Based on the invitation issued by the Chairman of the Board of Directors to the company's shareholders to attend the Ordinary General Assembly (First Meeting) to discuss the agenda items, the Ordinary General Assembly meeting was held at the company's headquarters in Jeddah on Saturday, 23/12/1445 AH (corresponding to 29/06/2024G) at 10:00 AM, chaired by the Chairman of the Board of Directors, Dr. Fahad Farooq Hakeem.
The Chairman announced the completion of the required quorum for the validity of the assembly meeting, as shareholders representing 50,000 shares—representing 100% of the company's total capital of 50,000 shares—were present. Accordingly, the convening of the Assembly is valid pursuant to Article (92) of the Companies Law. Ms. Ruba Jaradi was appointed as Secretary of the Assembly. The Chairman then requested the Assembly Secretary to read the agenda items, after which the floor was opened for discussion, and the Chairman requested the shareholders to vote on the agenda items.
The voting results were as follows:
| # | Items | Number of Shares | Percentage | Decision (Approved) | Decision (Not Approved) |
| 1 | Voting on the appointment of the external auditor for the fiscal year 2024G: Messrs. Zain Al-Abidin Al-Harbi Professional Consulting (Certified Public Accountants), for fees amounting to SAR 17,250, inclusive of Value Added Tax (VAT). | 50,000 | 100% | ✓ | |
| 2 | Voting on the Board of Directors' report No. 102/2023, dated 31/12/2023G. | 50,000 | 100% | ✓ | |
| 3 |
Voting on the audited financial statements for the fiscal year ended 31/12/2023G and depositing them on the "Qawaem" platform, as follows:
• Total Assets at the end of 2023G reached SAR 611,815, compared to SAR 555,324 at the end of the previous year 2022G, an increase of 10.2%.
• Total Equity at the end of 2023G reached SAR 587,410, compared to SAR 531,856 at the end of the previous year 2022G, an increase of 10.5%.
• Total Revenues for the period ended 31/12/2023G reached SAR 582,923, compared to SAR 452,442 for the period ended 31/12/2022G, an increase of 28.8%.
• Total Expenses for the period ended 31/12/2023G reached SAR 517,964, compared to SAR 415,300 for the period ended 31/12/2022G, an increase of 24.7%.
• Net Income for the period ended 31/12/2023G reached SAR 55,554, compared to SAR 31,856 for the period ended 31/12/2022G, an increase of 74.4%.
• Earnings Per Share (EPS) for the period ended 31/12/2023G, after Zakat deduction, reached SAR 1.1, compared to SAR 0.64 for the period ended 31/12/2022G, an increase of 74.4%.
|
50,000 | 100% | ✓ | |
| 4 | Voting on the external auditor’s report for the fiscal year ended 31/12/2023G (Attached certified public accountant's report consisting of 13 pages). | 50,000 | 100% | ✓ | |
| 5 | Voting on the non-distribution of remuneration to the members of the Board of Directors for the fiscal year ended 31/12/2023G. | 1,000 | 2% | ✓ | |
| 6 | Voting on the distribution of dividends for the fiscal year ended 31/12/2023G, at SAR 0.99 (99 halalas) per share, after setting aside 10% as a statutory reserve. | 50,000 | 100% | ✓ | |
| 7 | Voting on discharging the members of the Board of Directors from liability for the fiscal year ended 31/12/2023G. | 50,000 | 100% | ✓ |
The meeting was concluded at 10:30 AM, where the Chairman of the Assembly expressed his gratitude to all attendees for their participation and presence.
Assembly Secretary:
Name: Ruba Jaradi
Chairman of the Assembly:
Name: Dr. Fahad Farooq Hakeem