Munawla Cargo shareholders approve financials, authorize dividend distributions
Munawla
9571 0.00% 17.75 0.00
Riyadh – Mubasher: Munawla Cargo Company concluded its Ordinary General Assembly meeting (OGM) held on 24 June 2026, during which the shareholders reviewed the performance and granted the Board of Directors the authority to manage dividend distributions for the upcoming period.
A primary focus of the assembly was the formal ratification of the company’s financial standing for the 2025 fiscal year. Shareholders voted to approve the independent auditor’s report and the Board of Directors’ report for the period.
Furthermore, the general assembly reviewed and discussed the consolidated financial statements, which provide a comprehensive overview of Munawla Cargo’s operations and fiscal health during 2025. Following these reviews, the assembly voted to discharge the members of the Board of Directors from liability regarding their management of the company for the 2025 fiscal year.
In a move aimed at enhancing shareholder value and providing flexible capital returns, the assembly approved a proposal to delegate the Board of Directors with the authority to distribute interim dividends.
This mandate allows the Board to issue dividend payments on a semi-annual or quarterly basis for the 2026 fiscal year. This authorization aligns with the company’s efforts to maintain a consistent relationship with its investors by providing more frequent returns based on its financial performance throughout the year.
The assembly also addressed the appointment of external auditors to oversee the company’s future financial reporting. Based on a recommendation from the Audit Committee, shareholders approved the selection of the professional consulting firm of Yasser Zuman Al Zuman, Khalid Fawzan Al Fahad, and Zaher Abdullah Al Hajjaj.
The firm is tasked with examining and auditing the annual financial statements for 2026, as well as the preliminary financial statements for the first half of 2027. The total fees for these professional services were set at SAR 250,000.
The meeting saw the attendance of several key board members, including Vice Chairman and Chief Executive Officer Ali Abdullah Mohammed Al Habdan, alongside board members Abdullah Ali Abdullah Al Habdan, Abdulrahman Mohammed Saleh Al Musnad, and Abdulsalam Khalid Mohammed Al Suqair. Mohammed Abdulaziz Al-Hamoudi attended the session representing the Audit Committee.
The company noted that Chairman Khalid Mohammed Saqr Al Suqair was unable to attend the proceedings.
The approval of these items marks the formal closure of the 2025 administrative cycle for Munawla Cargo and establishes the regulatory and oversight framework for its 2026 operations.
By securing the mandate for interim dividends and appointing new auditors, the company has finalized the necessary corporate governance requirements to proceed with its operational strategy for the current and upcoming fiscal periods.
Source: Mubasher Source: {{details.article.source}}