شركة مورس القابضة Morse

Date 2026/06/15

Announcement of the Results of the Annual Ordinary General Assembly Meeting (Minutes) - MORS Holding Company - 15-06-2026

Acknowledgement

MORS Holding Company

Morse Holding company

Minutes of the Annual Ordinary General Assembly Meeting

Annual Ordinary General Assembly Meeting of "MORS Holding Company"

Held on Monday, June 15, 2026 G, corresponding to 29/12/1447 AH, at 10:00 AM, Kingdom of Saudi Arabia time.

Based on the invitation extended by the Chairman of the Board of Directors to the shareholders of the company to attend the First Annual Ordinary General Assembly meeting to discuss the items of the Annual Ordinary General Assembly, the Annual Ordinary General Assembly meeting was held on Monday, June 15, 2026 G, corresponding to 29/12/1447 AH, at 10:00 AM, Kingdom of Saudi Arabia time, chaired by the Chairman of the Board of Directors, Fahad Farooq Hakeem. The Chairman announced the completion of the required quorum for the validity of the Assembly meeting, as shareholders representing (500,000) shares attended, representing (100%) of the company's total capital of (500,000) shares. Accordingly, the Assembly meeting is valid pursuant to the text of Article (92) of the Companies Law. Ms. Rahaf Abdulaziz Al-Sayed was appointed as Secretary of the Assembly. The Chairman of the Assembly then requested the Secretary of the Assembly to read the agenda items. Following that, the floor was opened for discussion, and the Chairman of the Assembly requested the shareholders to vote on the agenda items, and the voting results were as follows:

Item No.	Items	Approved	Disapproved	Abstained
1	Voting on the Chairman of the Board of Directors' report issued for 2025 and dated 01/01/2026 G.	500,000 shares (100%)	0 shares	0 shares
2	Voting on the auditor's report for the year ended 31/12/2025 G.	500,000 shares (100%)	0 shares (0%)	0 shares
3	Approval of the financial results issued for the fiscal year ended 2025 G.	500,000 shares (100%)	0 shares (0%)	0 shares
4	Voting on non-distribution of remuneration to the members of the Board of Directors for the year ended 31/12/2025 G.	500,000 shares (100%)	0 shares (0%)	0 shares
5	-6- Voting on non-distribution of dividends for the year ended 31/12/2025 G.	500,000 shares (100%)	0 shares (0%)	0 shares
6	Voting on discharging the members of the Board of Directors from liability for the year ended 31/12/2025 G.	500,000 shares (100%)	0 shares (0%)	0 shares


7	Approval of the financial statements issued for the fiscal year ended 2025 G and filing them on the Qwaeem platform as follows: First: Statement of Comprehensive Income 1- Sales Revenue: Revenues increased in 2025 G to reach 325,500 SAR compared to 211,043 SAR in 2024 G, representing an increase of 54.2%. 2- General and Administrative Expenses: General and administrative expenses recorded an increase in 2025 G to reach 394,041 SAR, compared to 180,958 SAR in 2024 G, an increase of 117.8%. 3- Company's share of losses from investment in an associate: Losses amounted to 9,000 SAR in 2025 G. 4- Other Revenue: Other revenues increased in 2025 G to reach 309,374 SAR, compared to 727 SAR in 2024 G, mainly due to differences in the value of assigning an investment portfolio's shares. 5- Net Profit for the year before Zakat: Net Profit before Zakat increased in 2025 G to reach 43,418 SAR, compared to 14,678 SAR in 2024 G, an increase rate of 195.8%. 6- Net Comprehensive Income: The company achieved significant growth in net comprehensive income for the year 2025 G to reach 37,187 SAR, compared to 6,335 SAR in 2024 G, an increase of 487.0%. Second: Statement of Financial Position (Assets) 1- Total Non-Current Assets: Non-current assets increased in 2025 G to reach 345,950 SAR compared to 229,795 SAR in 2024 G, representing an increase of 50.5%. 2- Total Current Assets: Current assets decreased in 2025 G to reach 256,714 SAR compared to 1,337,845 SAR in 2024 G, a decrease rate of 80.8%. 3- Total Assets: Total assets declined in 2025 G to reach 602,664 SAR compared to 1,567,640 SAR in 2024 G, a decrease of 61.6%. Third: Statement of Financial Position (Liabilities and Equity) 1- Capital: Capital 500,000 SAR. 2- Statutory Reserve: Increased in 2025 G to reach 13,094 SAR compared to 9,375 SAR in 2024 G, an increase of 39.7% as a result of transferring 10% of the net profit for the year. 3- Retained Earnings: Retained earnings grew in 2025 G to reach 68,339 SAR compared to 34,871 SAR in 2024 G, an increase of 96.0%. 4- Total Equity: Total equity increased in 2025 G to reach 581,433 SAR compared to 544,246 SAR in 2024 G, an increase of 6.8%. 5- Current Liabilities: Current liabilities decreased radically and substantially in 2025 G to reach 21,231 SAR only, compared to 1,023,394 SAR in 2024 G, a decrease of 97.9%. 6- Total Liabilities: Total liabilities decreased by the same percentage to reach 21,231 SAR in 2025 G compared to 1,023,394 SAR in 2024 G, a decrease of 97.9%. The meeting concluded at exactly 10:30 AM, where the Chairman of the Assembly expressed gratitude to all attendees for participating and attending this meeting.

