NIC 2005 Financial Report

Chairman & Managing Director’s Speech

It gives the Board Memebers and myself great pleasure to welcome you in the first annual meeting for the general assembly, as we present the annual report for the company performance during the year 2005. The report includes the company achievements, financial statement, auditor’s report for the fiscal year ended on 31/12/2005, in addition to our future goals for the coming g year. May God help us to achieve prosperity for the company. The achievements continue to grow in 2005 as they did in 2004 and 2003. The performance has developed and sales have increased through expansion, diversification, horizontal and vertical development as well as finding the right products that fulfill customer’s demands and desires.

This year our company has made remarkable achievements as sales grew by 17.2% compared to year 2004 and 31.77 compare to year 2003. The profit amounted to KD 12.3 million, with an increase of 54% over the year 2004 and 105% over the year 2003.

Asset investment has increased by 62% over the year 2004 and 77.4% over the year 20003, in addition to an 38.3% increase in shareholders equity over the year 2004 and 52.8% over the year 2003.

In the light of these results, the Board of Directors recommended, at the session held on Wednesday 01/02/2006 to the general assembly, to distribute a dividend of 30%, namely 30 fils for share and 5% bonus shares, which means 5 share for each one hundred owned share.

My colleagues, the members of Board of Directors and myself would like to express our deepest thanks and appreciation to the National Industries Group for its continues support in different activities and to all the employees for their sincere efforts which made these results possible, hoping that they will expect more and more efforts to achieve our goals and realise our aims in the coming year.

Finally, we thank God, the almighty for the outstanding performance during the year 2005 and pray to God to guide us, so that we may achieve good results in the year 2006.

Company financial Indicators
Statement of Income
Balance sheet

Download NIC 2005 Annual Report (PDF)