Umm Al Qura Cement GA Approves Not to Distribute Dividends for 2024

The Board of Directors of Umm Al Qura Cement Co. announced on Tuesday the results of the Company’s Ordinary General Assembly Meeting (Second Meeting), which included approval of the Board of Directors’ recommendation not to distribute dividends to shareholders for the fiscal year ending December 31, 2024.

According to the Company, the details of the meeting were as follows:

1- The Board of Directors’ report for the year ending December 31, 2024, was reviewed and discussed;

2- The annual financial statements for the year ending December 31, 2024, were reviewed and discussed;

3- The auditor’s report for the fiscal year ending December 31, 2024, was approved and discussed;

4- The discharge of the Board of Directors’ Members from liability for the year ending December 31, 2024, was not approved;

5- Approval of the appointment of Dr. Mohamed Al-Amri & Co. (BDO), as the Company’s auditor, from among the candidates nominated by the Audit Committee, to examine, review and audit the financial statements for the second, third and annual quarters of fiscal year 2025, and the first quarter of 2026. Their fees were set at SAR 360,000, excluding Value-Added Tax (VAT);

6- Approval of the Board of Directors’ recommendation not to distribute dividends to shareholders for the fiscal year ending December 31, 2024; and

7- Approval of the Board of Directors’ authorisation to distribute interim dividends on a semi-annual or quarterly basis for fiscal year 2025.