Wethaq Takaful Insurance Eyes EGP 13 Mln Profit In FY 2012/13

Wethaq Takaful Insurance Company targets to achieve profits of EGP 13 million in FY 2012/2013, said Abdel Latif Salam, managing director of the company.

The company plans to increase premiums by 20% to reach EGP 100 million by the end of next June.

Salam added that the company aims at increasing capital by EGP 10 million in the upcoming period to reach EGP 60 million so as to enhance the company’s results.

The company also plans to make Nasr City’s new branch achieve premiums of EGP 5 million in its first year.

It is worth mentioning that Wethaq Takaful Insurance Company achieved net profit EGP 2.4 million in Q1 of FY 2012/2013.