On behalf of the Chairman and members of the Board of Directors, the Executive Management and all the employees of Credit Information Network Company (Ci-Net), I would like to welcome the shareholders at the 23rd annual meeting of the Ordinary General Assembly. I take this opportunity to express our deepest thanks and gratitude for your continuous trust and support that has always been an essential incentive to make the utmost efforts to meet your aspirations and strive to achieve the Company’s goals and the new strategy in light of the Law No. 9 of 2019 that organizes the exchange of credit information and its executive regulations as well as the executive rules of the said law as issued by the Central Bank of Kuwait.

During the year 2022, Ci-Net witnessed several basic transformations that may rightly be described as historical turning points in its progress. Despite the huge crisis that afflicted all countries of the World as a result of the Corona pandemic, that reached its highest point since the year 2020, the Company managed, with the help of Allah Almighty, to overcome the effects of the crisis in an unprecedented manner and achieve positive results in the years 2020 and 2021. Since the promulgation of the Law No. 9 of 2019 organizing the exchange of credit information, which required the companies operating at the time of issue of the law to regularize their status according the articles and provisions of the said law and the prudent guidelines issued by the Central Bank of Kuwait , that require the drawing of a clear strategic plan with specific elements designed to benefit from technological and digital advancement in the banking and financial field and understand the best customers’ requirements, expectations and needs in order to develop a work model for Ci-Net on the medium term. Thanks to the vision and experience of the members of the former board of directors which brought together a select group of financial professionals with a rich history of past performance full of educational qualifications and professional achievements, a contract was signed with a major specialized consulting company which proceeded to draw a strategic transformation plan that suited the requirements and vision of the Central Bank of Kuwait, and specified the general foundations for the strategic transformation plan that may be summarized in the following basic elements:

Those elements were the main support for the transformation of Ci-Net, for, on 23 August 2022, the Central Bank of Kuwait approved the presented plan and issued directions to proceed with its practical phases within the time periods specified for each of them. Those instructions were issued after the Company had regularized its status in line with the provisions of the aforesaid law. Thereupon, the board of directors of the Central Bank of Kuwait issued its resolution No. 12/459/2022 on 23 January 2022 to register Ci-Net as the first company to operate in the field of reporting credit and credit-classification according to the provisions of Law No. 9 of 2019 regulating the exchange of credit information which had become a prominent phase in the progress of the company since its incorporation.

Following the approval of the strategic transformation plan by the supervisory body, the board of directors issued its guidelines to the Executive Management to start the implementation of the first phase of the strategic transformation plan which addressed the aforesaid elements while placing the digital transformation operations at the forefront of its attention upon drawing and implementing the strategic transformation plan. This was achieved by making further improvements to its services and products during the previous financial year through the digitalization of its operations and facilitating procedures for customers and supporters to access its services and products and inspect and benefit from their credit data quite easily round the clock. Ci-Net had the honor to take part in the meetings of the trial supervision environment under the supervision and organization of the Central Bank of Kuwait, all of which seek to reach an understanding and evaluation of the effect of new technologies on the new financial market in Kuwait with the assistance of the financial institutions and financial technology companies in order to test their innovative products according to controls and procedures laid down in this regard, all of which will lead to positive future results for the financial and commercial sectors by improving and facilitating the procedures of the financial and credit transactions.

During financial year 2021/2022, Ci-Net achieved a net profit of KD 2,227,248 (Kuwaiti Dinars two million two hundred twenty seven thousand two hundred forty eight) after deduction of the provisions for Zakat and Kuwait Foundation for the Advancement of Science. Total revenues during the financial year ended on 30.09.2022 amounted to KD 4,436,285 (Kuwaiti Dinars four million four hundred thirty six thousand two hundred eighty five). This performance contributed to increasing the shareholders’ equity to reach KD 17,625,394 (Kuwaiti Dinars seventeen million six hundred twenty five thousand three hundred ninety four), in the light of which, the board of directors recommends the ordinary general assembly to approve the distribution of cash dividends at the rate of 15% of the Company’s paid-up capital, for a total of KD 342,000 (Kuwaiti Dinars three hundred forty two thousand) to the existing shareholders registered in the Company’s register of shareholders at the Kuwait Clearing Company until the date of holding the present meeting, after the ordinary general assembly and the relevant competent authorities approved the distribution. The board of directors also proposed the grant of a remuneration to the members of the board of directors in consideration of their efforts during the financial year ended on 30.09.2022, at the rate of 2.20% of the profits after deduction of depreciations, transfers to reserves, the distribution of the dividends to the shareholders at the rate proposed by the board of directors, the provision for the Kuwait Foundation for the Advancement of Science and a provision for the Zakat tax in an amount of KD 49,000 (Kuwaiti Dinars forty nine thousand), after obtaining the approval of the ordinary general assembly and the relevant competent authorities.

