Mohandes Insurance to invest $45mln in FY23/24

Egypt’s Mohandes Insurance is planning to invest 1.39 billion Egyptian pounds ($45 million) during the financial year 2023/2024, according to the capital budget approved by the board members last week.

The insurance company is expecting net profits and instalments up to 128 million pounds and 1.13 billion pounds in the 2023/2024 year.

Last year, the board approved the estimated budget for the 2022/2023 year, which targeted net profits worth 110 million pounds. It also announced plans to invest 1.06 billion pounds during the financial year.