amwalalghad :: Wethaq Eyes EGP 7 Mln Net Profit In FY 2012/2013

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Wethaq Eyes EGP 7 Mln Net Profit In FY 2012/2013


Published Tuesday, 08 May 2012 16:41 | Written by Sherine Taha and Islam Abd ElHameed

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Wethaq Takaful Insurance Egypt targets achieving net profit of EGP 7 million in the next FY 2012/2013.

Shareholders will inject EGP 10 million in the company’s capital, to reach EGP 60 million.

Wethaq will move to its temporary headquarters in Dokki before the end of FY 2012/2012, and will move to a permanent headquarters in Mohandseen after three years.

The Company has five more branches; two in Cairo, one in Rehab City, one in Alexandria and another in Mansoura.

Wethaq Takaful Insurance in Kuwait acquires 60% of the Company’s shares, Adeem Investment Company acquires 39.9% of which and Najeeb Al-Humaidhi acquires 0.1%.

It is worth mentioning that Wethaq Takaful Insurance achieved net profit of EGP 5.16 million with an increase of 44% in the first nine months of FY 2012/2012, compared with EGP 3.486 million for the same period of the last FY.

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