Annual Report 2008

Chairman and Managing Director Message

On behalf of my colleagues, the members of board and executive management and myself. It is pleasure for me to welcome you, presenting the annual precedent report fiscal year on 31 December 2008.

The year 2008 is a witness of the biggest economic crisis happened in the history, that it has a wide damage with high fast effects due to global economic recession has effected negatively all sectors including productive processing sectors. The National Industries Company is always close to the events. By processing side, The Company achieved processing profits worth 7.8 Million K.D. On the other hand, there were loses resulting reducing the market value of investment assets. All of these reasons lead to net losses worth 9.3 million K.D, 27 files per share.

Although the global financial crisis, the previous crisis experiences refer to regular recovery of the economy during limited years. Therefore, the company is going ahead following its strategy to complete it in local and international expansions in GCC hoping to enter new industrial projects that it will come true in the following years, God willing.

According to these results, the board of management has decided in its held session, on Tuesday 3132009 its recommendations for general assembly not to distribute profits of the precedent fiscal year on 31122008.

By this occasion, it is our pleasure to thank respectful share holders for their support and understanding the hard circumstances of our company under the current economic events and many thanks to National Industries Group (Holding ) for its unlimited care for our company in different fields . in addition , I would like to praise and appreciate all employees for their efforts to achieve the best results , and we are looking forward to more efforts and creativity to achieve our targets and ambitions in the following years , God willing.

At the end, I pray for Allah to support and help us in the year 2009 to get the best results better than the previous year.

Company financial Indicators
Statement of Income
Balance sheet

Download NIC 2008 Annual Report (PDF)