Egypt - Delta Ins. profit jumps 51% in H1-19/20
Monday, 02 10 2020, Category: Insurance and Reinsurance, Country: Egypt
Delta Insurance posted a 51.4% year-on-year profit surge during the first half of fiscal year 2019/2020, the company’s unaudited consolidated financial statements showed.
The insurer’s net profits hiked to EGP 86.57 million during the July-December period of 2019, compared to EGP 57.16 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Thursday.
Meanwhile, revenues rose to EGP 387.6 million in H1 of FY19/20 from EGP 298.15 million in the corresponding period a year earlier.
As for standalone business, the insurance firm’s net profits increased to EGP 51.46 million in the six-month period ended 31 December 2019 from EGP 30.4 million, while revenues grew to EGP 255.28 million from EGP 177.316 million in H1 of FY18/19.
It is worth mentioning that during the first quarter of FY19/20, Delta Insurance reported net profits of EGP 58.3 million, up from EGP 30.3 million in the year-ago period, including minority shareholders’ rights.