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 ,,,