P.O Box 435 Safat 13005 Kuwait
Tel : 222 30 600
Fax : 222 30 595 / 6 / 7
email : [email protected]
website : www.yiacokuwait.com
In The Name Of Allah
Sabah Al Ahmed Al Sabah
Amir of The State of Kuwait
H. H. Sheikh
Nawaf Al Ahmed Al Sabah
Crown Prince of
The State of Kuwait
Jaber Al Mubarak Al Sabah
The Prime Minister
State of Kuwait
To serve as Focal Point In healthcare services in the state of Kuwait while being the landmark
of all Regional Healthcare business relation.
To be the first choice in our region when it comes to healthcare supplies
• Representing the largest number of world wide recognized multinational
• Providing the highest quality & latest technology in medical equipments business.
• Being the best healthcare provider in our business entities.
• Excellence We are dedicated for excellence in all our offerings and services.
• Leadership In the market we seek to maintain our leading position and role
• Improvement Stand still is unacceptable; we improve whenever it serves our
Innovation customers, patients and colleagues.
• Professionalism We believes in efficient processes, in structures, and in systematic
analyses when dealing with each other internally, with our
market partners, and with our competitors.
• Honesty When dealing with the market, we strive for transparency and
• International If necessary, we have no problem in going the “extra mile” or
Business even on detour; not only for our principals and patients but also
for our colleagues, our subordinates, and our superior.
• Flexibility Whenever there is a better way, we make the effort and try to take it.
• Relationship Trust is the basis of our business; we prefer long term orientation
when developing relationship and net works.
• Organization Learning organization as hard as we may try, we know that we
can always do even better; progress is improvement which has
Yiaco Medical Company (YIACO), Yusuf Ibrahim Alghanim & Co., was incorporated
as a Kuwaiti W.L.L. Company in 1969 with a capital of KD 2 Million at an aim to market
multinational research based pharmaceutical manufacturers, medical supplies and other
health care services in Kuwait.
In 2001, the company was bought by The Securities House and became known as YIACO
Medical Company that reflects the abbreviation for the name of Yusuf Ibrahim Alghanim &
Company. YIACO was listed on the Kuwait Stock Exchange in November 2007 and currently
has a paid- up capital of KD 16.50 Million divided into 165 million shares.
The principal activity of the company is focused on sales, marketing and distribution of
health care products that includes pharmaceuticals, skincare, veterinary, Medical and Dental
Equipments. In addition to the completion of a modern development in our field and enter
the supply of medical services and assistance to government hospitals YIACO, currently
represents more than 98 top diversified multinational researched based companies such as
Sanofi Aventis, GSK, Schering, Pfizer, Merck, Abott, Bayer, Intervet, Roche, Philips, Johnson
& Johnson, Astra Zenica which was acquired recently and many more.
Meanwhile the company owns & provides superior health care services through its largest
chain of 30 pharmacies in different areas in Kuwait. The top management has clearly
indicated that it is committed to work on the defined future strategy, focus on the core
Further, a move to support its expansion plans, currently the company runs its business
in three countries, Egypt, Kuwait and UAE through its subsidiaries where the group has
influential interest in equity stake. Also to mark its presence in the Home Care Services, the
company acquired 99 % stake in Al Raya Health Care Company W.L.L. during 2007.
After listing on KSE, the management has given utmost attention to improving the
operations in order to increase efficiency. This required tremendous and continuous effort
on the part of the management during 2009, 2010 and 2011. One of the most important
undertakings of the company in 2010 & 2011 is strategy implementation, which includes
following through the growth path, improving performance, and focusing on the prospects
of increasing profitability. This was achieved with the cooperation of a foreign consultancy
Most of the personnel also participated in determining the objectives, growth and directions
of the company, It has reviewed its activities and made very important decisions that
improved performance and efficiency, The management has undertaken an organizational
restructuring and, as a result, hired new employees in accordance with the professional
qualifications required by company standards.
This was done to support the continuous growth of its operations and increase its
competitiveness in the field of medical services. The work in progress is on the plan to
direct the company operations, reevaluate its activities, analyze overhead costs and reduce
operating expenses. All these utilized the company’s efforts in 2010 & 2011.
Another work in progress is improving the IT infrastructure to address the growing need of
the company for a reliable management information system and improving the efficient
warehousing and logistics services,The management is working on the preparation and
maintenance of written standard policies and operating procedures as well as control and
administrative procedure with cooperation of internal auditor, When these have been
completed, staff will be trained to extent necessary to understand and apply them, The
management is also restructured and reorganized the finance department including
documenting accounting policies, procedures and control which is still under process.
The company is also striving to expand its presence in the local market by developing new
services through acquiring new international agencies and new technologies according to
the need of the Kuwaiti community.
And the company has a positive step by moving its offices to new headquarters in the
Salmiya area they wish for change, renewal, and expansion desired by the administration
and the different sections.
YIACO Quality Management System – Audit Report Statement
In 2011, YIACO has developed and implemented a full-fledged Quality Management System
(QMS) for its strategic business units and central functions in order to ensure compliance
with the highest standards of Corporate Governance.
The main objective of the QMS is to satisfy the requirements of regulatory bodies and
YIACO’s clients, patients, employees, shareholders and suppliers alike. YIACO QMS consists
of comprehensive policies, manuals, guidelines, & forms covering all core, support, and
management processes, as well as inter company procedures, except YIACO’s Radiology,
Nuclear Medicine and Laboratory Center (RNMLC) Department, which is covered by a
separate ISO Certified Quality System.
In line with international standards and IFRS guidelines, YIACO has consistently chosen the
following documentation structure consisting of five different elements:
1 - Quality Policy;
2 - QM Manual including basic information on processes and organization.
3 - QT Manual including responsibilities of QT and procedures for maintaining QMS.
4 - Related policies and guidelines
5 - Related forms / formats.
In order to ensure the application and further development of the QMS YIACO has appointed
a QMS team, addressed as QT (Quality Team). The QT has a carefully selected structure
and guarantees effective and efficient implementation, maintenance, and constant
development of the QMS. The QT consists of eight Quality Management Representatives
(QMR), each representing one organizational unit. The QT is working under the guidance
of a Quality Team Head (QTH) appointed by the Managing Director.
The newly established YIACO QMS is a major advancement towards full transparency and
state of the art knowledge management.
Due to the fact that all processes and all organizational know-how are completely retained
in the QMS, this system forms a vital part of YIACO’s risk management. YIACO’s QMS has
been developed by senior employees with the help of Germany-based strategy consultants
.After successful implementation, it has been reviewed by international tax consultants
“Taxon” also from Germany.
The operational significance of YIACO’s QMS has been highlighted by “Taxon” when it
The Quality Management System and the Authority matrix of YIACO’s QM Manual represent
an excellent basis for the representation of internationally accepted principles of Corporate
Agenda of the Ordinary General Assembly
1 • Hearing the Report of the Board of Directors for the Financial Year ended 31st
December 2011, discussing and approving the same.
2 • Hearing and approval of the Independent Auditor’s Report for the Financial Year
ended 31st December 2011.
3 • Discussing and approval of the consolidated financial statements of the company for
the Financial Year ended 31st D