NIC 2004 Financial Report

Chairman & Managing Director’s Speech

The members of the Board of Directors and myself have the pleasure to welcome you at the first meeting of the general assembly for this year to submit to you the annual report on the company’s performance for the year 2004 including the achievements, financial statements, final account and the auditors’ report for the financial year ended on 31/12/2004, in addition to our goals for the coming year, praying God, the almighty, to help us for the benefit of the company’s development and prosperity.

The year 2004 was deemed an extension of the years 2002 and 2003 in terms of performance development and sales increase through expansion, diversification and vertical and horizontal development, as well as finding the right products that fulfill the customers’ needs and desires.

This year, your company made remarkable achievements as sales grew by 12% on the year 2003 and 31% on the year 2002 and profits amounted to KD 7.98 million , with an increase of 33% over the year 2003 and 59% over 2002. Invested assets also increased by 9% over the year 2003 and 21% over 2002, in addition to an 11% increase in shareholders’ equity over the year 2003 and 23% over the year 2002.

In the light of these results, the Board of Directors recommended, at the session held on Saturday 25/12/2004, to the general assembly to distribute a dividend of 27%, namely 27 Fils per share and 5% bonus shares, which means 5 shares for each one hundred shares.

Finally, we thank God, the almighty, for the good performance during the year 2004 and pray for His and guidance so that we may achieve good results in the year 2005.

My colleagues, the members of the Board of Directors and myself, would like to express our deepest thanks and appreciation to all the employees for their efforts which made these results possible, hoping that they will exert even more efforts to achieve our goals and fulfill our aims in the coming years.

Company financial Indicators
Statement of Income
Balance sheet

Download NIC 2004 Annual Report (PDF)