By Majd Othman

KUWAIT: The Ordinary General Assembly of Kuwait International Fair Company (KIF) approved the distribution of cash dividends of 50 percent of the nominal value of a share, ie, 50 fils per share, with a total value of KD 1.5 million, to its shareholders for the fiscal year ending on Dec 31, 2022.

Chairman of KIF Wael Al-Ibrahim said in a speech during the general assembly meeting that was held on Wednesday with an attendance rate of 100 percent that the financial results for the year ending on Dec 31, 2022 were good. The results indicate the company's competitive ability in achieving best performance in local and international markets by implementing the policies set by the board of directors despite the challenges arising out of the COVID-19 pandemic for the sector in organizing exhibitions and events. He added the company was able to fully return to operational activity within a short span of time.

Ibrahim explained the company has continued to work with complete flexibility with a focus on achieving long-term goals. Ibrahim indicated KIF is in the process of preparing a new strategic plan for the next five years. "It will be supported by diversity of our business models, in addition to maintaining the company's position and good reputation, which will qualify us to pursue growth plans during the coming years," he said.

Ibrahim also praised the effective role of the executive management and all employees of the company for implementing these plans in a professional manner that preserved the company's reputation and distinction.

CEO of KIF Abdul Rahman Al-Nassar said the features of the strategic plan for the next five years will focus on sustainability, business development and facilities, in addition to creating indirect investment activities within its site. He pointed out the strategic plan includes adding activities that include entertainment and entering the field of organizing conferences, indicating that it will see the light during the next six months, and its implementation will start from September.

Nassar clarified the ministry of health will vacate all its sites in the fairgrounds by the end of March, after which the company will take six months to rehabilitate those sites to return them to service, expecting the performance of Kuwait International Fair in 2023 will be better than last year. He added the company's operational financial indicators for the year 2022 express the success of its operational policies by developing several plans for the gradual return of full operational activity at the international exhibition grounds.

"The company was also able to achieve a good growth rate in terms of the volume of business and high performance at technical and administrative levels. It showed a degree of financial and operational stability, continued maintenance of the quality and specifications of our exhibitions and commitment to satisfying the needs of the organizers and participants," he said.

He added the company achieved a net profit of KD 3.03 million for the year 2022 with a profit of 101.03 fils per share, referring to the efforts of the company's employees to achieve these positive results and the best possible returns for shareholders.