In the name of God, the most gracious, the most merciful
Dear shareholders,,,
May the peace, blessings, and mercy of God be upon you
On my own behalf and on behalf of my brothers, members of the Board of Directors and Executive Management, I am pleased to welcome you to the company’s general assembly meeting, thanking you for your attendance, appreciating your interest, and placing in your hands the annual report for the financial year ending on December 31, 2023.
Dear fellow shareholders.
The financial results achieved by the company during the year 2023 demonstrated 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 its goals through steady and deliberate steps aimed at maximizing shareholders’ rights and growing profits. The year 2023 was an extension of the correct approach that the company is taking, thanks to God 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 December 31, 2023
The year 2023 witnessed a distinguished performance for the company by achieving the best rate of total operating profit, as the company’s combined sales amounted to 15,007,678 KD, compared to sales amounting to 14,542,615 KD for the previous year, meaning a growth rate and capacity of 3.20% over the past year. The total operating profit for the period reached the current amount and capacity is KD 2,940,638 compared to the amount and capacity of KD 2,601,690, meaning a growth rate and capacity of 13.03% over last year in light of the intense competition inside and outside Kuwait and the gradual rise in material prices globally.
The company's consolidated net profits in the fiscal year ending on 12/31/2023 amounted to 1,436,754 Kuwaiti dinars, compared to the same period of the previous year, which was 1,345,017 Kuwaiti dinars, meaning a growth rate of 6.82% over the year 2022.
Despite the general decline and weakness of economic activity witnessed last year at the regional level due to political unrest in the region and its impact on the financial results for the year 2023, Shuaiba Industrial City has made every effort to maintain its achievement.
Earnings per share in the fiscal year ending on 12/31/2023 became equivalent to 14.48 fils per share, compared to earnings of 13.55 fils per share, meaning a growth rate and capacity of 6.82% over the year 2022.
Note that the book value per share is 191 fils per share for the year 2023, compared to 188 fils per share for the previous year.
Total assets amounted to 24,663,965 KD compared to the same previous year, which was 23,913,123 KD, meaning a growth rate and capacity of 3.14% over last year.
Shareholders’ equity amounted to KD 18,926,349 compared to the same period of the previous year, which was KD 18,663,410, i.e. a growth rate of 1.41% over the previous year.
The company produced and manufactured 18,716 tons for the current year. On the other hand, exports still represent the equivalent of 57% of the company’s total sales during the year 2023, which is something that the management is keen to enhance by maintaining its share in various markets despite the intense competition.
During the year 2023, the management has been working 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 taking the initiative to enter various other markets.
Dear shareholders,,,
The company's Board of Directors decided to submit 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 entitlement day designated for 15 working days from the date of the General Assembly, and they are distributed to the shareholders 5 working days after the entitlement date, after deducting the treasury shares. . Note that this recommendation is subject to the approval of the competent authorities and the company’s general assembly, and is as follows:
In conclusion, I and my fellow members of the Board of Directors cannot extend our sincere greetings and appreciation to everyone who contributed to developing the company’s performance, the executive management, all the employees of the company, the company’s customers and suppliers, and everyone who contributed to the company’s achievements for the year 2023. We ask God Almighty to always live up to the good expectations of our honorable shareholders. We look forward to the year 2024 being more positive, growing and prosperous.
Saleh Omran Abdullah Kanaan
Chairman of Board of Directors
