Saudi Arabia Refineries Co. announces the board of director’s recommended to not distribute dividends for the year 2023

Element List Explanation
Date of the board’s decision 2024-03-18 Corresponding to 1445-09-08
Reasons for Not Recommending Distribution For order to invest the available cash in the development of new projects that will strengthen the financial position of the company.
Additional Information This recommendation will be presented for voting during the next GAM of the company, which will be determined later after obtaining approval from the official authorities.

Saudi Arabia Refineries Co. announces its Annual Financial results for the period ending on 2023-12-31

 

Element List 2022 2023 Change%
Sales/Revenue 34,354,174 15,599,125 -55
Total Profit (Loss) 34,354,174 15,599,125 -55
Operating profit (loss) 29,312,332 9,054,655 -69
Net Profit (Loss) After Zakat and Tax 28,230,062 7,701,643 -73
Total Comprehensive Income -113,213,965 10,190,479 109
Total shareholders’ equity (excluding minority interests) 438,820,853 434,011,332 -1.1
Earnings (loss) per share 1.88 0.51 All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Amount Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value

 

Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The reason for the decrease in revenues during the current year is 2023 compared to the last year 2022 is due to the amount of the volume of distributions made by the Saudi Industrial Investment Group, as the Saudi Group’s distributions for the year 2023 amounted to SAR 15,194,480 while the Saudi Group’s distributions for the year 2022 amounted to SAR 22,791,720 in addition to the distribution of profits for the second half of 2021 at the beginning of 2022 by SAR 11,395,860.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason of decrease in net profit during the current year 2023 compared to the last year 2022 is due to the amount of the volume of distributions made by the Saudi Industrial Investment Group, as the Saudi Group’s distributions for the year 2023 amounted to SAR 15,194,480 while the Saudi Group’s distributions for the year 2022 amounted to SAR 22,791,720 in addition to the distribution of profits for the second half of 2021 at the beginning of 2022 by SAR 11,395,860.
Statement of the type of external auditor’s report Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) There isn’t any
Reclassification of Comparison Items There isn’t any

 

Saudi Arabian Refineries Company Sarco announces the formation of the Audit Committee Members

Element List Explanation
Introduction Saudi Arabian Refineries Sarco on Approved of the formation of audit committee for the new session, whose work begins on 01/25/2024 for a period of three years, to 01/24/2027, and the appointment the following members:

         Mr. Mishal Abdul Rahman Al-Aqla – Independent (Chairman of the Committee).

         Mr. Khaled Mohammed Al Hinaki – Independent

         Mr. Osama Suleiman Al-Sudais – Outside Board Member

 

Element List Explanation
Name of the designated member Mr. Mishal Abdul Rahman Al-Aqla (Chairman of Committee)
Membership start date 07/13/1445 01/25/2024 AD
A brief biography of the appointed member – Hold a Bachelor’s degree in Accounting from Umm Al-Qura University

– Hold a Master’s degree in Business Administration from Shippensburg University in the United States

– Held an executive position in the National Construction and Marketing Company, a listed joint stock company

Date of no objection from other official bodies not apply

 

Element List Explanation
Name of the designated member Mr. Osama Suleiman Al-Sudais – Outside Board Member
Membership start date 07/13/1445    0/25/2024 AD
A brief biography of the appointed member – Hold the Saudi SOCPA Fellowship.

– Hold the American Fellowship (CMA) in Management Accounting.

– Hold the American CPA Fellowship in Chartered Accounting.

– Working as a chartered accountant at AGN Al Sudais.

– Worked as a financial control manager at the Saudi Real Estate Company.

– Worked as Head of Financial Accounts at Amlak International Company.

Date of no objection from other official bodies not apply

 

Element List Explanation
Name of the designated member Mr. Khaled Mohammed Al-Hanaki (Member)
Membership start date 1445-06-19 الموافق 2024-01-01
A brief biography of the appointed member – Hold a Bachelor’s degree in Sociology from Imam Muhammad bin Saud University

– Worked as Secretary General of the Chamber of Commerce

– Worked as branch manager of the Qassim Chamber of Commerce

Date of no objection from other official bodies not apply

The Saudi Arabian Refineries Company (SARCO) announces the appointment of the Chairman of the Board of Directors, and deputy Chairman and executive management, and New Board committees for the session

Element List Explanation
Introduction A reference to the results of the company’s ordinary general assembly meeting, which was announced in (Saudi Tadawul) on 01/28/2024, which includes the approval of the election of the Board of Directors for the new session, which begins on 01/25/2024 and ends on 01/24/2027. m for three years.

