Hello, and welcome to Qatari Investors Group conference call. Please note that this call is being recorded. You will have the opportunity to ask questions to our speakers later on during the Q&A session. If you'd like to ask a question by that time, please press star one on your telephone keypad. Thank you. Now, I would like to hand the call over to Shahan. You may begin. Thank you, Angela. Hello, everyone. I want to welcome you to QIGD's First Quarter 2025 Financial Results conference call. So on this call from management, we have the company's CEO, Houssam El Kurdi, and Mohamed Sherar, Group Financial Controller. So as usual, we will conduct this call with first management reviewing the company's results, followed by a Q&A session. I will turn the call over now to Houssam. Please go ahead. Yeah. Hello, ladies and gentlemen. I will go over a review in English, followed by the same review in Arabic, and then we will move to a questions and answers. Ladies and gentlemen, it's my pleasure to welcome you to the Qatari Investors Group, QIG, IR call. My name is Houssam El Kurdi, Chief Executive Officer, and here with me is Mr. Mohamed Sherar, the Group Financial Controller. We are pleased to present to you the first quarter results of QIG Group for 2025. In this call, we will highlight the financial performance of the group and the progress achieved during the reporting period. The group recorded a total revenue of QAR 137 million for the period, representing a 2% increase compared to the same period last year. This increase was primarily driven by an increase in contracting activities under the security sector. Other sectors, such as the Marine Services, are also showing a decline in revenue as shipping volume has dropped in the country, and it should continue in the next quarter as well. Overall, there is a slowdown in the industrial sector, particularly due to the reduced activities in the construction market. On a positive note, we have seen a modest improvement in revenue from cement exports, as we have recently commenced export operations. The group's net profit for the period amounted to QAR 41 million, a 4% decline as compared to the same period last year. EBITDA reached 73 million Qatar Riyal for the period, 5% lower than last year. Finally, we focus our effort to implement a strategy of diversification in investments to make more achievements that benefit the group and enable us to play an active role in supporting Qatar's economic vision. Thank you, and I will move to the Arabic section.[Foreign language] Thank you very much, and we are open to your questions and answers. Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one in your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Thank you. Your first question comes from the line of Zohaib Pervez with Al Rayan Investment. Your line is now open. Thank you, gentlemen, for the presentation. I had a question on your cement segment. Could you give us some data on the volumetric growth during the quarter and on the pricing for the segment? I mean, that you operate in many different segments, so could you give us some color on which segment was primarily responsible for the growth in your revenues? And also, you know, which segment was again responsible for the decline in margins, gross profit margins for this quarter versus the last quarter of, versus the last quarter, same period last quarter. Thank you. Thank you. This is Mohammed Sherar. In volume drop, that what we mentioned here is, it is almost the same as compared to the last quarter. Actually, cement local sale is dropped, but it is compensated through, as we mentioned, is through export sales. So there is no slight, I mean, change in the volume and the amount of the cement section. Right. Sorry. So the volumes you're saying are flat, from first quarter of 2024 till now, they, they're flat? Yes. Almost the same. So there is a drop in local market, yes, that is compensated through our export activities. Okay. Right. And comes to the next section means, let's say, another sector. Right now, this quarter, we have a good performance in security sector, which is this security cameras, this is scanning and this equipment. So this quarter we have good, I mean, you can say this contract. So materialize and we have a growth in this revenue section. So this is second. Third one is our marine section. As you know, that in the country, economic activities are dropped down, so we have a lesser import and export activity through this marine section. So that is third part, which contribute this small growth in our revenue section. Sorry, the marine segment improved the revenues or declined? No, no, decreased, decreased because of the economic activity. Okay, and securities- Decreased. Securities segment, you said, the revenues were higher, It is contracting. In segment section, if you look at exactly, it is named as contracting. Contracting. Yeah. Sorry, this information about the different segments is not available in the financials for the first quarter, right? No. Quarterly- Okay. We are not sharing this segmental information, but annually, yes, it was available. Yes. So do you plan on, you know, considering there's so many segments and so many, you know, segments of different dynamics, do you plan on giving this information on a quarterly basis? Yes, we have do have plans, okay? And this is the reason that's why we are saying that we need to some sections, we have drop, and some section is showing improvement. So in going forward, next upcoming quarters, we are focusing on to improve our revenue lines that will ultimately add in our profits. So focus is on our export of cement, so that we are materializing more in this section. In fact, we are planning to work at two levels, to increase the revenue and to optimize the cost of the group. This is the target for the second quarter. Okay. So, I've got actually three more questions. If it's all right, or should I come back in the queue? Okay. Okay. So my first question is on the gross margins. Why have the gross margins gone down in this quarter versus first quarter of 2024? My second question is, what is the price difference between local cement sales and your exports? And my third question is on the SG&A. SG&A has come down quite significantly. Is there a one-off there, or is this more sustainable cost savings that you've done, and it will remain the, the same going- Yeah. for the rest of the year quarters? Answer to your first question, Gross Margin is coming down, our cost is increasing. As we mentioned that, this quarter we focused on export activities. So the export charges, this is in shape of transportation and means port handling charges. So that is a major reason that we have a high cost on direct, and will ultimately result in drop in our margin. Let me comment because the export. We are getting the experience of exporting the cement, and there's extra cost for the shipping. And we have to also to maintain the market, the price on their market. So for us, it compensate with the revenue, but we lost a little bit on the Gross Margin. Okay. Right. And next part is G&A. Okay? Yeah, that is we as we are seeing cost optimization our mission during this year. So that is the reason we try to maintain the cost to some extent. And this is the basic reason we have a drop in G&A and the selling and distribution. Okay. Sorry, what is the price difference between local sales and local cement sales and exports? It is almost, we try to maintain the level. Okay, so we try as much as we can get the maximum return from export. So right now it is, we are still working on this area and exploring new markets. Okay. Okay, sounds good. Thank you. Thank you. Again, if you would like to ask a question, please press star one on your telephone keypad. Thank you. There are no further questions. I would now like to turn the call back over to Shahan, for any closing remarks. Thank you. If there are no more questions, we can wrap up this call. I would like to thank management for giving us an update on the first quarter, and we'll pick this up again in the second quarter. Thank you. Thank you. Thank you. Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.