(Results of the annual ordinary general assembly meeting, First  Meeting) of Morse Holding Company (a closed Saudi joint stock company) on Saturday, 23/12/1445 AH , corresponding to 29/06/2024 AD in Jeddah.

Based on the invitation extended by the Chairman of the Board of Directors to the Company's shareholders to attend the Annual Ordinary General Assembly Meeting, the first meeting, to discuss the items of the Annual Ordinary General Assembly, the Ordinary General Assembly meeting was held at the company's headquarters in Jeddah on Saturday, 23/12/1445 AH, corresponding to 29/06/2024 AD, at exactly the same time. 10:00 AM headed by Dr. Fahd Farouk Hakim has announced that the quorum required for the validity of the assembly meeting has been completed, as shareholders representing (50,000) shares representing (100%) of the total capital of the company amounting to (50,000) shares attended. Appointing Ms. Ruba jaradi as secretary of the association, then the association’s president asked the association’s secretary to recite the agenda items, after that the discussion was opened and the association’s president asked the shareholders to vote on the agenda items The result of the vote was as follows:

Assembly items: 

1- Appointing the auditor for the accounts of the company, Messrs. / Zain Al-Abidin Al-Harbi Professional Consulting Company (certified accountants)  

2- the Board of Directors’ report issued No. 102/2023 dated 31/12/2023 AD was Approved. 

3- Approval of the financial statements for the year ending on 31/12/2023 AD, and they include:

Total assets at the end of 2023 amounted to 611,815 riyals, compared to 555,324 riyals at the end of the previous year 2022, an increase of 10,2%.

Ownership rights at the end of 2023 amounted to 587,410 riyals compared to 531,856 riyals at the end of previous year 2022, a increase of 10,5%. 

The Total revenues for the period ending on 31/12/2023 AD amounted to 582,923 riyals, compared to 452,442 riyals for the period ending on 31/12/2022 AD, a increase of 28,8%.

  Net income for the period ending on 31/12/2023 AD amounted to 55,554 riyals, compared to 31,856 riyals for the period ending on 31/12/2022 AD, a increase of 74,4% 

 Earnings per share for the period ending on 31/12/2023 AD amounted to 1,1 riyals compared to 0,64 riyals for the period ending on 31/12/2022 AD, a increase of 74,4%.

4- The auditors' report for the year ending on 31/12/2023 AD was approved. 

5- It was approved to not distributing bonuses to the members of the Board of Directors for the year ending on 12/31/2023 AD.

6- It was approved to distributing profits for the year ending 12/31/2023 AD. after avoiding the legal reserve in the amount of 99.0 (halalas) per share.  

7-  It was approved to release the members of the Board of Directors from liability for the year ending on 12/31/2023 AD.