Cairo – Mubasher: The consolidated net profits of Delta Insurance increased by 28.9% year-on-year (YoY) to EGP 232.23 million in fiscal year (FY) 2020/2021, compared to EGP 180.13 million.
The insurer generated EGP 230.58 million in revenue in the year ended 30 June, up from EGP 170.89 million a year earlier, according to a bourse disclosure on Tuesday.
Meanwhile, the standalone net profits grew to EGP 141.85 million in FY20/21, compared to EGP 105.98 million FY19/20.
The board of directors approved the estimated budget for FY21/22 with targeted net profits of EGP 142.4 million, insurance activity surplus of EGP 162.5 million, and return on investment of EGP 13.4 million.
The board also recommended a cash dividend of EGP 0.40 per share for FY20/21 to be distributed over two equal payments worth EGP 6.3 million each.
The company's capital will be raised to EGP 350 million from EGP 126 million through a 1.77-for-one bonus issue, totalling 56 million bonus shares worth EGP 224 million.
During the first nine months of FY20/21, Delta Insurance logged EGP 190.81 million in consolidated net profits, compared to EGP 128.99 million in the year-ago period.
The revenues levelled up to EGP 752.06 million in the nine-month period ended 31 March from EGP 602.94 million in the same period in FY19/20.
