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.