Riyadh – Mubasher: City Cement Company, a prominent player in the Saudi Arabian construction materials sector, has issued a formal correction through the Saudi Exchange (Tadawul) regarding the outcomes of its recent Extraordinary General Meeting (EGM).
The announcement serves to clarify specific details concerning the appointment of the company’s external auditor and the associated professional fees for the upcoming fiscal periods, correcting an earlier disclosure dated 29 June 2026.
The correction pertains to the second meeting of the EGM, where shareholders deliberated on several key items, including the oversight of the company’s financial reporting.
In the initial announcement, the company had stated that the assembly approved the selection of an auditor from a pool of candidates based on the recommendation of the audit committee. However, the disclosure lacked the specific identity of the firm and the financial terms of the engagement.
In its latest filing, City Cement confirmed that the shareholders have officially approved the appointment of Mohamed Al Amri & Co. to serve as the external auditor.
The mandate for the firm includes the examination, review, and auditing of the company’s financial statements for the second and third quarters of the 2026 fiscal year, as well as the full-year annual financial results for 2026.
Furthermore, the appointment extends to the review of the financial statements for the first quarter (Q1) of 2027.
The company also disclosed the financial compensation agreed upon for these professional services. The total fees for the specified audit period have been set at SAR 480,000.
City Cement clarified that this figure is exclusive of Value Added Tax (VAT), which will be applied in accordance with prevailing Saudi tax regulations.
This clarification is part of the company's commitment to transparency and regulatory compliance as mandated by the Capital Market Authority (CMA) and the Saudi Exchange.
By providing the exact name of the auditing firm and the specific fee structure, City Cement ensures that shareholders and the broader investment community are fully informed of the governance decisions made during the general assembly.
The appointment of an external auditor is a critical component of corporate governance for listed companies on the Tadawul. It ensures that financial disclosures are subjected to independent verification, thereby maintaining the integrity of the financial markets and protecting investor interests.
Mohamed Al-Amri & Co. will be responsible for ensuring that City Cement’s financial reporting adheres to the International Financial Reporting Standards (IFRS) as adopted in the Kingdom of Saudi Arabia.
City Cement continues to focus on its operational and financial stability within the local market. This administrative update ensures that the legal and regulatory framework for its upcoming financial cycles is firmly established, providing a clear roadmap for the company’s auditing requirements through Q1-27.
