Egypt’s Delta Insurance Company will be holding an extraordinary meeting today to discuss the inception of a new mutual fund for cash liquidity.
In addition, an ordinary general meeting will be held on the same day to endorse financial results, in addition to proposed dividend payout at EGP 0.70 per share, for the fiscal year that ended on June 30, 2014.
The board ratified consolidated and standalone financial highlights for the fiscal year that ended on June 30, 2014.
Consolidated net profit after tax amounted to EGP 24.2 million (US$3.4 million), with a decline by 10% compared with EGP 27 million a year earlier.
Meanwhile, standalone net profit amounted to EGP 19 million (US$2.6 million), compared with EGP 23.2 million in FY12/13.
Financial results for the nine-month period that ended on March 31, 2014 had shown a fall by 10% in net profit to EGP 19.4 million, from EGP 21.5 million in the same period a year earlier.