Riyadh – Mubasher: The shareholders of Al Jouf Agricultural Development Company reviewed and ratified the financial performance for the 2025 fiscal year while granting the Board of Directors the authority to manage dividend distributions for the upcoming 2026 fiscal cycle.
The resolutions were announced as part of the results of Al Jouf Agricultural’s 40th Ordinary General Assembly Meeting on 9 June 2026.
A primary outcome of the assembly was the formal approval of the auditor’s report, the board of directors’ report, and the consolidated financial statements for the 2025 fiscal year.
Following these approvals, the assembly voted to discharge the members of the Board of Directors from liability for their management during the previous year.
Furthermore, shareholders approved a total remuneration of SAR 2.50 million to be distributed among board members for their services during the 2025 financial period.
In a move to streamline future financial operations, the assembly approved the appointment of Baker Tilly for Professional Services as the company’s external auditor. The firm is tasked with examining and auditing the financial statements for the second, third, and annual periods of 2026, as well as the first quarter of 2027. The agreed-upon professional fees for these services are set at SAR 450,000 excluding value-added tax.
Strategic financial flexibility was also a key theme of the meeting. Shareholders granted the Board of Directors the authorization to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year. This authorization allows the company to align its payout strategy with its cash flow and operational performance throughout the year.
Additionally, the board was granted powers under Article 27 of the Companies Law for a period of one year or until the end of the current board session, whichever occurs first.
The assembly also reviewed and ratified several significant related party transactions conducted during 2025. These included commercial contracts with Abdullah Al Othaim Markets involving the sale of olive oil and pickles totaling SAR 22.28 million, in which Chairman Bader bin Hamed Al Aujan holds an indirect interest.
Another transaction involved the sale of raw potatoes worth SAR 5.64 million to the National Biscuit and Confectionery Co. Ltd., also linked indirectly to the Chairman.
Furthermore, the shareholders approved packaging material purchase contracts with the National Company for Glass Industries (Zoujaj) amounting to SAR 2.30 million. These transactions involved indirect interests for board members Omar bin Riyadh Al Humaidan and Maqad bin Abdullah Al Khamis. The company emphasized that all such agreements were executed under standard prevailing market conditions and commercial terms.
The successful ratification of these items provides Al Jouf Agricultural with a clear mandate to proceed with its 2026 operational and financial strategies.
By securing shareholder approval for both past performance and future governance frameworks, the company maintains its regulatory compliance and operational continuity within the Saudi agricultural sector.
