Cairo – Mubasher: Mohandes Insurance announced that its board of directors approved the company’s estimate budget scheme for fiscal year 2019/2020.

The insurer aims to achieve net profits of EGP 110 million in the coming fiscal year, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The EGX-listed firm also plans to achieve direct premiums of EGP 530 million and increase its net investment portfolio to EGP 850 million.

During the first nine months of FY18/19, the insurer’s net profits rose by 29.5%, logging EGP 101.46 million, compared to EGP 78.33 million in the year-ago period.