NIC 2006 Financial Report

Chairman and Managing Director's speech

On my own behalf me and on behalf of my brother members of the Board of Directors, I am pleased to welcome you in the first public assembly event of this year.

I would like to present the annual report of company’s performance in the year 2006 which includes achievements, financial statements, closing accounts and auditor’s report regarding the financial year ended as 31/12/2006 in addition to our aims for the next coming years. I plead to Almighty God to guide us to follow the right path and to inspire us to correctness and success. The year 2006 is considered as a challenging year due to the decrease movements of real estate development that resulted from many reasons such as government’s delay performance of the new big project in addition to the slowness of distribution of new housing plots to citizen.

Dear Shareholders,

Despite of all the challenges and circumstances encountered by the local market that negatively affected investment, commercial and housing construction and subsequently market of building materials, so sales decreased by 3% against 2005, the achieved profits 9.9 million Dinars in 2006 against 12.2 milion Dinars in 2005, However, the company achieved good achievements whereas the company’s assets invreased by 93% more then 2005, Shareholders’ rights are increased by 96% and the book value of the share increased by 25,821 to be 281 files.

The company continued the exterior growth in countries of GCC in similar and accumulated activites, The result will appear in the next year that will affect positvely in the results of the current year. on the other hand, the company increased the local activities to comply with the requiremnts of the local markets and neighbour markets and we have contracted for sales of polyethylene pipes to Iraq results, board of directors recommended in their meeting dated 3/2/2007 to the public assembly to approve the distribution of profits in percentage of 30% ie, 30 fils for each share.

At this instance, I am pleased to extend my thanks and gratitued for the unlimited support and caring provided by National Industries Group to our company in various fields, I further extend my thanks for all employees for their efforts to achieve the good results. We are looking for more efforts and contribution from them to achieve our aims and goals in the next years.

In conclusion, I ask Almighty God that we were succeeded in raising the company’s performance in 2006 and to take our hand to achieve better results in 2007.

Company financial Indicators
Statement of Income
Balance sheet

Download NIC 2006 Annual Report (PDF)