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Neft Alsharq Shareholders Approve Financial Performance and Dividend Distribution Authority
By KlickAnalytics Data Insights | June 30, 2026 05:03PM ET
- The Board of Directors granted authority to distribute interim dividends for the 2026 fiscal year.
- Crowe Solutions for Professional Consulting appointed as the company's external auditor.
In a virtual meeting held on 24 June 2026, the shareholders of Neft Alsharq Company for Chemical Industries reviewed and approved the financial performance for the year 2025. The Board of Directors was also granted the authority to distribute interim dividends for the 2026 fiscal year. Confidence in the company's transparency and reporting standards was reaffirmed by the shareholders' approval of the auditor's report for the same period.
A significant decision made during the meeting was the appointment of Crowe Solutions for Professional Consulting as the company's external auditor. The firm will be responsible for examining and auditing the financial statements for the first half (H1) and the full year of 2026, with professional fees set at SAR 185,000.
In terms of corporate governance, the General Assembly approved remuneration of SAR 315,000 for the members of the Board of Directors for the 2025 fiscal year, in addition to SAR 97,500 for the members of the Audit Committee. Shareholders also voted to discharge the Board of Directors from liability for their management during 2025.
Looking ahead, the shareholders granted the Board of Directors the mandate to distribute interim dividends on a quarterly or semi-annual basis for the 2026 fiscal year, providing flexibility in managing capital distribution based on the company's financial performance throughout the year. Additionally, the assembly approved the delegation of the General Assembly's powers to the Board of Directors, valid for one year from the approval date or until the end of the current board session.
The decisions made at the meeting reflect the commitment to strong corporate governance practices within Neft Alsharq Company for Chemical Industries, ensuring transparency and shareholder value.
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