Accordingly, the members of the Board of Directors met on Tuesday, 07/18/1445, corresponding to 01/30/2024, to deliberate on the formation of the Board members, and the following decisions were taken:

 

First: Election of the Chairman of the Board of Directors and his deputy as follows: –

1- Appointment Dr. Obaid Saad Al-Subaie (Independent) as Chairman of the Board of Directors

2- Appointment Mr. Abdulaziz Abdulmohsen Al-Bakr (Independent) as Vice Chairman of the Board of Directors.

 

Second: Appointment Dr. Abdul Rahman Ahmed Al-Mufarreh (Executive) as CEO.

 

Third: Appointing Dr. Obaid Saad Al-Subaie and Dr. Abdul Rahman Ahmed Al-Mufarreh as the company’s representatives to the Capital Market Authority for all purposes related to the application of the Capital Market Law and its executive regulations.

 

Fourth: Approval of the formation of the Nominations and Remuneration Committee for the new session, which begins its work on 01/25/2024 for a period of three years, and ends on 01/24/2027, and to appoint the following members:

• Mr. Abdulaziz Abdulmohsen Al-Bakr Independent (Chairman of Committee)

• Mr. Fahd Mohammed Al-Habardi – Independent

• Mr. Khaled Muhammad Al-Hanaki – Independent

 

Fifth: Approved of the formation of the audit committee for the new session, whose work begins on 01/25/2024 for a period of three years, and ends on 01/24/2027, and the appointment of the following members:

•         Mr. Mishal Abdul Rahman Al-Aqla – Independent (Chairman of the Committee).

·         Mr. Khaled Mohammed Al Hinaki – Independent

•         Mr. Osama Suleiman Al-Sudais – Outside Board Member

Saudi Arabian Refineries Company’s announcement of the results of the ordinary General Assembly Meeting (Second Meeting (

Element List Explanation
Introduction

 

 

 

 

 

The Saudi Arabian Refineries Company (SARCO) is pleased to announce the results of the Ordinary General Assembly Meeting (Second Meeting), which was held on Thursday 07/13/1445 AH to 01/25/2024 AD at the Rotana Shaheen Hotel, Yanbu Hall 1, in person and via social media. Modern technology using the Tadawulaty system (www.tadawulaty.com.sa), where the quorum for the   second meeting was completed with an attendance rate of 17.50 %, as the quorum for the second meeting is the attendance of any Number of company shares.
City and Location of the General Assembly’s Meeting Jeddah – Medina Road, Rotana Shaheen Hotel, Yanbu Hall 1, Actual attendance and by modern technology (remotely)
Date of the General Assembly’s Meeting Thursday 07/13/1445 AH 01/25/2024
Time of the General Assembly’s Meeting 19:30
Attendance rate % 17.50
Names of the association’s board members present and absent

 

Attended General Assembly Meeting was members Board of Directors by Modern technology (remotely) by following: –

1-     Mr. Yasser Sulaiman Al-Aqeel (Deputy Chairman Board of Directors)

2-     Eng. Abdul Rahman Ayed Al Dahasi (Member Board of Directors)

Names of the committee chairs attending the association or those appointed by its members 1-      Mr. Yasser Sulaiman Al-Aqeel (Chairman of Audit Committee)

2-      Eng. Abdul Rahman Ayed Al Dahasi (Chairman of the Nominations and Remuneration Committee and Chairman of the Social Responsibility Committee)

Voting results on the Assembly’s agenda

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-     Approved the dismissal of members of the current Board of Directors and the committees emanating from it based on the request submitted by each of (Ithra Holding Company, Manazel International Company, German Saudi Industrial Company, Fahd Thunayan Fahd Al Thunayan, Rashid Hamad Al-Musallam, Ibrahim Rashid Al-Rasheed, Ibtisam Abdullah Abdulaziz Al-Muaither , Fahd Saif Muhammad Al-Qahtani, Fawaz Muhammad Abdullah Al-Qahtani, Saad Ali Abdullah Al-Luhaidan, Khaled Abdullah Ibrahim Al-Mujil, Miteb Muhammad Al-Anzi, Muhammad Abdullah Marei Al-Qahtani, Muhammad Rashid Hamad Al-Musallam, Ali Misfer Saeed Al-Qahtani, Saad Muhammad bin Saad Al-Tamimi, Khaled Farraj Faraj Al-Anazi)  They own10% of the company’s capital, and the majority’s justifications (that the current board members have not developed the company’s business and are satisfied with the profits of the contributing companies and the repeated delay in announcing the financial statements according to the laws).