Approval of the financial statements issued for the fiscal year ended 2025 G and filing them on the Qwaeem platform as follows:

First: Statement of Comprehensive Income

1- Sales Revenue: Revenues increased in 2025 G to reach 325,500 SAR compared to 211,043 SAR in 2024 G, representing an increase of 54.2%.

2- General and Administrative Expenses: General and administrative expenses recorded an increase in 2025 G to reach 394,041 SAR, compared to 180,958 SAR in 2024 G, an increase of 117.8%.

3- Company's share of losses from investment in an associate: Losses amounted to 9,000 SAR in 2025 G.

4- Other Revenue: Other revenues increased in 2025 G to reach 309,374 SAR, compared to 727 SAR in 2024 G, mainly due to differences in the value of assigning an investment portfolio's shares.

5- Net Profit for the year before Zakat: Net Profit before Zakat increased in 2025 G to reach 43,418 SAR, compared to 14,678 SAR in 2024 G, an increase rate of 195.8%.

6- Net Comprehensive Income: The company achieved significant growth in net comprehensive income for the year 2025 G to reach 37,187 SAR, compared to 6,335 SAR in 2024 G, an increase of 487.0%.

Second: Statement of Financial Position (Assets)

1- Total Non-Current Assets: Non-current assets increased in 2025 G to reach 345,950 SAR compared to 229,795 SAR in 2024 G, representing an increase of 50.5%.

2- Total Current Assets: Current assets decreased in 2025 G to reach 256,714 SAR compared to 1,337,845 SAR in 2024 G, a decrease rate of 80.8%.

3- Total Assets: Total assets declined in 2025 G to reach 602,664 SAR compared to 1,567,640 SAR in 2024 G, a decrease of 61.6%.

Third: Statement of Financial Position (Liabilities and Equity)

1- Capital: Capital 500,000 SAR.

2- Statutory Reserve: Increased in 2025 G to reach 13,094 SAR compared to 9,375 SAR in 2024 G, an increase of 39.7% as a result of transferring 10% of the net profit for the year.

3- Retained Earnings: Retained earnings grew in 2025 G to reach 68,339 SAR compared to 34,871 SAR in 2024 G, an increase of 96.0%.

4- Total Equity: Total equity increased in 2025 G to reach 581,433 SAR compared to 544,246 SAR in 2024 G, an increase of 6.8%.

5- Current Liabilities: Current liabilities decreased radically and substantially in 2025 G to reach 21,231 SAR only, compared to 1,023,394 SAR in 2024 G, a decrease of 97.9%.

6- Total Liabilities: Total liabilities decreased by the same percentage to reach 21,231 SAR in 2025 G compared to 1,023,394 SAR in 2024 G, a decrease of 97.9%.

The meeting concluded at exactly 10:30 AM, where the Chairman of the Assembly expressed gratitude to all attendees for participating and attending this meeting.