I and my colleagues , members of the Board of Directors , are pleased to welcome you in the 22 nd Ordinary General Assembly and submit to you the Board's report for this year on Company most significant achievements and activities for the fiscal year ended on 31/12/1999

Before reviewing the financial statements as indicated by the Balance sheet and the Profits and losses Account with relevant clarifications , I would like to inform you of the following .

With the will of god , as well as the planning of company Management and efforts of its staff , it was able to cross the modem problem known as the Y2K, as the new year started and work continued at the company normally without any problems in this regard .

As regards the company permanent headquarters planned to be set up in plot C 101-Industrial shuwaikh , of which the usufruct right was purchased , the foundation diggings , storing and initiation of the construction works are proceeding to the plan laid down and the specified timetable . It is expected , with the W ill of God , that the construction operations will end with the beginning of next year in orders for the Company to appear in its new outlook for the third millenium .

As accustomed from the Company and despite the usual strong competition in the cement and steel market , the company maintained , with the help of God , it's position and status in the market and its sales are constantly growing and increasing .

Concerning the financial statements , the net profit for this year amounted to 4.896.110 Kuwaiti Dinar ( four million , eight hundred , ninety six thousand , one hundred and ten ) . by adding the profit of this year to the forwarded profits from the years , the overall profits liable to distribution amount to 9.951.239 Kuwaiti Dinar .

In its session held on 3/1/2000 , the Board of directors of Directors recommended to distribute these profits in the following manner .