 

2-     Approved of the election of members of the Board of Directors from among the candidates for the next session, which begins on January 25, 2024 and ends on January 24, 2027, for a period of three years, where the following members were elected:

 

1-     Mr. Khaled Ahmed Al-Hamdan

2-     Mr. Abdul Aziz Abdul Mohsen Al-Bakr

3-     Mr. Fahd Muhammad Al-Habardi

4-     Dr. Abdul Rahman Ahmed Al-Mufarreh

5-     Dr. Obaid Saad Al-Subaie

6-     Mr. Mishal Abdul Rahman Al-Aqla

7-     Mr. Khaled Muhammad Al-Hanaki

8-     Mr. Nael Samir Fayez

 

 

3-     Not approved of disbursing a reward to deserving members of the Board of Directors of (7.5%) of the remaining profits for the financial year ending 12/31/2022 AD and an amount of (780,529) riyals according to the text of Article (51) of the company bylaws.

Announcement of Saudi Arabian Refineries Company about the results of the Ordinary General Assembly Meeting (Second Meeting):

Element List  Explanation
Announcement Detail

Saudi Arabian Refineries Company (SARCO) is pleased to announce the results of the Ordinary General Assembly Meeting (Second Meeting), which was held on Wednesday, 30th August 2023, corresponding to 14th Dhu al-Hijjah 1445, through modern technology means using the Tadawulaty website (www.tadawulaty.com.sa). The meeting achieved a legal quorum with a attendance rate of 9.85%, as the legal quorum for the second meeting is the presence of any number of the company’s shares.

1. Approval of the appointment of Messrs. Al-Ayouti & Partners as the company’s auditors among the nominees, based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for the second and third quarters and the annual financial statements for the fiscal year 2023, as well as the first quarter of the fiscal year 2024, and to determine their fees.

2. Disapproval of the Board of Directors’ decision to appoint Mr. Abdulrahman bin Khaled Al-Sultan (an external board member) as a member of the Audit Committee starting from his appointment on July 26, 2023, until the end of the current committee’s term on April 30, 2024, replacing the previous committee member Mr. Basim bin Adnan Abu Al-Faraj (an independent member). This appointment shall be effective from the date of the recommendation issued on July 26, 2023, and is in accordance with the Audit Committee’s regulations.

Saudi Arabia Refineries Co. Announces (Sarco) announces that it was unable to publish its preliminary financial results for the six-month period ending on 30-06-2023 on the Saudi Stock Exchange (Tadawul) website at the specified time

Element List  Explanation
Announcement Detail Saudi Arabian Refineries Company would like to announce to its esteemed shareholders that it will not be able to publish the financial statements for the six-month period ending on June 30, 2023 AD on the specified date, due to a matter beyond its control, which is the failure of the company’s general assembly, which was held on 22/6/2023 AD, to appoint an auditor. The company’s accounts are among the candidates, and the company has called for an upcoming general meeting to appoint the company’s auditor from among the candidates.
The company would also like to clarify that the procedures for suspending trading of listed securities will be applied in accordance with the listing rules approved by the Capital Market Authority Board Decision No. (1-10-2019) dated 05/24/1440 AH corresponding to 01/30/2019 AD and announced on the Tadawul website. On March 25, 2019 AD.

Saudi Arabia Refineries Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting through modern technology means

