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Meghna Insurance Reports Impressive 121% Rise in Q1 Profit

Industry: Financial, Insurance
Company: Meghna Insurance Company Limited

Meghna Insurance Company Limited has reported an impressive profit surge of 121% in the first quarter of 2023 compared to the same period last year. The listed insurer achieved a net profit of Tk 3.52 crore in the January-March quarter, up from Tk 1.59 crore in 2022. This substantial profit increase was primarily attributed to reduced insurance claims and decreased management expenses, as stated in the company’s quarterly financial report. Earnings per share (EPS) also rose to Tk 0.88 for the first quarter of 2023, compared to Tk 0.66 for the same period in 2022. Additionally, Meghna Insurance’s share price soared by 43% over four trading sessions following the release of its financial statement. The company offers various insurance services, including fire, marine, engineering, motor, and miscellaneous insurance. In the previous fiscal year, Meghna Insurance achieved a 40% year-on-year profit rise, amounting to Tk 5.28 crore.

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