The standalone unaudited financial results of Mohandes Insurance reported a 43.5% year-on-year profit decline during the first quarter of fiscal year 2019/2020.
The insurer logged a net profit of EGP 30 million in the July-September period, down from EGP 53.11 million in the corresponding period of 2018, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
On the other hand, the insurance activity surplus increased to EGP 43.5 million in the three-month period ended 30 September, compared to EGP 32.55 million in the prior-year period.
It is noteworthy that during FY18/19, Mohandes insurance posted a consolidated net profit of EGP 145.04 million, up from EGP 128.39 million in a year earlier, including minority shareholders’ rights.
The insurance company’s standalone net profit grew to EGP 92.21 million in the last fiscal year, compared to EGP 80.137 million in FY17/18.