Element List  Explanation
Introduction Board of Directors of the Saudi Arabian Refineries Company (Sarco) is pleased to invite its esteemed shareholders to participate and vote in the Ordinary General Assembly meeting (the first meeting) to be held, God willing, at 6:30 pm on Wednesday 14/02/1445 AH corresponding to 30/08/2023 AD through modern technology system (www.tadawulaty.com.sa)
City and Location of the General Assembly’s Meeting company headquarters, AlMadinah AlMunawwarah Road Adham Commercial Building by modern technology (remotely).
URL for the Meeting Location Tadawulaty System
Date of the General Assembly’s Meeting 2023-08-30 Corresponding to 1445-02-14
Time of the General Assembly’s Meeting 18:30
Attendance Eligibility  Each shareholder has the right to shareholders in the companys shareholders record at the Deposit Center at the end of the trading session that precedes the General Assembly meeting according to regulations and regulations, and shareholders have the right to discuss the topics listed in the agenda of the General Assembly and ask questions to members of the Board of Directors.
Each shareholder has the right to shareholders in the companys shareholders record at the Deposit Center at the end of the trading session that precedes the General Assembly meeting according to regulations and regulations, and shareholders have the right to discuss the topics listed in the agenda of the General Assembly and ask questions to members of the Board of Directors. The regular general assembly meeting is true if attended by shareholders representing at least a quarter of the capital and if the quorum is not available for this meeting the second meeting will be held an hour after the end of the period specified for the first meeting and the second meeting is correct whatever the number of shares represented in it .
General Assembly Meeting Agenda 1- To vote on appointing the companys auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the companys financial statements for the second and third quarters and the annual financial statements for the fiscal year 2023 AD and the first quarter of the fiscal year 2024 AD and determine his fees.
2- To vote on the decision of the Board of Directors to appoint Mr. Abdul Rahman bin Khaled Al-Sultan (a member from outside the board) as a member of the Audit Committee, starting from the date of his appointment on July 26, 2023 AD until the end of the current committees work period on April 30, 2024 AD, in place of the previous committee member, Mr. Basem Bin Adnan Abu Al-Faraj (independent member), provided that the appointment takes effect from the date of the recommendation decision issued on July 26, 2023 AD, and this appointment comes in accordance with the Audit Committee work regulations. (CV attached)
Proxy Form  Proxy Form
The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right. (Mentioning the E-Voting details, if any) Shareholders can vote remotely on the agenda of the Ordinary General Assembly, through the electronic voting service, by visiting the website of the Tadawulaty system: www.tadawulaty.com.sa
Note that registration in the service and voting is available free of charge to all shareholders, as electronic voting will begin on Sunday, Safar 11, 1445 AH, corresponding to August 27, 2023 AD at (1:00) in the morning, and voting ends at the end of the time of the assembly.
Eligibility for Attendance Registration and Voting  Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes
Method of Communication In the event of any inquiry, we hope to communicate with the investor- shareholders relationships management through:
Administration of investor – shareholders relationshipsSaudi Arabian Refineries CompanyPhone 966126517016Email ir@almasafi.com.saWebsite www.almasafi.com.sa (contact us)
Attached Documents  Attached Documents

Saudi Arabia Refineries Co. Announces Appointment Audit Committee Member

Element List  Explanation
Introduction Saudi Arabian Refineries Company – Sarco announces the appointment of Mr. Abdul Rahman Khaled Al-Sultan as an independent member of the Audit Committee (a member from outside the board) as of 26/07/2023 AD until the end of the current session on 30/04/2024 AD, in the minutes of the Board of Directors issued By circulation on 01/08/1445 AH corresponding to 26/07/2023 AD, provided that this appointment is presented to the first meeting of the company’s general assembly for approval.
Appointed Member Name Abdul Rahman Khaled Al-Sultan
Membership Start Date 2023-07-26 Corresponding to 1445-01-08
Brief Resume of the Appointed Member Mr. Abdul Rahman Khaled Al-Sultan has experience in risk management, auditing and internal control, and a member of the Audit Committee in several companies. He currently occupies the position of Director of the Internal Audit Unit at the National Center for Events. The Board of Directors welcomes his membership in the Audit Committee. We are grateful to him for success in his new duties and responsibilities.
Date of Board Meeting in which Appointed New Member(s) were Appointed 2023-07-26 Corresponding to 1445-01-08
Additional Information The approval of the Board is not final, and this appointment will be presented to the first meeting of the General Assembly for approval.

Saudi Arabian Refineries Company (Sarco) announces the date and method of distributing dividends to shareholders for the year 2022

Element List Explanation
Announcement Detail Referring to the announcement of the Saudi Arabian Refineries Company (Sarco) on 14/12/1444 AH corresponding to 02/07/2023 AD of the results of the Ordinary General Assembly meeting (the second meeting) regarding the Assembly’s approval of distributing cash dividends to shareholders for the year 2022 AD with a total amount of (15,000,000) riyals at a rate of (10%) of the company’s capital at (1 riyal) for each share owned by the shareholder. The company is pleased to announce to its shareholders that the dividends will be distributed on Wednesday 01/01/1445 AH corresponding to 19/07/2023 AD, by direct transfer to the bank accounts linked to the investment portfolios To the shareholders, knowing that the eligibility for the dividends was for the shareholders who own the shares at the end of trading on Thursday 04/12/1444 AH corresponding to 22/06/2023 AD (the due date), and who are registered in the company’s shareholder register at the Securities Depository Center (Edaa) at the end of the second trading day following due date.

