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Mohandes Insurance's standalone profit up 10% in 9M

Mohandes Insurance's standalone profit up 10% in 9M
The company’s insurance activity surplus increased to EGP 75.25 million
Mohandes Insurance
MOIN
-100.00% 15.00 -15.51

Cairo – Mubasher: The standalone financial results of Mohandes Insurance reported net profits of EGP 88.07 million in the first nine months of fiscal year 2019/2020, up by 10% year-on-year (YoY) from EGP 80.08 million.

The company’s insurance activity surplus increased to EGP 75.25 million in the nine-month period ended on 31 March from EGP 65.14 million in the prior-year period, according to a bourse disclosure on Monday.

The growth in net profits was ascribed to an increase in direct premiums to EGP 398.16 million from EGP 376.25 million as well as a rise in net income from investments to EGP 110.73 million from EGP 96.91 million.

It is worth mentioning that during the first half of FY19/20, the insurer reported consolidated net profits of EGP 72.36 million, compared to EGP 63.09 million in the corresponding period a year earlier.