Riyadh – Mubasher: The United International Transportation Company (Budget Saudi) held its Ordinary General Assembly meeting on 18 June 2026, where shareholders approved a cash dividend distribution for the second half (H2) of 2025 and ratified several high-value related-party transactions.
The meeting, conducted via modern technology from the company’s headquarters in Jeddah, saw a 37.54% shareholder turnout and resulted in the approval of all agenda items, including the appointment of external auditors and the delegation of dividend authorities to the Board of Directors.
Shareholders approved the distribution of SAR 78.16 million, which translates to SAR 0.75 per share, representing 7.50% of the share’s nominal value.
Eligibility for these dividends is set for shareholders owning stock at the end of the trading day of the assembly meeting, with distribution scheduled to commence on 6 July 2026.
Furthermore, the assembly authorized the Board of Directors to distribute interim dividends on a quarterly or semi-annual basis for 2026.
The meeting also greenlighted the auditor’s report and appointed RSM Allied Accountants as the company’s external auditor. The firm is tasked with auditing the financial statements for the second, third, and annual periods of 2026, 2027, and 2028, as well as the first quarter of 2029. The total fees for these services were set at SAR 2.75 million, excluding value-added tax.
The meeting also focused heavily on the ratification of several substantial contracts involving related parties. The largest of these involved the Saudi French Bank, where board member Abdullah Abdulmalik Al-Sheikh holds an executive position.
The assembly approved bank loans and financing costs totaling SAR 149.46 million over a three-year term. Another significant financial arrangement was ratified with the Saudi National Bank (SNB), involving loans and financing costs worth SAR 76.18 million. This transaction was noted due to the dual board membership of Ibrahim Saad Al Mojel, the company’s Chairman.
