Riyadh – Mubasher: Balsm Alofoq Medical Company concluded its Ordinary General Assembly Meeting (OGM), where shareholders approved the financial performance for the 2025 fiscal year and granted the Board of Directors the authority to distribute interim dividends for 2026.
The meeting marks a significant step in the company’s corporate governance and capital allocation strategy for the upcoming periods, according to a bourse disclosure.
The OGM was convened on 28 June 2026, while shareholders participated and cast their votes via the Tadawulaty electronic services platform, ensuring a transparent and accessible voting process in line with contemporary regulatory standards in the Saudi market.
A primary focus of the assembly was the review and ratification of the company’s financial performance for the fiscal year ended on 31 December 2025.
Shareholders formally approved the auditor’s report and the Board of Directors’ report for that period as well as the financial statements for 2025.
Following the review of these financial disclosures, the assembly voted to discharge the members of the Board of Directors from liability for their management during the 2025 fiscal year.
In addition to reviewing past performance, the General Assembly made critical decisions regarding the company’s future auditing and financial oversight.
Based on a recommendation from the Audit Committee, shareholders approved the appointment of RSM Allied Accountants Professional Services as the company’s external auditor. The firm is tasked with examining and auditing the annual financial statements for the 2026 fiscal year, as well as the preliminary financial statements for the first half (H1) of 2027. The professional fees for these services were set at SAR 170,000.
One of the most notable outcomes of the meeting was the authorization granted to the Board of Directors regarding shareholder returns.
The assembly approved a mandate allowing the Board to distribute interim dividends for the 2026 fiscal year. This authorization provides the Board with the flexibility to issue these dividends on either a semi-annual or quarterly basis, depending on the company’s financial position and cash flow requirements throughout the year.
The successful completion of the meeting and the high quorum reflect a strong level of shareholder engagement with Balsm Medical’s strategic direction.
By securing approval for both its historical financial reporting and its future dividend and auditing frameworks, the company maintains its compliance with Tadawul regulatory requirements while establishing a clear path for its financial operations through the 2026 and 2027 periods.
