Egyptian Takaful Insurance eyes $9.6 mln activity surplus end-June 2020

Egyptian Takaful Insurance Company (Property) plans to generate surplus from insurance activity worth 165 million Egyptian pounds ($9.6 million) at the end of June 2020, said its vice-chairman on Monday.

“We target net profits after tax worth 123 million pounds within the financial year 2018/2019, as part of the firm’s strategy to boost its profitability,” El-Sayed Bayoumi told Amwal Al Ghad.

During the first nine months of financial year 2018/2018, the firm’s profits rose 16 percent to around 97 million pounds from 84 million pounds during the same period in financial year 2017/2018, Bayoumi added.

“The firm’s insurance activity surplus reached about 154 million pounds during the first nine months of the current financial year against 112 million pounds in financial year 2017/2018, marking a 38 percent growth,” he said.