Kuwait Credit Information Network Company achieves highest net profits in its history
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a day ago
- Zawya
Invest Bank returns to strong profitability in H1 2025, marks historic turnaround and expands leadership team
Total income for the period reached AED 145.6 million, a 5% year-over-year increase despite challenging interest rate conditions. The Board of Directors elected His Excellency Mohamed Obaid Rashid Al Shamsi as Vice Chairman, who brings over two decades of distinguished banking and governmental sector experience. Sharjah, United Arab Emirates — Invest Bank today announced its financial results for the six-month period ended June 30, 2025, demonstrating strong operational performance and continued balance sheet expansion across all key metrics. The Bank's total assets grew by AED 1.2B year-on-year (+11%), primarily driven by a robust expansion in the loan portfolio (+AED 1.4B, +32%), reflecting initiation of the diversification journey across business segments. Net loans increased by AED 1.4B (+32%), with performing assets (Stage 1 & 2) now constituting 44% of gross loans (December 2024: 37%). The Bank maintains a strong provision coverage ratio of around 38% across the portfolio, with stage 3 loans being fully covered, consistent with its December 2024 position. Customer deposits experienced significant growth of AED 1.3B (+15% YoY), with CASA deposits increasing by AED 141M (+6%) and term deposits expanding by AED 1.2B (+18%). Supporting this growth, the Bank launched two innovative deposit products, iPlus and Cashback deposits, alongside enhanced digital banking solutions. Edris Al Rafi, Chief Executive Officer of Invest Bank, said: "The Bank's first-half results are a clear reflection of progress. By strengthening our product offering and advancing our strategy, we are building the momentum needed to move forward with confidence and deliver lasting value to our customers and shareholders." Key financial highlights: H1 2025 Balance sheet growth Operational performance Capital & liquidity strength Total assets: AED 12.3B (+14% YTD, +11% YoY) Total income: AED 145.6M (+5% YoY) Capital adequacy ratio: 25.9% (December 2024: 28.7%) Customer deposits: AED 10.2B (+17% YTD, +15% YoY) Non interest income AED 67.9M (+47% YoY) Eligible liquid assets ratio: 19.4% (Dec'24: 15.6%) Loans & advances: AED 5.7B (+26% YTD, +32% YoY) Loans to deposit ratio: 55.4% (FY'24: 51.5%) Advances to stable resources ratio: 68.7% (December 2024: 68.4%) Additionally, Invest Bank strengthened its leadership team by electing His Excellency Mohamed Obaid Rashid Al Shamsi as Vice Chairman. He brings over two decades of distinguished experience in the banking and governmental sectors, with a focus on business development, performance management, growth strategies, compliance, governance, capital reputation enhancement, and client relations. His expertise extends to operations, change management, and stakeholder engagement, positioning him to contribute significantly to Invest Bank's continued growth trajectory. Commenting on his election, His Excellency Mohamed Obaid Rashid Al Shamsi, Vice Chairman of Invest Bank, said: "I am honored by the trust the Board has placed in me. At this important stage in Invest Bank's journey, I look forward to working alongside our leadership team to continue building on this positive momentum and guiding the Bank with strength and responsibility." In line with its customer-focused strategy and commitment to technological advancement, Invest Bank is currently developing a new mobile banking application designed to enhance customer experience, provide scalable solutions, and support diversification. About Invest Bank: Founded in 1975, Invest Bank PSC is a leading public shareholding company, headquartered in Sharjah, UAE. With over four decades of significant presence, Invest Bank has established itself as a reputable entity within the UAE's banking sector, committed to delivering exceptional financial services. In 2019, the Government of Sharjah became a strategic partner, reaffirming the bank's position through commercial investment, with its shares publicly traded on the Abu Dhabi Securities Exchange (ADX). Today, Invest Bank offers a wide array of services including retail banking, corporate banking, and investment services.