The company’s management requests its esteemed shareholders to update their bank data with banks to ensure that profits are deposited in their accounts. In the event of any inquiries, please contact the company’s shareholder relations on phone number 0126517016 or email ir@almasafi.com.sa

The company would also like its esteemed shareholders, holders of certificates, to quickly deposit them in their investment portfolios or to review the company’s shareholder relations.

Saudi Arabia Refineries Co. Announces the Results of the Ordinary General Assembly Meeting, ( Second Meeting )

Element List 

Explanation

Introduction The Saudi Arabian Refineries Company (Sarco) is pleased to announce the results of the Ordinary General Assembly meeting (the second meeting), which was held on Thursday 04/12/1444 AH corresponding to 22/06/2023 AD, through modern technology using the Tadawulaty website (www.tadawulaty.com .sa), where the quorum for the second meeting was completed with an attendance rate of 3.82%, as the quorum for the second meeting is the presence of any number of the company’s shares.
City and Location of the General Assembly’s Meeting The company headquarters – Jeddah through modern technology.
Date of the General Assembly’s Meeting 2023-06-22 Corresponding to 1444-12-04
Time of the General Assembly’s Meeting 21:00
Percentage of Attending Shareholders 3.82%
Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees The following members of the Board of Directors attended the General Assembly meeting:

1-Eng. Aiad Mohammad Mushaikh (Chairman of the Board of Directors)

2-Mr. Fahd Abdul Rahman Al Muaikal (Member of the Board of Directors)

3-Mr. Yasser Suleiman Al-Aqeel (Board Member – Chairman of the Audit Committee)

4-Eng. Abdul Rahman Ayed Al Dahasi (Board Member – Chairman of the Social Responsibility Committee)

The following members of the Board of Directors were absent from attending the General Assembly meeting:

1-Prince Mohammad Khalid Turki Al Saud (Board Member and Chairman of the Nominations and Remunerations Committee)

2-Eng. Hattan Hamid Al-Shanbari Al-Sharif (Vice Chairman of the Board of Directors)

Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf 1-Mr. Yasser Suleiman Al-Aqeel (Board Member – Chairman of the Audit Committee)
2-Eng. Abdul Rahman Ayed Al Dahasi (Board Member – Chairman of the Social Responsibility Committee)
Voting Results on the Items of the General Assembly’s Meeting Agenda’s 1- The report of the Board of Directors for the fiscal year ending on December 31, 2022 was reviewed and discussed.

2- The financial statements for the fiscal year ending on December 31, 2022 AD were reviewed and discussed.3- Approval of the auditor’s report for the fiscal year ending on December 31, 2022.4- Approving the release of the members of the Board of Directors from their liability for the fiscal year ending December 31, 2022.

5- Approval of the Board of Directors’ recommendation to distribute cash dividends for the fiscal year 2022 amounting to (15,000,000 riyals) at a rate of (10%) of the company’s capital, at the rate of (1 riyal) for each share owned by the shareholder, provided that the entitlement is for the shareholders who own the company’s shares at the end of trading on the day of the meeting. The Company’s Ordinary General Assembly (fifty-third) and those registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date, and the distribution date will be announced later.

6- Not approving the appointment of the company’s auditor from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2023 AD, and the first quarter of the fiscal year 2024 AD and determine his fees.

7- Approval of the Board of Directors’ decision to appoint Mr. Rashid Sulaiman Al-Rasheed as an independent member of the Audit Committee, starting from the date of March 1, 2023 AD until the end of the current committee’s work period on April 30, 2024 AD, in place of the previous committee member, Mr. Khalid bin Abdulaziz Al-Hoshan (independent member). Provided that the appointment takes effect from the date of the recommendation decision issued on March 1, 2023 AD.

8- Approving the disbursement of an amount of (711,669 riyals) as an annual bonus for members of the Board of Directors for the fiscal year ending on 31/12/2022 AD.

Additional Information The date of the next general assembly will be announced later to vote and approve the appointment of the company’s auditor from among the candidates.

Saudi Arabia Refineries Co. Announces Resignation Audit Committee Member

Element List Explanation
Introduction Saudi Arabian Refineries Company – Sarco announces the resignation of a member of the Audit Committee, Mr. Bassem Adnan Abu Al-Faraj, who submitted his resignation from the membership of the Audit Committee (an independent member from outside the board) on 19/06/2023 AD, for the following reasons :

1- Attempting to influence and direct implicitly and repeatedly to adopt unprofessional decisions that do not serve the interest of the company, including, for example, contracting with a company to play the role of internal auditor at a higher price than other applicants, despite the presence of those who are lower in price and better technically in the field, and when they start their work, weakness is revealed Professionally submitted reports.

