Mohandes Insurance's profit up 10% in 9 motnhs initial consolidated results

The increase in net profits was ascribed to the growth in direct premiums

  
Cairo – Mubasher: The unaudited consolidated financial results of Mohandes Insurance posted a 10.4% year-on-year (YoY) increase in its net profits to EGP 111.98 million in the first nine months of fiscal year 2019/2020 from EGP 101.44 million.

The company’s insurance activity surplus rose to EGP 130.4 million in the nine-month period ended on 31 March, compared to EGP 115.39 million in the year-ago period, according to a bourse disclosure on Monday.

The increase in net profits was ascribed to the growth in direct premiums to EGP 469.03 million from EGP 446.17 million as well as the rise in net income from investments to EGP 186.56 million from EGP 172.41 million.

Previously, the company reported standalone net profits of EGP 88.07 million in the first nine months of FY19/20, up from EGP 80.08 million in the prior-year period.

Source: Mubasher

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