Despite the exceptional circumstances brought by the emerging Coronavirus (Covid-19) Pandemic and continuation of the challenges that resulted from such pandemic in various financial, banking and commercial sectors, (Ci-Net) was able to deal with all those challenges it faced during the fiscal year ended on 30.09.2021, as a result of the availability of an appropriate infrastructure and the diversity of its products and services provided and managed by distinguished human cadres, in addition to the strength of its capital base. Ci-Net has also managed to enhance the sustainability of its operations and provide its services by various modern technical means through continuous efforts of the work team in the Executive Management and the remaining company's staff.

Ci-Net has witnessed a prominent stage in its history during the past two (2) years, through implementation of several initiatives and programs that, in turn, contributed to development of the company's business in innovative digital ways and mechanisms in order to achieve the purposes and objectives for which it has been incorporated, and achieve the vision of Central Bank of Kuwait in transforming the company into an integrated and advanced information center. As Central Bank of Kuwait has taken many decisions and measures that, in turn, contributed to supporting the economic, financial and commercial sectors, which in turn will be reflected in the accuracy and quality of customer data and information available in Ci-Net's automated system. The company’s Board of Directors was keen to plan in advance to deal with the exceptional and majeure circumstances that contributed to adapting the company’s systems and programs to comply with the instructions issued by the supervisory regulator in this regard and in accordance with the best principles of transparency and governance. The company was also proactive in supporting all banking, financial, commercial and other sectors within the highest levels of readiness to provide information and credit rating services. Ci-Net has also adopted a digital transformation strategy that meets the needs and aspirations of the subscribed members and the requirements of individual and corporate clients, whether by developing existing systems or adding support systems, proactively so that the company keeps pace with those modern trends in the use of modern financial technology, which is a qualitative leap brought about by the new digital transformation systems.

Our unremitting efforts to enhance and develop the services provided to customers are also reflected in maintaining a strong environment and culture for monitoring and managing risk and compliance and enhancing aspects of information security, which considered among the most significant priorities of Board of Directors of (Ci-Net), as the company continued during the fiscal year (2020/2021) to invest in governance standards, frameworks and tools to professionally enhance risk management process. This included appointing leadership positions in the company, developing risk models and adopting new enhancements in the area of information technology security and confidentiality. Our adoption of this practical approach contributed to the preservation and development of the company's assets.

During the fiscal year 2021/2021, (Ci-Net) achieved a net profit of KD 1,606,329 (one million six hundred six thousand three hundred and twenty-nine Kuwaiti dinars) - after deducting allocations for Zakat and Kuwait Foundation for the Advancement of Sciences. Total revenues during the fiscal year ended on 30.09.2021 amounted to KD 3,313,153 (three million three hundred thirteen thousand one hundred and fifty-three Kuwaiti dinars). Consequently, Ci-Net has enhanced the shareholders' equity to reach an amount of KD 15,789,146 (fifteen million seven hundred eighty-nine thousand one hundred and forty-six Kuwaiti dinars).

Board of Directors has recommended to Ordinary General Assembly the distribution of cash dividends at the rate of 15% of the company’s paid-up capital, with a total amount of KD 342,000 (three hundred forty two thousand Kuwaiti Dinars) to the current shareholders who are registered in the company’s shares register with Kuwait Clearing Company until date of the current meeting and upon obtaining approval of the Ordinary General Assembly and the relevant competent authorities. Board of Directors has also proposed to grant a remuneration to the BOD members for their efforts during the fiscal year ended 30.09.2021 at a rate of 3.05% of profits - after deducting and applying depreciation and reserves and distributing profits to shareholders according to the percentage proposed by BOD and the allocation of Kuwait Foundation for the Advancement of Sciences and Zakat tax - To be for a total amount of KD 49,000 (forty-nine thousand Kuwaiti dinars) after obtaining approval of Ordinary General Assembly and the relevant competent authorities.

These results clearly confirm the strength of core elements that enhance the company's performance and quality of its business, it is a frim foundation upon which to build growth plans during the coming year. In order to be able to continue to reap results of the achievements, its most essential element is the contribution of our skilled and efficient employees, whose sincerity and dedication to work are the main drive for achieving that growth. Therefore, we are always keen to enhance the efficiency of our work team and continue investment operations in providing the necessary training opportunities and contributing to the development of their capabilities and skills, allowing them to excel and progress in their area of work, then achieve good and fruitful results for the company and its shareholders.

In alignment with directives of the regulator to develop a strategic plan that transforms the company’s business to enhance its role specified by provisions of Law No. (9) of 2019 on regulation of credit information exchange, Executive Regulations thereof and the controls issued by Central Bank of Kuwait, In addition to the insightful vision of BOD to develop the company’s business, as all of these elements contributed to drawing a clear roadmap and keeping pace with developments in the manner of completing business by applying modern technologies according to the latest practices and techniques used in this king of technical business and in easy, advanced and secure manners that ensure access to data and information in order to facilitate work actions, improve the business environment in general and raise efficiency and effectiveness of the automated system work.

The company has introduced some new products, the most significant of which is the launch of the interactive screens platform in the Ci-NET automated system (Interactive Module) for portfolio of commercial credit facilities, which provides a set of analytical reports that include data and statistical and credit information for each subscriber separately, by accurately and instantaneously displaying the same through the digital screens to be used by the entities operating in the sector, as part of the company’s plan to develop its services after the launch of digital interactive screens for the personal loan portfolio of subscribers last year.

The company also has inaugurated actions for testing the automatic linkage with credit information centers and companies in the GCC States experimental environment (UAT), prior to transferring such actions to the actual production environment (Go Live), according to the decision of Supreme Council of the Cooperation Council for the Arab States of the Gulf issued in the Council meeting in its 37th convention in Kingdom of Bahrain, which states approval of the exchange of credit information between states of the Council in accordance with the (short-term) action plan and the comprehensive framework of the mechanism for facilitating the exchange of credit information between GCC states, with the aim of linking credit information centers in the Arab states of the Gulf to exchange data and credit information electronically, through providing electronic channels with a high level of security and confidentiality in information security and technology and applying best practices in cybersecurity technology.

All steps and actions taken by the company came within the framework of the policy of the Board of Directors aiming at developing a culture of data and information exchange and making decisions based on the information supplied from all different sectors, using and reusing this same data and information, in addition to protecting the confidentiality of confidential information, which is to achieve the vision of the regulator that the company is one of the first and advanced companies to provide the optimal services and to update and develop its business on an ongoing basis.

The products developed by Ci-Net support decisions regarding investment and credit objectives of individuals and companies to enhance their ability to maintain timely payment processing, enhance creditworthiness and enable them to access the best products and offers at level of the sector.

All agencies providing credit services may rely on the extensive experience and capabilities of Ci-Net to assess the financial solvency of individuals and companies and their credit capabilities. We are delightful to announce to you that Ci-Net application is now available for smart devices on IOS and Android systems and may be downloaded from their respective application stores. For more information, please visit our website www.cinet.com.kw .

To conclude, I would like to extend my sincere thanks to the esteemed BOD of the company for its kind support, which constantly contributes to advancing the company to a higher level of growth and success, which paves the way towards achieving more positive results for its insightful vision and distinguished expertise.

I would also like to extend my thanks to the company’s employees for their strenuous efforts and hard work in achieving success during the past fiscal year. I also express my sincere thanks and appreciation to the officials of Central Bank of Kuwait, our esteemed shareholders and all relevant parties.