Naqi Water Approves Interim Dividends Authorization for FY2025

Naqi Water Co. announced on Monday the results of its Ordinary General Assembly Meeting (first meeting), held on Sunday, with shareholders approving the Board’s authorization to distribute interim dividends on a semi-annual or quarterly basis for FY2025.

Additional resolutions included:

• Approval of the FY2024 financial statements, Board report, and auditor’s report.

• Discharge of Board members from liability for FY2024.

• Approval of SAR 387,500 as remuneration for Board and committee members.

• Appointment of Ibrahim Ahmed Al-Bassam & Partners (PKF International member) as the external auditor for Q2, Q3, and full-year FY2025, and Q1 2026, with fees set at SAR 475,000 (excluding VAT).

Related Party Transactions Approved:

• SAR 63.4 million in raw material purchases from Saqa United Group (35% shareholder), where Board member Moustafa Hasaballa Elhoufi has an indirect interest.

• Settlement of SAR 2,341 in balances from 2021 with Zulal Water Factory Co. (a Saqa United Group subsidiary).

• SAR 20.9 million in spare parts and maintenance transactions with Middle East Machinery Co. (MEMCO), where former Board member Zed Nhad Alnathir held an indirect interest.

• Approval of the company’s Competition Controls and Standards Policy.

• Appointment of Dr. Obaid bin Saad Al-Motairy as an independent Board member, effective 4 December 2024, replacing Zed Nhad Alnathir.

• Approval of Board authority delegation in accordance with Paragraph 1 of Article 27 of the Companies Law, valid for one year or until the end of the current Board term.