On behalf of myself, my colleagues on the board of directors and members of the executive management of the national industries company, I warmly welcome all of you in our general assembly meeting. It is my pleasure to present to you our annual report for the fiscal year ended on 31 December 2012, asking Allah success and prosperity.
2012 was as we anticipated as far as the increase of sales on the contrary, there was an increase by 4.7% from the previous year primarily due to increase by 21% of exports, increase by 11.1% of ready mix sales, increase of by 12.5% of white blocks and sand lime bricks sales. Where as, the company has achieved operating profits amounted to 11.9 million with an increase of 3.5% from last year, against decrease in investment assets. Net profit of 5 million was achieved with an increase of 18.6% from the previous year. Shareholders equity has increased 3.8% to KD 81.1 million. Allah willing, 2013 will be a continuation of success and further growth in sales and profit of your company due improvement in local market and new factories, such as, ceramic and paint factories in Kuwait, and light weight bricks in Oman and Bahrain.
The company continues adopting a balanced policy to achieve expansion and maximizing shareholders value while distributing sustainable dividend. According to this, the company aspires for 2013 to accomplish under process projects, boosting output capacity with decreasing expenses and developing a number of new products. Board of directors has recommended, in its meeting held on 21/2/2013, to general assembly to distribute profit of 12% to dividend of 12 fils per share for the fiscal year 2012.
On conclusion, I would like to express, member board gratitude to our esteemed shareholders in there trust in us. We will continue to achieve another year of success and profit with keeping in mind, that our community commitments are in safety, environment protection and providing high quality products.
I asked Allah Almighty success and prosperity.
Dr. Adel Khaled Al Subeih
Chairman & Managing Director