2- The lack of professionalism of some of the reports issued by the committee.

The resignation was accepted according to the minutes of the Board of Directors issued by circulation on 21/06/2023 AD, provided that this resignation takes effect from its date and after verifying the validity of the submitted resignation.

 

The members of the Board of Directors of the Saudi Arabian Refineries Company Sarco extend their thanks and appreciation to Mr. Basem Adnan Abu Al-Faraj for his efforts and effective contribution during his tenure as a member of the Audit Committee during the last period, wishing him success.

 

The Board of Directors will appoint a member in the vacant position before the end of the current session of the Committee, according to the followed procedure, as soon as possible, so that the formation of the Committee is in line with the requirements of the relevant statutory articles in terms of the minimum number of members of the Audit Committee (three members), provided that an announcement is made at a later time. For the name of the appointed member in accordance with the requirements of the relevant regulations and instructions

Name of Resigning Member Basem Adnan Abu Al-Faraj
Reasons for Resignation 1- Attempting to influence and direct implicitly and repeatedly to adopt unprofessional decisions that do not serve the interest of the company, including, for example, contracting with a company to play the role of internal auditor at a higher price than other applicants, despite the presence of those who are lower in price and better technically in the field, and when they start their work, weakness is revealed Professionally submitted reports.

 

2- The lack of professionalism of some of the reports issued by the committee.

The Board of Directors will ascertain the reasons for the submitted resignation.

 

 

Saudi Arabia Refineries Co. AnnouncesThe Saudi Arabia’s Saudi Refineries Company (Sarko) announced the start of electronic voting on the terms of the regular general assembly meeting (first meeting)

Element List Explanation
Announcement Detail Referring to the announcement of the Saudi Arabian Refineries Company (SARCO) on the website of the Saudi Stock Exchange Company (Tadawul) on 12/11/1444 AH corresponding to 01/06/2022 AD regarding the invitation to attend the Ordinary General Assembly meeting (first meeting) scheduled to be held, God willing, at eight o’clock From the evening of Thursday 04/12/1444 AH corresponding to 22/06/2023 AD through modern technology means using the Tadawulaty platform, the Saudi Arabian Refineries Company is pleased to announce to the shareholders the start of electronic voting (remote voting) on the items of the Ordinary General Assembly meeting as of One o’clock in the morning from Sunday 29/11/1444 AH corresponding to 18/06/2023 AD until the end of the assembly meeting time Thursday 04/12/1444 AH corresponding to 06/22/2023 AD.
Shareholders registered on the Tadawulaty services website will be able to vote (remotely) on the assembly items through the Tadawulaty website (https://login.tadawulaty.com.sa), knowing that registration and voting in Tadawulaty services is free for all shareholders. (A file explaining the electronic voting process is attached). For your information, there will be a live broadcast of the Ordinary General Assembly, through the link available on the Tadawulaty platform.In the event of any inquiries, we hope to contact the Investor / Shareholder Relations Department through:

Investor / Shareholder Relations Department

Saudi Arabian Refineries Company

Phone: +966-12-6517016

Email: ir@almasafi.com.sa

Company website: www.almasafi.com.sa (contact us)

Demo

Saudi Arabia Refineries Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting

Element List Explanation
Introduction Board of Directors of the Saudi Arabian Refineries Company (Sarco) is pleased to invite its valued shareholders to participate and vote at the regular general assembly meeting (the first meeting) to be held God willing at Seven of the evening of Thursday 04/12/1444 AH the agreement is 22/06/2023 AD through modern technology system.
City and Location of the General Assembly’s Meeting company headquarters, AlMadinah AlMunawwarah Road Adham Commercial Building by modern technology (remotely)
URL for the Meeting Location Tadawulaty System
Date of the General Assembly’s Meeting 2023-06-22 Corresponding to 1444-12-04
Time of the General Assembly’s Meeting 20:00
Attendance Eligibility Each shareholder has the right to shareholders in the companys shareholders record at the Deposit Center at the end of the trading session that precedes the General Assembly meeting according to regulations and regulations, and shareholders have the right to discuss the topics listed in the agenda of the General Assembly and ask questions to members of the Board of Directors and account references.
Quorum for Convening the General Assembly’s Meeting The regular general assembly meeting is true if attended by shareholders representing at least a quarter of the capital, and if the quorum is not available for this meeting, the second meeting will be held an hour after the end of the period specified for the first meeting and the second meeting is correct whatever the number of shares represented in it
General Assembly Meeting Agenda attached
Proxy Form Form
The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right. (Mentioning the E-Voting details, if any) Shareholders can vote remotely on the agenda of the ordinary general assembly, through the electronic voting service by visiting the website of the Tadawulaty System, knowing that registration in the service and voting is available for free for all shareholders, where the electronic voting will begin on Sunday 29 Dhu al -Qidah 1444 AH corresponding to June 18 2023 AD one in the morning and the vote ends at the end of the associations time
Eligibility for Attendance Registration and Voting The eligibility to register the attendance at the General Assembly meeting ends at the start of the meeting of the associations meeting, and the right to vote on the associations items for the attendees ends upon the completion of the sorting committee from sorting the votes
Method of Communication shareholders relationships management through:
Administration of investor – shareholders relationshipsSaudi Arabian Refineries CompanyPhone: 966126517016Email: ir@almasafi.com.saWebsite: www.almasafi.com.sa (contact us)
Attached Documents CVReport

