Wethaq Takaful Insurance-Egypt’s net profit 27.3% up in 3 months

Wethaq Takaful Insurance-Egypt posted a 27.3 percent year-on-year growth in net profit during the first quarter of the 2019/2020 financial year, its chairman announced on Monday.

Profits stood at around 14 million Egyptian pounds ($872,838), up from 11 million pounds during the first quarter of the 2018/2019 financial year, Antar Gad said.

The company’s investments rose 5.3 percent to 705 million pounds at the end of last September versus 669 million pounds at the end June 2019, Gad added.

“Our net investment income surged 41.2 percent to 24 million pounds during the first three months of the 2019/2020 financial year from 17 million pounds during the same period of the last financial year,” he said.

The company managed to achieve premiums of 132 million pounds against 73 million pounds during the first three months of the 2018/2019 financial year, marking an 80 percent jump, Gad added.