Egypt - Mohandes Insurance’s profit inches down in Q1-20/21
Tuesday, 12 01 2020, Category: Insurance and Reinsurance, Country: Egypt
Mohandes Insurance reported consolidated net profits of EGP 47.97 million in the first quarter (Q1) of fiscal year 2020/2021, falling by 3% year-on-year (YoY) from EGP 49.47 million.
The company’s insurance activity surplus retreated to EGP 44.84 million in the July-September period from EGP 64.3 million in the year-ago period, according to a bourse disclosure on Monday.
Earlier, the insurer reported its standalone net profits at EGP 30.008 million in the three-month period ended 30 September, slightly up from EGP 30.003 million in the corresponding period a year earlier.
During FY19/20, Mohandes Insurance achieved net profits of EGP 149.56 million, up from EGP 144.96 million a year earlier, including minority shareholders’ rights.