The annual general assembly meeting of the Combined Group Company

May 21, 2024

The General Assembly of CGC ( combined group company ) held its annual meeting on Wednesday, May 22, 2024, to review the company's overall performance in executing projects and its continuous growth momentum despite the challenging local and global economic conditions.

Chairman Abdul Rahman Musa Al-Ma'arouf highlighted during the meeting that the company continues its successful journey thanks to the diligent efforts of the executive management. And it adeptly navigated the rapidly changing economic landscape, both globally and locally, and integrated these changes into their strategic plans. This has been reflected in the company's achievements over the fiscal year ending December 31, 2023, where operational revenues surpassed 173 million dinars compared to over 154 million dinars in 2022, marking an increase of 11.88%. The total profit reached approximately 20.14 million dinars.

Board Member and CEO Suleiman Al-Ma'arouf stated that the company's primary goal is to "increase revenues and improve profit margins for the company and its subsidiaries." He showed the projects delivered internal and external , as well as the new contracts and change orders signed by the company. He noted that the company had secured the lowest bids in several tenders and presented the final delivery of numerous projects both inside and outside Kuwait. He mentioned that new projects and change orders for existing projects in Kuwait have been signed, exceeding a value of 103 million dinars.

Among the numerous initiatives accomplished was the construction of Sadu Street, the first of its kind in Kuwait, featuring woven pavement in collaboration with the Sadu Weaving Cooperative Society. This project was executed in a novel contemporary art style while preserving the traditional heritage of Kuwaiti national identity. Additionally, the company responded to an urgent national call by participating in emergency maintenance work on vital streets in Kuwait, most notably the Kabd Road, which serves a large segment of the Kuwaiti community.

In light of all these achievements, CGC continues to affirm its prestigious status earned over many years. The company remains committed to its leadership in construction and project execution, as well as its ongoing initiatives and active role in society. It strives tirelessly for development and expansion year after year.

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