Mohandes Insurance posts LE 64M profits in FY 2016/17

CAIRO – 21 July 2017:Mohandes Insurance Co’s net profits rose by 46.7 percent to LE 64 million ($3.5 million) in the fiscal year ending on June 30, up from LE 44 million ($2.46) million, a Thursday report read.

Standalone financial results revealed that other revenues declined 57 percent year-on-year to LE 4 million in FY 2016/17 compared to LE 9.6 million.

Total assets increased 35.9 percent to reach LE 832 million in FY 2016/17, up from LE 612.6 million registered in the same period in the previous year.

Deferred profits went up 5.8 percent to 2.05 million from LE 1.9 million in FY 2015/16, the statement said.

Mohandes Insurance is an Egypt-based public shareholding company engaged in the insurance sector. The Company offers life and non-life insurance, and reinsurance products and services.