These results clearly underline the strengthen of the core elements that uphold the company’s performance and the quality of its operations. They form a solid foundation on which the Company builds its growth plan during the coming year. In continuing to make these achievements, the core enabling element is the contribution made by our employees who enjoy the requisite skills and competence, and whose loyalty and dedication to their duties is the basic strength that makes such growth possible. For this reason we are always extremely keen to enhance the efficiency of our work team and continue to invest in providing the necessary training opportunities and participate in the development of their capabilities and skills. This ensures that they continue to provide an excellent performance of their duties and help achieve good and fruitful results for the Company and its shareholders.

In continuation of Ci-Net’s continuous persevering efforts to attract young Kuwaitis, the Company continues to exert relentless efforts to Kuwaitize positions pursuant to the guidance of the board of directors and according to the strategic plan which calls for giving the utmost attention to the national manpower to form part of its work team. For this reason, Ci-Net is very keen to attract young male and female Kuwaiti new graduates, and national leadership cadres who have both the ambition and motivation to join the Company.

Over the past twenty three years, Ci-Net played an effective role in light of the guidelines of the Central Bank of Kuwait and its solid rules that promote the formation of the progress of the State of Kuwait toward a digital economy and ensuring that its contributions are in line with the national priorities and vision of the State of Kuwait 2035 whose aims include transforming Kuwaiti into a regional and global financial and business center that can attract investment. This was the idea behind the creation of the new identity stems from the solid and excellent reputation achieved by Credit Information Network Company, as the reliable and only company in the field of credit information and credit classification. The Company’s wide expansion of the company in all parts of Kuwait and in all the banking, financial and business sectors underline the fact that Ci-Net influences the way Kuwaitis and expatriates perform their credit transactions. We are sure that, in light of the new commercial name, we will be able to demonstrate our strong commitment to achieving prosperity for the State of Kuwait. Given this fact, the board of directors recommended changing the business name of the company to Kuwait Credit Information Network Company.

At Ci-Net, we have adopted a pro-active approach that can identify the future requirements and needs of the banking and financial sectors, business owners in various scopes and sectors and identity the potential risks and challenges, based on specialized practical studies in order to determine the best mechanisms and systems. This enables us to develop those systems and enhance their effectiveness, identify the role and nature of our operating activities in catering for the strategic needs of the State of Kuwait in light of the trends adopted by the Central Bank of Kuwait and other supervision authorities. In addition, this enables us, in turn, to contribute to the realization of the goals and vision of the State of Kuwait 2035 by providing support to the economic activities and realizing human development, energizing the spirit of competition and increase production efficiency in the presence of a supporting institutional body which promotes national values, preserves the social identity and human development, provides an appropriate infrastructure for an encouraging and well-developed business environment. For this reason, we believe that the coming period calls for maintaining flexibility in order to attain further achievements and obtain the requirements for prospecting the scopes of modern and digital technology, all of which will preserve and support the business of the company and its ability to look for new opportunities. During 2023, Ci-Net will focus all its efforts on its future path to improving the Company’s business, from a pioneering and excellent position from which it will seek to diversify its products and innovations by advance technological means. The company will continue to consider a number of strategic initiatives and services by a full exploitation of the digital capabilities that will be built in an optimum manner. We will enhance our position in the local and foreign markets and seek to seize further rewarding growth opportunities that would enable Ci-Net to provide its services to all customers and sectors by working tirelessly to include other sectors in order to benefit from the available data and information, thereby participating in enhancing the banking and financial sectors in the State of Kuwait in terms of efficiency, productivity and reliability in order to attain the desired goal of increase awareness and the credit culture for all Kuwaitis and expatriates in Kuwait.

In conclusion, for myself and on behalf of my colleagues on the Board of Directors, I present my deepest thanks and appreciation to his excellency the Governor of the Central Bank of Kuwait, Mr. Basel Al-Haroun, her excellency, Sahar Al-Rumaih, Deputy Governor of the Central Bank of Kuwait, Mr. Abdulhamid Al-Awadh, Executive Director for the Supervision Sector, and all the officers of the Central Bank of Kuwait for their continuous support and valuable guidance. I would also like to thank the members of the board of directors, the executive managements and all the employees of the Company for their efforts and dedication to their work, with our best wishes for them to enjoy lasting success. Finally, we do highly appreciate the generous support we receive from our shareholders and members.

