Riyadh – Mubasher: The shareholders of Wafrah for Industry and Development Company ratified the financial performance for the 2025 fiscal year and approved a strategic shift in the utilization of capital increase proceeds, according to a bourse filing.
A primary focus of the assembly was the review of the company’s financial health and management conduct. Shareholders discussed and approved the Board of Directors’ report, the external auditor’s report, and the consolidated financial statements for the 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 period, a standard procedural step that confirms shareholder approval of the board's stewardship.
In terms of future oversight, the assembly approved the appointment of RSM (United Accountants for Professional Consulting) as the company’s external auditor.
Selected based on a recommendation from the Audit Committee, RSM is tasked with examining and auditing the financial statements for the second (Q2), third, and fourth quarters of 2026, the full-year 2026 financials, and the first quarter of 2027. The total professional fees for this audit mandate were confirmed at SAR 370,000.
A significant strategic item approved during the meeting involved the amendment of the use of proceeds from a previous capital increase. These funds were originally raised under a rights issue prospectus dated 23 May 2022.
The company informed shareholders that the reallocation of these funds is necessary due to recent operational developments and a shift in corporate priorities. This adjustment is intended to ensure that the capital remains aligned with the company’s current industrial requirements and growth objectives.
The decisions reached during this assembly provide Wafrah with a clear mandate to proceed with its 2026 fiscal strategy.
By securing approval for both its historical financial reporting and its updated plan for capital deployment, the company maintains its regulatory compliance while positioning itself to respond to the evolving demands of the Saudi industrial sector.
The ratification of these items reflects a continued focus on transparency and the optimization of financial resources to meet the company's long-term goals.
