Overview

In the framework of Joint Arab action and in order to encourage the pharmaceutical industry, the Economic Unity Arab Council has adopted a decision on 6/3/1976 to establish an Arab institution that is capable of promoting this industry, which is the Arab Company for Drug Industries and Medical Appliances "ACDIMA", with a capital of (60) million Kuwaiti Dinars, that has been raised by the approval of the Extraordinary General Assembly held in Amman - Jordan on 10/10/2013 to (90) million Kuwaiti Dinars according to Riyadh Declaration for 2013, which approved the increase of the capital of joint Arab companies by at least 50%..

Chairman’s Letter

I am pleased, on behalf of my colleagues on the Board of Directors of the Arab Company for Pharmaceutical Industries and Medical Supplies - ACDIMA, to present to you the 47th annual report of the company.

This annual report includes the Board of Directors' report on the company's activities, the auditors' report, and the financial statements as of December 31, 2022, along with the notes related to the financial statements.

Acdima was established in 1976 at a time when the Arab pharmaceutical industry was either emerging in some countries or unavailable in others. Now, after 46 years since the company's founding, the pharmaceutical industry has developed in the majority of Arab countries, either with the support of ACDIMA or through self-investment. It is noteworthy that the world is witnessing radical transformations in business management in both public and private institutions to enhance their performance and ensure the sustainability of these entities.

From this standpoint, the Board of Directors aims during its current term to finalize a new vision supported by an effective strategic plan to achieve economic growth and provide a satisfactory return on investment for the company. One of the pillars of the plan will be the restructuring of the company's current operations based on sound governance and investment standards that align with global developments, ensuring appropriate growth in shareholders' equity and the sustainability of the company's operations.

In conclusion, I would like to express my sincere thanks and appreciation to our esteemed shareholders and Board members for their support, as well as my gratitude to Acdima's employees for their efforts in maintaining the company's operations. I also thank our subsidiary companies and all their personnel, as well as all relevant parties for their trust, continuous support, and dedicated efforts in making this leading Arab institution a success.

Khaled AlRabiah

Chairman of the Board