Service Equipment shareholders ratify 2025 financials, dividend mandate

SERVICE EQUIPMENT
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Riyadh – Mubasher: Service Equipment Company announced the results of its Ordinary General Assembly Meeting, where shareholders approved the financial performance for the 2025 fiscal year and granted the Board of Directors the authority to distribute interim dividends for 2026.

The meeting was conducted on 24 June 2026, during which shareholders reviewed and discussed the Board of Directors' report and the company’s financial statements for 2025, according to a bourse filing.

The assembly also approved the external auditor’s report for the same period. Following these reviews, the assembly voted to discharge the members of the Board of Directors from liability for the 2025 fiscal year.

In a move to incentivize leadership, the assembly approved a total remuneration of SAR 369,750 for board members for the 2025 fiscal year.

Looking forward to the 2026 financial cycle, shareholders appointed RSM as the company’s external auditor.

RSM will be responsible for reviewing and auditing the semi-annual and annual financial statements for 2026, with total fees set at SAR 220,000.

The assembly ratified the board’s decision to appoint Bassam Ali Al Dhabi as a board member, effective from 24 December 2025.

Al Dhabi fills the vacancy left by independent member Tariq Tilmisani and will complete the current board term, which expires on 10 June 2028.

Furthermore, the board was granted authorization to exercise the powers of the Ordinary General Assembly for a period of one year, in accordance with Article 27 of the Companies Law.

A significant outcome of the meeting was the approval for the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the 2026 fiscal year.

This authorization provides the company with the flexibility to return capital to shareholders more frequently throughout the year, subject to financial performance and regulatory requirements.

Shareholders also reviewed and ratified several related-party transactions and contracts conducted during 2025.

These transactions involved various entities where Chairman Ahmed Omar Abu Bakr Balbaid and board members Majid Balbaid and Mohammed Al Haj held indirect interests.

The largest of these included site rentals and commercial dealings with Omar Abu Bakr Balbaid Co. totaling SAR 687,926 and expenses paid on behalf of the company by Balbaid Holding Group amounting to SAR 538,409.

Other approved contracts involved Marsana Car Rental, Three Pillars Consulting, and several industrial and maintenance firms. The company confirmed that all such dealings were conducted on a standard commercial basis without preferential terms.

The successful conclusion of the General Assembly reflects shareholder confidence in Service Equipment’s governance and its strategic direction for the 2026 fiscal year, particularly regarding its dividend policy and the continuity of its board leadership.

Source: Mubasher Source: {{details.article.source}}