National Investments K S C P : Transcript of the Analysts Conference

Date: 2· 6 MAR 2023

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To: Boursa Kuwait Company Dear Sirs,

Subject: Analysts Conference Transcript For the Year ended 31 December 2022

With reference to the above subject, and in line with requirements stipulated in article No. (7-8) of Boursa Rulebook, kindly find attached the Analysts Conrence Meeting Transcript r the year ended 31 December 2022, held on 21/03/2023.

Sincerely Yours,

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Fahad Abdulrahman Al Mukhaizim - �I �)I� �

Board Member and Chief Executive Officer - �I )Iو ةرادﻹا ﺲﻠﺠﻣ ﻮﻀﻋ

CC: Capital Markel Aulhorily

Telephone: (96) 2226 6666 / I 821112 • Fox (965) 2243 1610 • P.O.Box 25667 Safat 1 J117 Kuwait - Q/cµ)I 13117 6I 25667 lP • (961) 2243 16 IO ,li> • (965) 2226 6666 / I 821112 ,(J

Fmail Address:[e-mail]: y-i9JI '4µ- ., 79,786,210/300 lfIJlIJIJ-i310)('J0.UlJ  nickuwatt O nic_kuwait  nic.kuwait   National Investments CompJny

Transcript of the Analysts Conference

Meeting for the Year Ended

31 December 2022

National Investments Company

Earnings Call for the year ended 31 December 2022

Tuesday, 21 March 2023

Edited transcript of National Investments Company (K.S.C.P) earnings conference call that took place on Tuesday, 21 March 2023 at 14:00 (Kuwait time).

Corporate Participants:

Mr. Girish S. Nair - Chief Financial Officer

Mr. Almuthana Al Maktoum - Executive Vice President - Wealth Management Mr. Bashar Khan - Senior Vice President - Investment Banking

Chairperson:

Ahmed El Shezly - EFG - Hermes

Ahmed

Good afternoon, everyone.

This is Ahmed El Shezly and on behalf of EFG Hermes, I would like to welcome you all to National Investments Company's earnings briefing for the year ended 31 December 2022. It is a pleasure to have with us in the call Mr. Girish Nair, Chief Financial Officer, Mr. Almuthana Al Maktoum, EVP - Wealth Management and Mr. Bashar Khan, SVP - Investment Banking. The call will begin with a presentation from NIC's management on the financial performance during the twelve months of 2022 and then we will open the floor for Q&A. At this time, I would like to hand over the call to Mr. Almuthana, please go ahead.

Al Muthana

Thank you, Ahmed.

Good afternoon and welcome to NIC earnings call where we will be discussing our financial results for the twelve months ending 31 December 2022. With us today is our CFO, Mr. Girish Nair, who will be covering the financial highlights and performance for the year and Mr. Bashar Khan, SVP - Investment Banking, who will be discussing business updates as well as the strategy of NIC.

I would like to bring to your attention the disclosure on slide 2 of the presentation, with respect to the forward-looking statement and confidential information. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. These statements may be identified by such words as "may", "plans", "expects", "believes" and similar expressions or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause future results, performance or events to differ materially from those described in these statements. NIC is not obligated to update any forward-looking statements. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.

I would like to hand over the call now to Mr. Girish, CFO of NIC.

Girish

Thank you Almuthana.

Good afternoon, everyone. My name is Girish Nair, CFO at National Investments Company ('NIC'). I extend you all a warm welcome to our earnings briefing for the twelve months ended 31 December 2022.

As in the past periods, NIC's financial statements for the 12 months of 2022 have been uploaded onto our website and onto the Boursa Kuwait portal and you can access the full set of the financial statements from there.

Let us move on to the key financial highlights of our performance during the period.

For the 12 months ended 31 December 2022, NIC reported a net profit of KWD 8.7 million and earnings per share of 11 fils through the income statement and reported other comprehensive income of KWD 9.4 million through shareholders equity. The total comprehensive income for the period was KWD 18.1 million.

During the comparative year of 2021, the Company had reported a profit of KWD 24.4 million through the income statement with earnings per share of 31 fils and other comprehensive income (OCI) of KWD 25.6 million. The total comprehensive income was KWD 50 million.

The return on average equity and return on average assets during 2022, both based on Net Profit was 4.2% and 3.3% respectively. The leverage ratio as on 31 December 2022 was 24.9 % and our quick ratio was 56.4%.

Total assets and shareholders' equity attributable to the parent company stood at KWD 271 million and KWD 198.8 million respectively, as compared to KWD 290.6 million and KWD 216.8 million at the end of 2021.

The charts on the next slide indicate the growth trajectory of NIC's performance during the last few quarters. NIC reported a break-even net loss of KWD 0.06 million through the income statement and other comprehensive income of KWD 3.6 million through shareholders' equity during the fourth quarter of 2022. The