Egypt - Delta Insurance’s profit up 37% in 9M unaudited financials
Monday, 05 18 2020, Category: Insurance and Reinsurance, Country: Egypt
The unaudited consolidated financial results of Delta Insurance showed a 37.3% year-on-year (YoY) rise in its net profits during the first nine months of fiscal year 2019/2020.
The insurer’s net profits hiked to EGP 128.99 million in the nine-month period ended on 31 March, compared to EGP 93.98 million in the corresponding period a year earlier, according to a bourse disclosure on Thursday.
Meanwhile, sales levelled up to EGP 602.94 million from July 2019 to the end of last March, compared to EGP 453.49 million in the prior-year period.
The profit growth was ascribed to improved insurance results as well as higher net income from investments.
As for standalone business, Delta Insurance reported net profits of EGP 78.21 million during the first nine months of FY19/20, up from EGP 56.58 million in the same period of FY18/29.
It is worth mentioning that in the first half of FY19/20, the company’s net profit rose to EGP 86.57 million from EGP 57.16 million in the prior-year period.