The Ordinary General Assembly of Misr Insurance Holding Company (MIHC), chaired by the Minister of Public Enterprise Sector, Hesham Tawfik, approved the 2019/20 draft budget.
Head of the company, Basel El Hini, reviewed the most important of the company’s targets, where the total revenues of subsidiaries reached about EGP 20.4bn, up by 21.5% against 2017/18.
The subsidiaries of the company target net profits of EGP 4.3bn up by 34.5% from 2017/18.
The total estimated shareholders’ equity of MIHC and its subsidiaries in the year 2019/20 amounted to EGP 31.9bn, up by 5.5%.
Moreover, the total value of the estimated subsidiaries’ shareholders rights reached EGP 37.6bn, up by 14% from 2017/18.
The total estimated investments of MIHC and its subsidiaries in the year 2019/20 amounted to EGP 70.7bn, up by 8% from 2017/18.
Meanwhile the total insurance premiums targeted by the insurance subsidiaries reached EGP 15.7bn, up by 24.8% from 2017/18.
The independent budget of MIHC aims to achieve total revenues of EGP 2.4bn in 2019/20, up by 37.5%, then a net profit of EGP 2bn, realising growth of 42.4% against 2017/18.
Thus, the state share of the profits in the year 2019/20 will be EGP 1.6bn, against EGP 758.8m realised by 2017/18 with a growth rate of 111%.
In this context, the general assembly approved the payment of EGP 400m to the ministry of finance for the profits of the company in 2018/19.
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