In the name of God, the most gracious, the most merciful
Dear Shareholders,,,
May the peace, blessings, and mercy of Allah be upon you
On behalf of my brothers, members of the Board of Directors and Executive Management, I am pleased to welcome you to the meeting of the General Assembly of the company. I thank you for your presence and appreciate your interest, and to put in your hands the annual report for the fiscal year ending on 31 December 2024.
Dear Shareholder Brothers.
The financial results achieved by the company during the year 2024 showed the strength of its financial position, the quality of its investments and the efficiency of its operation, and that the company is committed to moving forward in achieving the goals through steady and deliberate steps aimed at maximizing shareholder rights and profit growth. The year 2024 was an extension of the correct approach that the company is following, thanks to Allah and the efforts of the members of the Board of Directors, the executive management and all employees of the company.
We summarize for you what was achieved during the year ending on 31 December 2024
The year 2024 witnessed a good performance for the company by achieving a best rate in the total operating profit, as the company's consolidated sales amounted to 13,244,687 KD, compared to sales amounting to 15,007,678 KD for the previous year.
The total operating profit for the current period amounted to an amount of 2,204,117 KD compared to the amount of 2,940,638 KD, in light of the intense competition inside and outside Kuwait and the gradual increase in paper prices globally.
And the company's consolidated net profits in the fiscal year ending on 31/12/2024 amounted to 1,164,887 KD, compared to the same period of the previous year, as it was 1,436,754 KD.
Despite the general decline in economic activity witnessed during the past year at the regional level due to political unrest in the region and its impact on the financial results for 2024, Shuaiba Industrial has made every effort to maintain its achievements.
Also, earnings per share for the fiscal year ending on 31/12/2024 became equivalent to 11.74 fils per share compared to 14.48 fils per share for previous year.
Noting that the book value of the share is 190 fils per share for the year 2024 compared to 191 fils per share for the previous year.
The total assets had amounted to 25,768,046 KD compared to the same previous year, where it was 24,663,965 KD, i.e. a growth rate of 4.48% compared to the previous year.
The shareholders' equity had amounted to KD 18,823,135 compared to the same period of the previous year, when it was KD 18,926,349, i.e. a decrease rate of 0.55% than the previous year.
The company produced and manufactured 19,194 tons for the current year, and on the other hand, exports still represent the equivalent of 55% of the company's total sales during the year 2024, which is something that the management is keen to enhance by maintaining its share in the various markets despite the fierce competition.
During the year 2024, the management worked on marketing its products from the small bag production lines (mainly the food sector) in Kuwait and the Gulf Cooperation Council countries on the one hand, in addition to the initiative to enter different markets.
Dear Shareholders,,,
The Board of Directors of the company decided to raise the recommendation to the General Assembly to approve the distribution of dividends to shareholders, to the shareholders registered in the company's records at the end of the due day specified for it on Thursday, 1/5/2025, and it is distributed to the shareholders entitled to it on 08/05/2025, after deducting the treasury shares. Noting that this recommendation is subject to the approval of the competent authorities and the general assembly of the company as follows:-
In conclusion, I and my brothers, members of the Board of Directors, present our sincere greetings and appreciation to everyone who contributed to the development of the company's performance including all employees in the company, company's customers and suppliers, and everyone who contributed to the company's achievements for the year 2024. We ask Allah the Almighty to always be at the good expectations of our honorable shareholders. We look forward to the year 2025 being more positive, growing and prosperous.
Saleh Omran Abdullah Kanaan
Chairman of Board of Directors
