Dear shareholders, I would like to express my sincere gratitude for your continuous support and long standing partnership. As you all know, over the last few years, we have been through an extremely challenging restructuring process, covering all business managerial, organizational, financial, and operational aspects.
I can proudly, say that the results achieved during the first half of 2006 is a perfect indicator, reflecting the positive outcome of the restructuring efforts. Compared to the first half  of 2005, we achieved 13% growth in Sales , 32% in Gross Margin ,and more than doubled Net Profit . 

In compliance with our strategic direction towards  the concept of solid corporate governance , we have appointed in our board of directors two independent , highly reputable, experts Dr. Ibrahim Fawzy (Former Minister of Industry), and Mr. Mahmoud Mohamed Mahmoud (Former Minister Of Economy).

At the macro level, we maintain our optimistic views with regards to the development of the Egyptian economy, thanks to serious reform actions led by the government.
 
The reform is extended to cover all economy sectors, tax and customs regulations, banking & monetary policies, real estate & mortgage law, and most importantly, exports support.

Dear shareholder, we are pleased to maintain our stature among the best top 5 performers in the Egyptian market YTD.

We remain commited to giving our shareholders the maximum return on their investment that is, at least, equal to alternative investments with a corresponding risk profile.

We also promise all possible efforts and dedication to maintain our outstanding performance.

Thank you.

Eng. Ahmed. EL Bakry 
 CEO & Managing Director