to safeguard the well-being of travellers will strengthen confidence among tourists planning their journey to Malaysia,” said Secretary General of Ministry of Tourism, Arts and Culture, Dato’ Dr. Noor Zari Hamat.

Malaysia, being one of the most multicultural nations in Southeast Asia, inspired the videos which embody raw and genuine human essence derived from diverse ethnicities and a myriad of cultures.

Several recognisable attractions featured in both videos were shot at locations like Sekinchan in Selangor, the Mossy Forest in Pahang, Central Melaka, Tanjung Rhu in Langkawi,  Thean Hou Temple and Gelanggang Tok Cindai in Kuala Lumpur.

The Sarawak Cultural Village and Pom Pom Island in Sabah, are also featured as well as among others.

SHARP and Tourism Malaysia engaged established award-winning Malaysian film and content house, Chilli Pepper Films to spearhead the ‘Truly Aquos 8K, Truly Asia Malaysia’ production.

Together with Mark Toia, a Kiwi-born, Australian-bred globally acclaimed commercial director, and Cameron Michael, a New York-based nature cinematographer and director of photography, the team breathe life into the ‘Amazing’ and ‘Diverse’ videos. Braving the elements and responsibility of capturing Malaysia’s sights and sounds, the production team has become the first to shoot an 8K video in Malaysia.

The creative vision and execution coupled with state-of-the-art 8K video quality of the ‘Amazing’ video was deserving of global recognition at the Asia Destination Film Awards 2020 in Bangkok in January this year. The video took home the award in the Tourism Board category, overcoming 1,000 other submissions and 34 shortlisted films.

The ‘Truly Aquos 8K, Truly Asia Malaysia’ videos are the result of a Memorandum of Joint Collaboration Partnership signed by SHARP and Tourism Malaysia in 2019 aimed at boosting promotion of the Visit Truly Asia Malaysia 2020 campaign. The promotional videos bearing Malaysia’s attractions will be showcased in 19,500 stores (195,000 TV panels) across SHARP’s global network.

Over the past 10 years, SHARP has been developing its 8K technology. The collaboration with Tourism Malaysia is one of SHARP’s many efforts to extend the benefits of 8K technology and develop a complete ecosystem to advance various industries in Malaysia.

SHARP will build Malaysia’s first 8K + 5G lab to facilitate the research and development of 8K technology in enabling big data transfer and high-resolution displays to benefit the business, entertainment, education, medical, security and tourism industry.

The ‘Truly Aquos 8K, Truly Asia Malaysia’ videos were unveiled at Pavilion, Kuala Lumpur, and witnessed by the Secretary General of Ministry of Tourism, Arts and Culture, Dato’ Dr. Noor Zari Hamat,

Customers may enjoy Pos Laju services across 1,255 CollectCo outlets

Pos Malaysia Berhad (Pos Malaysia) has officially announced a new partnership with CollectCo Services Sdn Bhd (CollectCo), extending the national courier’s parcel delivery and collection services to more than one thousand CollectCo partner outlets in the country.

CollectCo is the leading parcel delivery and collection network of choice for the past 3 years with e-commerce merchants and customers as its key market focus.

The strategic partnership with CollectCo will provide Pos Malaysia’s e-commerce customers new touchpoints for parcel collection and delivery services, offering the convenience of picking up or delivering their packages across 1,255 partner outlets, which among others include convenience stores, pharmacies and stationary shops.

Pos Malaysia Berhad’s Group Chief Executive Officer Syed Md Najib said, “Pos Malaysia is pleased to have CollectCo as its strategic partner as part of enhancing our reach and expanding our touchpoints across the region where existing and potential customers may lodge shipment, pick up and drop off their parcels as well as purchase Pos Malaysia’s merchandise items at selected CollectCo distribution outlets nationwide.

The partnership is in tandem with our trasformation focus to expand our network, increase our brand presence and grow our revenue by widening our customer base.”

Pos Malaysia’s transformation journey will continue towards improving our cost structure and achieving financial sustainability through agent and partner-operated outlets, as well as utilisation of parcel lockers across 250 locations nationwide.

“With this partnership, we are committed to ensure that Pos Malaysia has the widest reach and provide the best services to our customers, catering to the demand of the country’s booming e-commerce market, complementing our Pos Laju outlets and Post Offices across 860 locations nationwide,” added Syed Najib.

CollectCo Founder and CEO, Dylan Wong said, “We are excited how this partnership leveraging our innovative retail management, retail networks and technology can provide convenience to smaller businesses, social selling communities and consumers nationwide.

It literally makes sending and receiving parcels fast and easy for sellers, buyers and merchants. I am confident that this partnership will not only accelerate the expansion of Pos Malaysia’s touch points nationwide, but at the same time provides opportunities for existing retailers and entrepreneurs to explore alternative income that leverage growth of eCommerce industry.