Cairo – Mubahser: The unaudited standalone financial results of Mohandes Insurance reported a 27.6% year-on-year growth in its profits during fiscal year 2018/2019. 

The insurer’s net profits soared to EGP 102.21 million in the twelve-month period ended 30 June from EGP 80.13 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, the company’s insurance activity surplus surged to EGP 100.05 million from July 2018 to last June, compared to EGP 75.36 million in the corresponding period a year earlier.

The FY18/19 profit growth was ascribed to higher direct premiums which reached EGP 500.02 million in FY18/19 from EGP 423.92 million in FY17/18, along with a growth in net investment income which rose to EGP 120.02 million from EGP 97.04 million in the previous fiscal year.

During the first nine months of FY18/19, Mohandes Insurance achieved a profit of EGP 101.46 million, compared to EGP 78.33 million in the prior-year period.