Dear Shareholders,
On behalf of the board of directors of Jiblah Holding Company, I have the
pleasure to place in your hands the third
annual report of the company showing the
audited financial activities of the company.
The year 2005 was decisive for us as the company capital was increased
from 2,508,000 K.D to 15,600,000 K.D. With
the completion of increasing the company
capital in October of the same year, the
company achieved positive results. The
revenues increased from an amount of 477,269
K.D. to 2,409,707 K.D. with an increase of
404% and net profit from 429,397 K.D. to
2,026,484 with an increase amount of 372%.
The company took a strategic step by
converting into a specialized industrial
company for small sized projects and under
the title of the Industrial Company for
Light Projects to a holding company with
more focus on the industrial and the
services sector.
The company expanded its second headquarters in the free zone area and
equipped it with the most advanced
technology so as to match the current
development in the area in the use of
communication methods.
Your company dedicated itself to a specific path as well as creating
investment department at high level of
capable efficiency of developing its
projects and creating opportunities and
long-term alliances as well as gaining its
respect in the local and Arabic market. The
available opportunities has exceeded 120
investment opportunities last year where
only 5 of these opportunities were selected
in the following sectors: marina transport,
service projects, solid wastes, oils and
electronics. These projects were focused in
countries such as the State of Kuwait, the
Sultanate of Oman, the Hashemite Kingdom of
Jordan and the Arab Republic of Iraq.
With expectations and hopes in developing these projects financially and
socially so that benefits will be provided
for the society in creating work
opportunities for Kuwaiti people as well as
providing benefits to our environment by
making our projects environmental friendly.
Finally I hope such support will be continuous so as to motivate us in
keeping up with development and initiatives
to take creative steps.
Bader Musaad Al-Sayer
Chairman, Board of Directors
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