Gulf International Chemicals SAOG ($GICI)

[Foreign Language] and good afternoon, everyone. Welcome to the online discussion about the audited financial results for the year ended 31st December 2025. My name is Adnan Khan. I'm the Finance Manager and the acting GM of the company. I'm joined here today by my management from Oman and UAE. These accounts are already disclosed on MSX and published in the newspapers. [Operator Instructions]. I'll start now [indiscernible]. Okay. So these are the areas we will be going through, company snapshot, our product range, financial position 2025, profitability and expense analysis and then finally, we will have a question-and-answer session. So Gulf International Chemicals, we established in 1996. Our activities include manufacturer of building and construction chemicals, specialty chemicals, road paints, customized solutions to construction industry. We have our head office in Muscat and also, we have a factory in Rusayl Industrial area. Our branch is in Sharjah, UAE. We are ISO certified, and this is a snapshot of the product range that we serve. We have concrete admixture, adhesives and bonding agents, industrial flooring products, protective coatings, joint sealants, concrete surface treatment products, road chemicals, concrete repair products, waterproofing products, grouts and anchors. So let's get to the financial statements now. Here is the balance sheet. Our noncurrent assets on 31st December 2025 were OMR 331,543 as compared to OMR 303,439, about 9.26% increase as compared to last year. This increase is mainly because of -- we did a revaluation of our assets as required by IFRS. We do it every 5 years. So it was done on 31st December 2025. And there was a surplus of the assets, around about OMR 45,000. So that has actually contributed to the increase in the noncurrent assets. Our current assets in 2025 are OMR 2,775,000 as compared to OMR 2,653,124 for 2024. Again, this is also a slight increase of 4.6%. This increase is mainly because we have increased our fixed deposits. Our inventory has increased and slight increase in receivable balance as well. So total assets, OMR 3,106,623 as compared to OMR 2,956,563. Noncurrent liability, OMR 94,710 as compared OMR 100,040, about 5% decrease. Noncurrent liability is just this -- mainly decreased due to end of service payments to the staff. And also, we have lease land recorded over here under IFRS. Current liability, OMR 303,174 as compared to OMR 177,817 for last year, 70% increase. Although the percentage is high, but the numbers are small as this number mainly comes from supplier bills to be paid. It's just a cyclical thing. At this point of time, year-end, they were a bit on the higher side. As of now, the figure would have gone down. Share capital reserve, OMR 2,708,739 as compared to OMR 2,678,706, marginal increase as compared to last year, mainly because of the profit for this year. Then we have total equity and liability, OMR 3,106,623 as compared to OMR 2,956,563. This is a graphical representation of the balance sheet. As you can see, we have 2 bars. The blue one is 2025 and the orange one is 2024. And then we see the difference in the green line for each category of representation. Now we come to our profit and loss. Our revenue in 2025, OMR 1,679,601 as compared to OMR 1,782,770, about 5.8% decrease. This is mainly because of less demand in the market. Although 2025, we were hoping some good projects from the government side to initiate, but they are slowly delayed. Hopefully, they will all come this year. Our cost of revenue, OMR 1,133,508 as compared to OMR 1,205,398. Also, as it's linked to the sales, so about similar decrease in the cost of sales. Our gross profit, OMR 546,093 as compared to OMR 577,372, about 5.42% decrease as compared to last year. Our margin on sales is standard, 33% both years. Other income, OMR 48,757 as compared to OMR 63,165. This is 22% decrease from last year. Our other income is mainly coming from our dividends, our some other services, specialized material handling services we are providing and then interest on fixed deposits, but the interest is reported below in finance income. General and admin expenses, OMR 372,824 as compared to OMR 426,478, and selling and distribution, OMR 169,080 as compared to OMR 148,677. The difference is about 12.58% for general admin and 13.7% for selling and distribution. Both have decreased. It's a follow-up on the cost-cutting efforts we have been putting in all areas of the operations. So some good results here. We have been able to control the costs and reduce them as well. Finance income, OMR 53,965 as compared to OMR 42,219. This is a 27% increase as compared to last year because we have increased our fixed deposit, although the rates have gone down with our financial institutions, but because our holding has increased, so we are getting better numbers for this year. Finance cost, OMR 609,724. Our taxation is OMR 21,953, OMR 15,319, and net profit after tax for the period is OMR 84,349 as compared to OMR 91,558, about 7% decrease. This obviously comes because of less sales, even though there has been good cost-cutting efforts. But because of less sales, our profit for this year and also, we have slightly higher tax for this period. So the net profit after tax has reduced, but the percentage on sales is same 5% for both years. Okay. This is a graphical representation of our P&L. Blue bar is for 2025, yellow is for 2024. We have revenue, cost of sales, gross profit. The orange line represents the difference in each category. This is our expense analysis. We have just put forward the different type of expense and costs attributed to the operations. We have cost of sales, general and admin, selling, finance costs. We have discussed all of these before as well. Finance cost is related to this lease land under IFRS. The portion of interest element is put over here. So both general and selling has reduced 12% and 13% as compared to last year. So thank you, everyone. This is our presentation on the audited financials. So if there are any questions, I'll be happy to take them. Any questions by anyone? So if any participant has any questions, I'll be happy to answer. If not, then I'll close this session. Obviously, there's a situation going around the Gulf region. We are all aware about that. We are still assessing the impact we are facing because of this situation. And if needed, if we feel there is a significant impact, we will make a proper disclosure on the MSX with regards to it. Okay. Then since there are no questions, I would like to thank everyone for joining. Have a good day. Good afternoon.