Saudi Arabia Refineries Co. Announces Appointment of a CEO

Element List Explanation
Introduction The Saudi Arabian Refineries Company announces that the Board of Directors has issued its decision (by circulation) on 25/09/1444 AH corresponding to 16/04/2023 AD to appoint Mr. Khalid bin Mohammad Al-Qazlan as CEO of the company as of 17/04/2023 AD, wishing him success And success in achieving the company’s goals, developing its performance and growing its business.
Element List Explanation
Appointment Type Appointment
Name of the CEO Mr. Khalid bin Mohammad Al-Qazlan
Date of Board Resolution 2023-04-16 Corresponding to 1444-09-25
Date Work Commencement 2023-04-17 Corresponding to 1444-09-26
Brief Resume Mr. Khalid bin Muhammad Al-Qazlan holds an MBA and a Master’s in Project Management from the United States of America in 2005, and has distinguished practical experience in many different sectors, as he worked in the private sector in many Saudi banks, insurance companies and the government sector in a number of positions, the last of which was Undersecretary of the Ministry of Hajj and Umrah for joint services, in addition to his experience in membership of the boards of some listed and closed joint-stock companies. The Board of Directors welcomes him to join the company, expressing gratitude for his success in his new duties and responsibilities.

Saudi Arabia Refineries Co. announces the distribution of cash dividend for For the fiscal year 2022

Element List Explanation
Introduction The Board of Directors of the Saudi Arabian Refineries Company (SARCO), in its minutes issued by circulation on Wednesday 07/09/1444 AH corresponding to 03/29/2023 AD, recommended to the next Ordinary General Assembly the payment of cash dividends for the fiscal year 2022 AD to shareholders
Date of the board’s decision 2023-03-29 Corresponding to 1444-09-07
The Total amount distributed 15 million Riyals
Number of Shares Eligible for Dividends 15 million shares
Dividend per share 1 SR
Percentage of Dividend to the Share Par Value (%) 10%
Eligibility date The eligibility of dividends for the shareholders who own the company’s shares at the end of trading on the day of the next Ordinary General Assembly, which will be announced later, and who are registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second day following the eligibility date
Distribution Date The dividend distribution date will be announced later
Additional Information The agenda and venue for the assembly will be announced later after obtaining the approval of the competent authorities.

Saudi Arabia Refineries Co. Announces Appointment Audit Committee Member

Element List  Explanation
Introduction The Saudi Arabian Refineries Company – Sarco announces the appointment of Mr. Rashid Sulaiman Al-Rasheed as an independent member of the Audit Committee (a member from outside the board) as of 01/03/2023 AD until the end of the current session on 30/04/2024 AD, in the minutes of the Board of Directors issued By circulation on 09/08/1444 AH corresponding to 01/02/2023 AD, provided that this appointment is presented to the first meeting of the company’s general assembly for approval.
Element List  Explanation
Appointed Member Name Mr. Rashid Suleiman Al-Rasheed
Membership Start Date 2023-03-01 Corresponding to 1444-08-09
Brief Resume of the Appointed Member Mr. Rashid Sulaiman Al-Rasheed is currently the Chief Financial Officer of the Bank of New York Mellon Saudi Arabia and holds a Bachelor’s degree in Accounting from King Saud University, and a member of the Board of Directors and a member of the Audit Committee in several joint stock companies. The Board of Directors welcomes his membership in the Audit Committee. We are grateful to him for success in his new duties and responsibilities.
Element List  Explanation
Date of Board Meeting in which Appointed New Member(s) were Appointed 2023-03-01 Corresponding to 1444-08-09
Board Approval Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval

