News Middle East19 Aug 2015

Egypt:Mohandes increases FY14-15 full-year profits by 67%

19 Aug 2015

Mohandes Insurance has reported a 66.7% increase in net profits to EGP25.15 million (US$3.21 million) for the financial year ended 30 June 2015, according to financial statements lodged with the stock exchange.

Underwriting gains stood at AED23.5 million, 8% higher than in FY2013-14.

Giza-headquartered Mohandes Insurance, which offers life and non-life insurance, and reinsurance products and services, has a network of 19 offices or branches across Egypt.

Meanwhile, the board of directors of Mohandes Insurance has given the nod to raise the company's issued capital by EGP25 million to EGP100 million, which will be effected through the distribution of bonus shares at one for every three shares.

The capital top-up is subject to shareholders’ approval. The additional capital is needed for the expansion of insurance operations into the aviation and oil arenas.

EGP10 = US$1.28

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