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Mohandes Insurance logs EGP 72m consolidated profit in H1-19/20

Mohandes Insurance logs EGP 72m consolidated profit in H1-19/20
The insurance activity surplus stood at EGP 87.57 million
Mohandes Insurance
MOIN
0.18% 16.94 0.03

Cairo – Mubasher: The consolidated financial statements of Mohandes Insurance showed a 14.6% year-on-year profit rise during the first half of fiscal year 2019/2020.

The insurance company’s net profits grew to EGP 72.36 million in the six-month period ended 31 December 2019, compared to EGP 63.09 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The insurance activity surplus stood at EGP 87.57 million in H1 of FY19/20, up from EGP 74.4 million in the prior-year period.

As for the second quarter of FY19/20, Mohandes Insurance’s net profits fell to EGP 22.89 million from EGP 23.51 million in Q2 of FY18/19.

It is worth mentioning that the company’s standalone financial results showed net profits of EGP 72 million in the July-December period in FY19/20, compared to EGP 62.04 million in the prior-year period.