Yamama Cement to Elect New Board and Distribute SAR 202.5 Million in 2023 Profits

Yamama Cement Company revealed on Tuesday the outcomes of its Ordinary General Assembly Meeting, which was held on Monday, March 25, 2024. The assembly covered several pivotal decisions:

1. Board of Directors’ Report for 2023: The meeting commenced with the review and discussion of the Board’s annual report for the year ending December 31, 2023.

2. Financial Statements of 2023: This was followed by an examination and discussion of the year’s financial statements.

3. Auditors’ Report Approval: The assembly approved the auditors’ report for the fiscal year ending on December 31, 2023, following a thorough discussion.

4. Board Members Exoneration: The Board members were exonerated for their roles during the fiscal year 2023.

5. Auditors Appointment for 2024-2025: Al-Kharashi & Partners were appointed as the company’s auditors for the second, third, and annual quarters of the fiscal year 2024, and for the first quarter of fiscal year 2025, at fees totaling 445 thousand Saudi Riyals.

6. Dividend Distribution: The Board of Directors’ recommendation to distribute cash dividends of 202,500,000 Saudi Riyals for the fiscal year 2023 was approved. This equates to 1.00 Saudi Riyal per share, or 10% of the nominal value per share, with dividends to be paid starting Sunday, April 21, 2024.

7. Approval of Transactions: Various transactions and contracts with entities in which board members hold interests were approved, ensuring transparency and adherence to regulatory standards. These included security expenses, cooperative insurance, telecommunication services, logistic services development, and the sale of cement bags, totaling significant amounts but offered without preferential terms.

8. Amendment of Bonus Policy: The amendment to the Board of Directors’ and its committees’ bonus policy, along with the executive management, was approved.

9. Election of New Board Members: The assembly concluded with the election of new Board of Directors members for a four-year term, starting from March 29, 2024, to March 28, 2028. The elected members are:

• Prince Nayef bin Sultan bin Mohammed bin Saud Al Kabir

• Prince Sultan bin Khalid bin Mohammed bin Saud Al Kabir

• Engineer Abdullah bin Abdulrahman Al Obeikan

• Mr. Fahad bin Thunayan Al Thunayan

• Engineer Faisal bin Suleiman Al Rajhi

• Dr. Sultan bin Saleh Al Salem

• Mr. Faraj bin Saad Al Qubayni

These decisions underscore Yamama Cement Company’s commitment to governance and shareholder value enhancement