The last year witnessed tremendous challenges to business all over the world as a result of the Corona (Covid 19) pandemic which laid its bleak shadow over almost all aspect of life, particularly in the State of Kuwait. This had a deep and negative impact on the banking and financial sector. However, with the grace of Allah Almighty and thanks to the guidelines of the Central Bank of Kuwait and the Board of Directors, we are now enjoying the positive fruits of the decisive and judicious measures taken during 2020 and 2021. Ci-Net has now become the first credit information center accredited and registered at the Central Bank of Kuwait for providing credit and classification services center under the provisions of Law No. 9 of 2019 that regulates the exchange of credit information and its Executive Regulations. Today, the Company enjoys a strong financial position and keeps abreast with the latest development in technology, the launching of new products and services in an innovative manner, with a management team of the highest standard.

Pursuant to the guidelines of the Central Bank of Kuwait for developing the banking and financial sectors designed to achieve further success and excellence, and with a view to ensure sustained financial and monetary stability in the face of challenges brought about by the developments of the global economy, the surge of modern financial technologies and accelerating changes in customers’ expectations and needs by confronting those challenges through the adoption of new methods and visions that can be appropriately implemented in the future, as well as the outcome of this transformation in terms of developing and modernizing Ci-Net’s digital infrastructure in order to shift from an environment that is partially lacking in flexibility to a highly resilient environment that supports work totally from home or from remote locations while remaining in full observance of the basic internal regulations without any effect on productivity. This transformation has had a remarkably positive effect on our business during 2022 brought about by taking substantial steps to improve the Company’s data bases and information. The foregoing constituted the main driver of Ci-Net’s transformation particularly after the Central Bank of Kuwait’s approval, on 23 august 2022, of the plan to regularize the status of the Company under Law No. 9 of 2019 that regulates the exchange of credit information, on 23 January 2022 by registering Ci-Net as the first company accredited to provide credit reporting and classification services in the State of Kuwait in accordance with the provisions of the aforesaid law. That development was a major milestone in the history of Ci-Net since its establishment. Pursuant to the guidelines of our Board of Directors, Ci-Net proceeded to implement the transformation strategy plan related to the existing elements of the control system while keeping the position of our digital transformation operations in the forefront of our concern in preparing and implementing the transformation strategy plan through a process of introducing further improvements to our services and products during the past financial year. This was carried out by digitizing our operations and facilitating customers and subscribers procedures to accessing Ci-Net’s services and products and providing them with access to and benefit from their credit information round the clock simply and without any obstacles.

With regard to our financial results, I am pleased to confirm that the financial year ended on 30.09.2022 was quite successful in achieving tangible results in line with the Company’s strategic objects. Ci-Net achieved a net profit of KD 2,227,248/- (Kuwaiti Dinars two million two hundred twenty seven thousand two hundred forty eight), with an increase of 40% over the profits for the financial year ended on 30.09.2021. Ci-Net’s total revenues for the financial year ended on 30.09.2022 amounted to KD 4,436,285/- (Kuwaiti Dinars four million four hundred thirty six thousand two hundred eighty five), with an increase of 34% over the financial year ended on 30.09.2021.

In this regard, we would like to point to the fact that one of the key elements of Ci-Net’s success was the contribution made by our highly skilled and efficient employees whose loyalty and dedication to the business was the basic and biggest driver behind the Company’s growth. We are proud of the immense support our employees have provided, as much as we are proud of their contribution to our success. Another positive item has been the positive result of our efforts to achieve a gradual fulfillment of the Kuwaiti national manpower rates. We have thus covered considerable ground in this regard prompted by our keen desire to attract competent and experienced young Kuwaitis, provide them with employment support and opportunities to progress and develop. It is worth mentioning that the aspirations of our Board of Directors encompasses the creation of a new identity for Ci-Net now that the Company has a history of twenty three years of professional business and achievements in the field of credit reporting and classification. Through its new identity, the Company seeks to crystalize its experience in the field of credit information as a pioneering national company that recognizes its own responsibility and commitment toward its customers and subscribers. Given these considerations, Ci-Net has been keen to build its new identity in line with the best practices followed by credit information centers and companies in various countries worldwide. At the same time, the Board of Directors emphasizes its determination to achieve its objectives to have an effective participation in the country’s development and the objectives of Kuwait 2035 Vision. To this end, the Board of Directors found it appropriate to include the name of our beloved country as part of the commercial name of the company to become: Kuwait Credit Information Network Company.

In conclusion, I would like to thank the Chairman and members of our Board of Directors for their generous support in starting the implementation of the Company’s strategy over the coming five years. The new strategy will certainly contribute to raise Ci-Net’s standard and enable it to achieve further development and success. It will also pave the way toward achieving further positive results. I am also pleased to express my thanks to the Company’s employees for their determined efforts and dedication to their duties with a view to achieving success during the past financial year. Finally, I would like to express my thanks and appreciation to our honorable shareholders, the Central Bank of Kuwait and all related parties for their fruitful trust and cooperation. I do pray to Allah Almighty to grant a lasting progress and success to all.

With best wishes ,,,