Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company held its Ordinary General Assembly meeting on 7 June 2026, where shareholders approved the election of a new board of directors and authorized the distribution of interim dividends for the 2026 fiscal year.

The meeting also saw the approval of the company’s financial statements for the 2025 fiscal year and the appointment of a new external auditor, according to a bourse disclosure.

A significant portion of the agenda focused on the company’s financial performance for the 2025 fiscal year. Shareholders reviewed and formally approved the Board of Directors report, the annual financial statements, and the external auditor’s report.

In conjunction with these approvals, the assembly cleared the board members of liability for their activities during the 2025 fiscal year and approved a total remuneration of SAR 3.43 million for the board's services during that period.

Governance was a primary theme as the assembly moved to elect a new Board of Directors for the upcoming four-year cycle. The new term is scheduled to begin on 15 June 2026, and will run through 14 June 2030.

The elected members include Mohammed bin Abdullah bin Ibrahim Alkhorayef, Abdulaziz bin Hamad bin Abdulaziz Alkhorayef, Fahad bin Ibrahim bin Abdullah Alkhorayef, Faisal bin Abdulaziz bin Badr Al-Duwaish, Abdulaziz bin Mohammed bin Abdullah Al Fakhri, and Othman bin Yahya bin Ibrahim Al Najdi.

Regarding financial oversight, the shareholders approved the appointment of KPMG Al Fozan and Partners as the company’s auditor. The firm is tasked with reviewing and auditing the financial statements for the second (Q2) and third quarters (Q3) of 2026, the full 2026 annual results, and Q1-27. The total fee for these audit services was approved at SAR 1.41 million, excluding Value Added Tax.

In a move to provide the board with greater financial flexibility, the assembly authorized the distribution of interim dividends for the 2026 fiscal year on either a quarterly or semi-annual basis.

Furthermore, the board was granted authorization under the Saudi Companies Law to exercise certain powers for a period of one year or until the end of the current board term. This includes the licensing authorities specified in Article 27 of the law, which pertains to potential conflicts of interest or competing business activities.

The resolutions passed during this General Assembly provide a clear mandate for the newly elected board as they prepare to lead Alkhorayef Water through the next four years.

By securing approvals for dividend flexibility and establishing a robust audit framework, the company has solidified its operational and governance foundations for the upcoming fiscal periods.