Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company announced the results of its Ordinary General Meeting (OGM), held on 28 June.
During the session, which was conducted via modern technology through the Tadawulaty system, shareholders approved the board of directors' report and the financial statements for the fiscal year ending 31 December 2025.
Additionally, the assembly ratified the appointment of two external auditing firms to oversee the company’s financial reviews for the remainder of 2026 and the first quarter (Q1) of 2027.
The meeting represented the second assembly gathering, convened with an attendance rate of 7.65 percent of the company’s share capital. Despite the low turnout, the meeting was valid under the company’s bylaws for a second session.
The proceedings were chaired by Khalid Gama, Chairman of the Board of Directors, with the participation of several board members and committee heads, including Vice Chairman Mohammed Al Dar and Audit Committee Chairman Ibrahim Albuloushi.
A primary focus of the assembly was the review and approval of the company’s performance in 2025. Shareholders voted in favor of the board of directors’ report and the auditor’s report for the period ending 31 December 2025.
The assembly also formally reviewed the financial statements for the same period. These approvals serve as a critical regulatory step in finalizing the company’s annual reporting cycle and ensuring transparency for its investors.
In line with recommendations from the Audit Committee, the General Assembly approved the appointment of MOORE and PKF as the company’s external auditors.
This dual-auditor approach is a standard practice within the Saudi insurance sector to ensure rigorous oversight. The newly appointed firms are tasked with examining, reviewing, and auditing the financial statements for the second and third quarters of 2026, the full-year 2026 results, and Q1-27.
The disclosure provided specific details regarding the financial compensation for the audit services. The total fees for the audit period were set at SAR 1.05 million. This total is divided between the two firms, with MOORE receiving SAR 480,000 and PKF receiving SAR 575,000.
The board had previously recommended these appointments during its meeting on 2 June 2026, following the Audit Committee’s proposal issued earlier that month.
The meeting also saw the attendance of key committee leaders to address shareholder inquiries, including the heads of the Executive Committee and the Nomination and Remuneration Committee. While most board members were present, the company noted the absence of Bernd Günther Saacke and Abdulrahman Tolefat.
Saudi Enaya, which operates with a capital of SAR 230 million, continues to fulfill its regulatory obligations under the supervision of the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA).
