Mercantile Islami Insurance’s profit drops 25% in Jan-Mar

Mercantile Islami Insurance PLC saw an over 25 per cent year-on-year drop in profit in the January-March quarter of this year.

The local general insurance company made a profit of Tk 3.23 crore in the first three months of 2022, which came down to Tk 2.41 crore in the same period this year.

The company's net operating cash flow per share also experienced a massive 61.5 per cent year-on-year fall, as it hit Tk 0.2 in the Jan-Mar quarter of 2023, down from Tk 0.52 the same period previous year.

However, the insurer's net asset value rose by 2.79 per cent to Tk 21.36 as on March 31 this year from December 31 of last year's Tk 20.78.

The share price of Mercantile Islami Insurance PLC ended today at the Dhaka Stock Exchange at Tk 31.5, posting a 1.61 per cent rise from the previous day's Tk 31.