ArabFinance: Mohandes Insurance Company (MOIN) has reduced the proposed annual cash dividends, for the fiscal year (FY) 2019/202, from EGP 0.50 to EGP 0.40 per share, according to the company’s September 17th statement filed to the Egyptian Exchange.

The company justified this reduction due to the increase of its shares from 60 million shares to 75 million shares, the statement highlighted.

Mohandes Insurance finalized capital increase through share dividends of 0.25 free share for every one held.

The company posted a consolidated net profit after minority interest reached EGP 149,566,358 in fiscal year (FY) 2019/2020, a 3% increase from EGP 144,960,259 achieved in FY 2018/2019.

Standalone net profit stood at EGP 112,287,386 in FY 2019/2020, a 21% increase from the EGP 92,217,949 posted in FY 2018/2019.

The Egypt-based public shareholding company engaged in the insurance sector. It offers life and non-life insurance, and reinsurance products and services. Its products and services portfolio falls into two main insurance segments, namely individual insurance and property insurance.

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