Egyptian Mohandes Insurance’s total assets rise 9.7% June-end

Egyptian Mohandes Insurance’s total assets surged 9.7 percent year-on-year to 997.8 million Egyptian pounds ($60.2 million) at the end of June, chairman and managing director said on Thursday.

Assets earlier stood at 909.7 million at the end of June 2018, Reda Fathy further told Amwal Al Ghad.

At the end of the financial year 2018/2019, Mohandes’ total liabilities rose 10.5 percent to 668.8 million pounds from 605.2 million pounds during the financial year 2017/2018, Fathy added.

“The company’s net profits recorded around 102.2 million pounds during the last financial year 2018/2019 against 80.13 million pounds during the financial year 2017/2018, marking a 27.6 percent growth,” he said.

Mohandes generated surplus from insurance activity up to 100.05 million at the end of June compared with 75.36 million a year earlier, Fathy added.

“Direct premiums also increased to 500.02 million pounds versus 423.92 million pounds during the financial year 2017/2018,” Fathy said.