Saudi Arabia Refineries Co. Announces Resignation of a member of the Audit Committee

Element List Explanation
Introduction Saudi Arabian Refineries Company Sarco announces the resignation of a member of the Audit Committee, Mr. Khaled bin Abdulaziz Al-Hoshan – who submitted his resignation from the membership of the Audit Committee (an independent member from outside the Board) on 22/07/1444 AH corresponding to 13/02/2023 , in implementation of the text of paragraph ( g) From Article Fifty-One of the Corporate Governance Regulations issued by the Capital Market Authority, which stipulates that it is required that a member of the audit committee not be a member of audit committees in more than five joint-stock companies listed in the market at the same time.
The resignation was accepted according to the minutes of the Board of Directors issued by circulation on 23/07/1444 AH corresponding to 14/02/2023 , provided that the resignation is effective from the date of completion of the signing of the minutes by majority on 15/02/2023 .
The members of the Board of Directors of the Saudi Arabian Refineries Company, Sarco, extend their thanks and appreciation to Mr. Khaled bin Abdulaziz Al-Hoshan for his efforts and effective contribution during his tenure as a member of the Audit Committee during the last period, wishing him success.
The Board of Directors will appoint a member in the vacant position before the end of the current session of the Committee, according to the followed procedure, as soon as possible, so that the formation of the Committee is in line with the requirements of the relevant statutory articles in terms of the minimum number of members of the Audit Committee (three members), provided that an announcement is made at a later time. For the name of the appointed member in accordance with the requirements of the relevant regulations and instructions.
Element List Explanation
Resigned Member Name Khalid Abdulaziz Al-Hoshan
Membership Type Independent
Resignation Submission Date 2023-02-13 Corresponding to 1444-07-22
Resignation Acceptance Date 2023-02-14 Corresponding to 1444-07-23
Resignation Effective Date 2023-02-15 Corresponding to 1444-07-24
Membership Starting Date for the Resigned Member 2021-06-15 Corresponding to 1442-11-05
Reasons of Resignation In implementation of the text of paragraph (g) of Article 51 of the Corporate Governance Regulation issued by the Capital Market Authority, which stipulated that it is required that a member of the review committee not occupy membership committees in more than five joint stock companies listed in the market in that one.

Saudi Arabia Refineries Co. Announces Resignation of a Board Member

Element List Explanation
Introduction  Saudi Arabian Refineries Company (SARCO) announces that its Board of Directors has accepted the resignation of the Board Member, Mr. Maqid Ibrahim Al-Otaibi, (non-executive) from his membership in the Board of Directors and its committees for the current session that began on 01/05/2021 AD and ends on 30/04/2024 AD And that is in the minutes of the Board of Directors issued by circulation on 04/07/1444 AH corresponding to 26/01/2023 AD, provided that the resignation is effective from the date of completion of the signing of the minutes by majority on 29/01/2023 AD.
The members of the Board of Directors of the Saudi Arabian Refineries Company(SARCO), extend their thanks and appreciation to Mr. Maqid Ibrahim Al-Otaibi for his efforts in managing the company in the previous period, wishing him success.
Element List Explanation
Resigned Member Name Maqid Ibrahim Al-Otaibi
Membership Type Non- Executive
Resignation Submission Date 2023-01-19 Corresponding to 1444-06-26
Resignation Acceptance Date 2023-01-26 Corresponding to 1444-07-04
Resignation Effective Date 2023-01-29 Corresponding to 1444-07-07
Membership Starting Date for the Resigned Member 2021-05-01 Corresponding to 1442-09-19
Reasons of Resignation for him own reason

The Saudi Arabian Refineries Company (SARCO) announces that it was unable to publish its interim financial results for the nine months period ending on 09-30-2022

Element List Explanation
Announcement Detail The Saudi Arabian Refineries Company would like to clarify to its valued shareholders that it will not be able to publish the financial statements for the nine-month period ending on September 30, 2022 AD on the specified date, because the company is still working with the external auditor to issue the preliminary financial statements for the third quarter 2022 AD, and they will be announced as soon as the auditor is approved. external.
The company would also like to clarify that the procedures for suspending trading of listed securities will continue to be applied in accordance with the listing rules approved by the decision of the Board of the Capital Market Authority No. (1-10-2019) on 05/24-1440 AH corresponding to 01/30/2019 AD and announced on (Tadawul) website. On March 25, 2019 AD