Mohandes Insurance eyes $52mln investments in FY22/23

PHOTO

Cairo – Mohandes Insurance has approved the estimated budget for the current fiscal year (FY) 2022/2023, aiming to log net profits of EGP 110 million.

The Egyptian insurer intends to invest EGP 1.06 billion and register instalments worth EGP 790 million in FY22/23, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

During the first nine months (9M) of FY21/22, the company saw a year-on-year (YoY) drop of 15.98% in standalone financials, registering a net profit of EGP 55.460 million, compared with EGP 66.020 million during the period from July 2020 to March 2021.

The profit decrease was attributed to worker policy provision refund worth EGP 8 million as well as a deferred tax refund of EGP 3.8 million.

In the first half (H1) of FY21/22, the firm’s consolidated net profits fell by 27.52% YoY to EGP 50.33 million.