Riyadh – Mubasher: The shareholders of Neft Alsharq Company for Chemical Industries approved the financial performance for 2025 and granted the Board of Directors the authority to distribute interim dividends for the 2026 fiscal year, according to a bourse filing.
The meeting was held virtually on 24 June 2026, during which the shareholders reviewed and discussed the Board of Directors' report and the company’s audited financial statements for 2025.
Following these discussions, the assembly officially approved the auditor’s report for the same period, signaling investor confidence in the company’s reporting and transparency standards.
A significant outcome of the meeting was the approval of the appointment of Crowe Solutions for Professional Consulting as the company’s external auditor.
Based on the recommendation of the Audit Committee, the firm will be responsible for examining and auditing the financial statements for the first half (H1) and the full year of 2026. The professional fees for these services were set at SAR 185,000.
In matters regarding corporate governance and compensation, the General Assembly approved the disbursement of SAR 315,000 in remuneration for the members of the Board of Directors for the 2025 fiscal year.
Additionally, a sum of SAR 97,500 was approved as remuneration for the members of the Audit Committee.
Shareholders also voted to discharge the Board of Directors from liability for their management during 2025.
Looking toward future shareholder returns, the assembly granted the Board of Directors the mandate to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year. This authorization provides the board with the necessary flexibility to manage capital distribution in alignment with the company’s financial performance throughout the year.
Furthermore, the assembly approved the delegation of the General Assembly’s powers, as stipulated in Paragraph 1 of Article 27 of the Companies Law, to the Board of Directors. This authorization is valid for one year from the date of approval or until the end of the current board session, whichever comes first.
