Egypt’s Misr Insurance Holding eyes 31% growth in FY2022/23 net profit

Egypt’s state-owned Misr Insurance Holding (MIHC) is targeting a net profit of 5.8 billion Egyptian pounds ($306.2 million) for the 2022-2023 year – which started July 1, a 31 percent higher from the two previous years.

The target figures were mentioned during the MIHC’s general assembly meeting took place on Monday to announce the company’s new budget for the 2022-2023 year, which was endorsed by Public Enterprise Minister Hisham Tawfik.

During the meeting, MIHC’s managing director Basel El Hini showcased the company’s plans to post unprecedented growth in profits and boost its subsidiaries’ market shares within the current financial year

The company aims to generate total ongoing revenues up to 3.2 billion pounds, a 11.2 percent growth from the two previous years.