Kuwait Credit Information Network Company achieves highest net profits in its history

Zawya

22-02-2025

Strategy to increase capital and enhance financial solvency
New services to provide comprehensive solutions for various sectors in credit and risk management
Launching awareness campaigns on credit scoring
Increasing the national workforce rate to 55%
Kuwait: Kuwait Credit Information Network Company (CINET), Kuwait's leading and sole provider of credit information and credit rating, reported a net profit of KD 2,737,951 for the fiscal year ending 30 September 2024, with total revenue reaching KD 5,698,163 and shareholders' equity rising to KD 22,274,880. These results were presented at CINET's 25th Annual General Meeting (AGM), where the company outlined key financial achievements and strategic milestones.
To strengthen the company's financial position, the Board of Directors recommended no cash dividend distribution, opting instead to proceed with a capital increase plan targeting KD 25 million.
Mrs. Alia Bader Al-Humaidhi, Chairperson of CINET, highlighted the company's strategic vision and commitment to growth, stating: 'Our achievements reflect CINET's steadfast dedication to innovation and operational excellence. As we navigate the evolving financial landscape, we continue to expand our role in shaping Kuwait's credit ecosystem, ensuring that our services align with the country's economic ambitions under Kuwait Vision 2035. We are focused on long-term value creation for our shareholders while maintaining our leadership in digital transformation and financial data intelligence.'
Achievements and Innovation Strategy
CINET has achieved significant milestones and completed strategic projects in the last year to deliver exceptional value to its customers. The company has implemented several initiatives aimed at enhancing its services and expanding its scope of operations. One of the most notable achievements was the launch of the Bounce Cheques System, designed to include data related to returned cheques within the credit profile, reducing risk, and fostering a transparent financial environment. Additionally, the company introduced a new brand identity to enhance its market presence and expand its services beyond the banking sector. And as part of its corporate social responsibility efforts, CINET also launched the "Shlonik" campaign to raise awareness about the credit score and highlight its benefits in improving credits worthiness. Furthermore, the company introduced tailored products and services that address the unique challenges of the fintech space, to welcome "Buy Now, Pay Later" companies in its credit portfolios, taking a customer-centric approach to ensure delivering holistic and comprehensive views in credit reporting.
Mrs. Mai B. Al-Owaish, CEO of CINET, emphasized the company's operational advancements, stating: 'Our focus in ensuring that every innovation is backed by robust data and cybersecurity protection measures has positioned CINET as a trusted partner in Kuwait's financial sector. Furthermore, we have been working to diversify our product portfolio to ensure CINET remains agile and responsive to the demands of an ever-changing market as we transform from a traditional credit bureau into a data and analytics provider that offers holistic solutions to the financial sector in credit and risk management.'
Reinforcing National Workforce and Expanding Credit Services in Kuwait
In alignment with Kuwait's national workforce development strategy, CINET has successfully increased the percentage of Kuwaiti employees to 55.17%, up from 44.68% in the previous fiscal year. The company remains committed to fostering local talent in specialized fields such as information systems and data science.
CINET will continue to enhance its internal operations and foster a culture of innovation within its team to deliver advanced credit solutions that facilitate access to financial data and promote credit awareness. It also plans to expand its credit data to include new sectors, to diversify its product portfolio, leveraging emerging technologies to develop solutions that address the evolving needs of credit and financial risk management.
In her closing statement, Al-Humaidhi said: 'On behalf of the Board of Directors, I extend our sincere appreciation to the Central Bank of Kuwait for their ongoing support and to our shareholders for their trust and confidence. We remain committed to sustainable growth and innovation, ensuring CINET continues to be a driving force in expanding Kuwait's financial ecosystem by providing leading credit solutions to contribute to economic development and financial stability in Kuwait.'
About CINET
Kuwait Credit Information Network (CINET) seeks to provide inquiry services, credit score, and credit information in an innovative manner and with the highest levels of professionalism and trustworthiness. The company contributes to strengthening the credit system, improving the credit culture, and raising the degree of trust among clients in the credit community.
The activities of the Kuwait Credit Information Network Company are subject to the control and supervision of the Central Bank of Kuwait.
Law No. 9 of 2019 regulates the exchange of credit information.
Executive regulations of Law No. 9 of 2019.
For more information:
Kuwait Credit Information Network Company
Al Mirqab - Othman Bin Affan Street - Capital Tower - Floor: 35
Website: www.cinet.com.kw.