Announcements & News

Kuwait Credit Information Network Company (CINET), the leading and only provider of credit information and credit rating provision in the State of Kuwait which operates under the control and supervision of the Central Bank of Kuwait, announced that it held its general assembly on May 28, 2024 at its new headquarters in Assima Tower.

During the course of the General Assembly, the Chairman of the Board of Directors at CINET, Alia B. Alhumaidhi, commented: “CINET succeeded in achieving net profits amounting to 2,681,223 Kuwaiti Dinars for the financial year ending on September 30, 2023, an increase compared to last year’s profits, which amounted to 2,227,248 Kuwaiti Dinars.”

Alhumaidhi added: “CINET’s cash revenues for the same fiscal year amounted to 5,231,269 Kuwaiti Dinars, increasing shareholders’ equity to 19,915,617 Kuwaiti Dinars.”

The Assembly also approved the Board of Directors’ recommendation to distribute cash dividends at a rate of 2% of the paid-up capital, for a total value of 329,688 Kuwaiti Dinars.

The Assembly approved the Board of Directors’ proposal to reward members of the Board for their efforts during the same fiscal year at a rate of 1.83% of profits, totaling 49,000 Kuwaiti Dinars. This value comes after deducting costs related to depreciation and reserves, distributing profits to shareholders according to the percentage proposed by the Board of Directors, allocating funds for The Kuwait Foundation for the Advancement of Sciences, and paying the zakat tax — provided that prior approval from the Ordinary General Assembly and relevant authorities is obtained.

Alhumaidhi emphasized that the company's financial results affirm the strength and clarity of its strategies and plans. These strategies have significantly enhanced CINET's growth and performance, providing a solid foundation for current and future plans.

Following the directives of the Central Bank of Kuwait and the company's strategy, CINET prioritized attracting and retaining national talent. By leveraging the skills and experiences of diverse Kuwaiti professionals, from recent graduates to specialized experts, CINET succeeded in improving operations and enhancing development.

Regarding future expectations, Alhumaidhi indicated that in 2024, CINET will focus on diversifying its product line and innovations through advanced technology. The company will continue to explore new initiatives and fully utilize its digital capabilities to strengthen its position in the local market, contributing to the national development plan, "New Kuwait" vision for 2035. 

In conclusion, Alhumaidhi, on behalf of herself and the Board of Directors of the Kuwait Credit Information Network Company (CINET), extended her sincere thanks and appreciation to all Central Bank of Kuwait officials for their continued support. She also thanked the Board of Directors, the executive management, and CINET’s employees for their dedication and hard work, as well as the shareholders and participating members for their generous support.