Cairo – Mubasher: Egyptian Financial and Industrial Company (EFIC) announced the appointment of Abdul Azim Mohamad Al Abbasi as the company’s new chairman and managing director.

Al Abbasi will succeed Abdel Aal Tolba Al Banna, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

It is worth mentioning that in 2019, EFIC reported net profits of EGP 203.7 million, up from EGP 114.74 million in 2018, including minority shareholders’ rights.