Gulf Holding Company welcomes you all and extends it thanks for attending this important occasion for disclosing the financial statement for the six months period ended at the 30th of June, 2008.We are pleased to disclose our statement at a time when Qatar witnesses a real boom in all areas and particularly in the domain of building and construction activities. Qatar has gained acclaim regionally as regards development of this sector. This has lead to increased demand for cement amongst other materials, reaching an amount around 25 000 tons per day. To this end, Gulf Holding Company plant would certainly significantly contribute to the demand.
The financial statement which expresses the reality of the financial position of the Gulf Holding Company for the first six months period ended at the 30th of June, 2008, is as follows:
•The net profit for the first six months period ended  at the 30th of June 2008 is QAR (43.5) million compared to QAR (13) million for the same period in 2007, with an increase of 234%.
•Earnings per share for the first six months period ended at the 30th of June, 2008 is Dirham (54) compared to Dirham (16) for the same period in 2007.
•The total equity for the first six months period ended at the 30th of June,2008 reached QAR (907) million compared to QAR (867) million at 31.12.2007.
•The total assets for the first six months period ended at the 30th of June ,2008 reached QAR (985) million compared to QAR (894) at 31.12.2007.
Regarding the institutional set up of our company, we would like to inform you that the  General Assembly passed a resolution in its meeting on Feb 26, 2008 , implying converting the company into a holding company under the name Gulf Holding Company (GHC) .The new company has formed its subsidiary companies having names as follows: ”Gulf Cement Company” -  specialized in cement production with a capacity of 5000 tones/day ,with a plan to be increased later by setting up new production lines;    ” Gulf Company for Investment and Development ” -  to be engaged in investment activities in the domain of real estate and shares,  and  ” Gulf Company for Agencies and Trade ” - specialized in trade activities in  cement and other building materials.
Regarding progress in building our cement factory, we would like to mention that the thirds phase of our plan has already been started after having successfully completed the first two phases which included engineering studies, raw material studies, preparation of engineering drawings and securing the formal licenses and permits at the Governmental Departments.
• The third phase of implementation includes civil work and structural/mechanical work at the site. Equipment and related systems are being received systematically and it is evident that we are gradually approaching the final phase of erection and commissioning.
• It is worth mentioning that in accordance with the project schedule it is expected to operate cement mills by the end of the first quarter of 2009 for grinding imported clinker.
• It is important to mention that the company has planned the site with a view to extend production in the future by setting up two additional production lines of 5000 tones/day capacity each.
• We are pleased to inform you that the company opted for the best available technology world wide and some of the plant units are unique within cement industry plants in the region. The plant will be utilizing digital automatic control systems for cement particle size distribution, which is an advanced system of technology control.
Raw material-cum-cement will be ground using contemporary vertical mills. These mills offer substantial saving in electric power consumption compared to traditional ball mills, plus the added advantage of achieving better controlled product specifications.
The quality of limestone will be controlled by on-line Gamma rays. The limestone quarry is planned to be mined based on contemporary digital methods, which favorably meet the rational use of reserves as well as marked friendliness vis-à-vis the environmental concerns.