Zawya
a day ago
- Zawya
Agility reports KD 8.7mln net profit from continuing operations in Q2 2025
Results Reflect One-Off, Non-Cash Loss from Remeasurement of Discontinued Operations KUWAIT: Agility Public Warehousing Company KSCP ('Agility KSCP'), a supply chain services, infrastructure and innovation company, today reported Q2 2025 results following a repositioning of the company's strategy. Q2 Recap of New Strategic Direction On 17 June 2025, Agility KSCP's Board of Directors approved a new strategic direction aligned with Kuwait Vision 2035, aiming to accelerate national infrastructure development and reaffirm the company's original mission set in 1979 to develop critical warehousing and logistics in Kuwait. To execute on this strategic direction, Agility KSCP announced that it will position its capital, operations, and leadership to support Kuwait's economic priorities, with planned investments exceeding KD 100 million through 2030 in high-priority sectors. The company announced that it was taking several structural steps as part of this strategy, including national alignment, fostering Kuwaiti talent, and rebranding. The Board of Directors of Agility KSCP, based on the authorization given at the Company's Ordinary general meeting held on 22 May 2025, also approved the distribution of in-kind dividends representing 20.09% of the shares held by Agility KSCP in ADX-listed Agility Global Plc. This strategic step aimed to offer shareholders a direct stake in a high-growth business while enhancing Agility Global's free float, improving share liquidity, and boosting price discovery. This move is expected to raise Agility Global's market visibility and support potential inclusion in major equity indices, underscoring the Board's commitment to long-term value creation and alignment with shareholders. Results from Continuing Operations Following the announcement of this in-kind dividend distribution, Q2 2025 is the first quarter that Agility KSCP is reporting its results from continuing operations, and accounting for the one-off, non-cash impact of the remeasurement of Agility Global in Agility KSCP. Q2 2025 net income from continuing operations stands at KD 8.7 million, up 196% from the same period last year, equivalent to 3.48 fils per share. Revenue stands at KD 36.1 million, and EBITDA was KD 16.2 million, up 36% year-over-year. For the six months ending June 30, 2025, net income from continuing operations stands at KD 18 million, equivalent to 7.22 fils per share, a 45.3% increase from same period last year. Revenue stands at KD 73.9 million, and EBITDA was KD 32.2 million up 5.3% year-over-year. One off, Non-Cash Loss from Discontinued Operations In accordance with accounting standard IFRS 5, in Q2, Agility Global PLC was classified as 'held for distribution to shareholders'. As a result, the company recognized a non-cash loss of KD 292 million attributable to shareholders. This loss reflects the initial measurement of Agility Global, representing the difference between its book value and its market value as of 30 June 2025. Including this one-off loss from discontinued operations, the reported consolidated net result for Q2 2025 was a loss of KD 282 million, equivalent to negative 113 fils per share. This loss is an accounting adjustment as a result of the distribution of in-kind dividends as mentioned above and does not reflect the economic value of Agility Global, which continues to perform strongly. Tarek Sultan, Vice Chairman of Agility KSCP said: 'Operating performance in the second quarter remained stable, and net income from continuing operations improved year-over-year. While the reported consolidated loss reflects a one-time, non-cash accounting adjustment under IFRS-5, it does not impact the fundamentals of the business. Our focus remains on positioning Agility KSCP for sustainable growth, with a particular emphasis on Kuwait-centric opportunities.' Continuing Operations: Business Update In Kuwait, the company's portfolio businesses remain committed to executing their growth strategies while actively pursuing opportunities to enhance value and returns for shareholders. GCS continues to prioritize both expansion and operational efficiency, positioning itself to capture new market opportunities. Meanwhile, MRC achieved a significant milestone by winning the bid to develop and operate a state-of-the-art Metal Reclamation Facility (MRF) that will process spent catalysts from KNPC and KIPIC refineries, contributing to Kuwait's sustainability and industrial recycling goals. Agility's Kuwait Logistics Parks business is also making steady progress on the development of S2, or South Village—an integrated commercial, logistics, and crafts/services hub designed to serve Sabah Al-Ahmad City, Kuwait's next-generation urban development. This project underscores Agility KSCP's role as a key enabler of modern infrastructure in support of national growth. Investments: Agility Global Business Update As of end June 30, 2025, Agility KSCP still owned 51% shares in Agility Global, however post the distribution which happened in July, Agility KSCP will own 25% of Agility Global and will be deconsolidated and accounted for as an associate in Agility KSCP Books starting in the third quarter of 2025. However, for the second quarter, Agility Global was reported as per IFRS 5 as mentioned above. In Q2 2025, Agility Global reported healthy profitability growth with stable margins, driven mainly by Menzies and Agility Logistics Parks. Tristar delivered steady top-line growth and operational ramp-up; but certain challenges in its maritime segment limited its EBIT expansion. Agility Global reported Q2 2025 earnings of $24 million, EBIT grew 5% to $97 million, EBITDA increased 8% to $181 million, and revenue rose 8% to $1.2 billion. Agility Global's balance sheet remains strong with total assets at $12.7 billion and shareholder equity at $5.8 billion About Agility KSCP Agility KSCP is a leader in supply chain services, infrastructure, and innovation, listed in Kuwait and Dubai.
Zawya
4 days ago
- Zawya
Amir issues decision appointing Board of Directors of Qatar Central Bank
Doha, Qatar: HH the Amir Sheikh Tamim bin Hamad Al-Thani issued Thursday the Amiri Decision No 25 of 2025 appointing the Board of Directors of Qatar Central Bank (QCB). The Decision stipulated that the QCB Board of Directors shall be chaired by HE Governor of QCB Sheikh Bandar bin Mohammed bin Saud Al-Thani, with HE Deputy Governor of QCB Sheikh Ahmed bin Khaled bin Sultan Al-Thani as Vice-Chairman, along with the following members: HE Dr. Saleh bin Mohammed Al Nabit, HE Undersecretary of the Ministry of Finance, HE Undersecretary of the Ministry of Commerce and Industry, HE Dr. Tamy bin Ahmed bin Ali Al Binali, and Dr. Khalid Nasser Al Khater. The Decision stipulated that the membership of the Board is four years renewable for a similar period or multiple periods. The decision stipulated its implementation and enforcement, and that it be published in the Official Gazette. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
