The Integrated Annual Report 2024 has been prepared in accordance with the International Integrated Reporting Framework of the IFRS Foundation. As a Saudi Arabian company listed on the Saudi Stock Exchange (Tadawul), this Report’s content aligns with the Saudi Listing Rules and the Capital Market Authority (CMA) Listed Company Guidelines, as well as voluntary disclosure guidelines.
The Consolidated Financial Statements presented herein adhere to the International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia, along with other relevant standards and pronouncements issued by the Saudi Organisation for Certified Public Accountants (SOCPA).
The Board of Directors confirms the following with respect to the reporting period:
- The Company’s books of accounts have been properly maintained.
- The internal control system is effectively designed and implemented.
- There are no significant concerns regarding the Company’s ability to continue operations.
- Except for the information disclosed from page 108 to 115, there are no businesses or contracts involving the Company in which a Board Director, Senior Executive, or any related person has or had an interest.
- Except for the information disclosed in the Corporate Governance section, there are no businesses or contracts involving the Company in which a Board Director, Senior Executive, or any related person has or had an interest.
- The only penalty to be incurred by SAL was a charge of SAR 300 imposed by the Labor Office.
- There are no competing businesses in the Company’s areas of operation that any Board Director is currently engaged in or has previously practiced with the exception of those disclosed in the Corporate Governance section.
- There was no conflict between the recommendations of the Audit Committee and the decisions of the Board of Directors regarding the appointment of the company’s auditor, their dismissal, determining their fees, evaluating their performance, or the appointment of the internal auditor.
- The Board of Directors has appointed Muhammad Shahrukh as Director Internal Audit, effective 18 December 2024, based on the recommendation of the Audit Committee.
- There are no arrangements or agreements under which a Member of the Company’s Board of Directors or a Senior Executive waived any remuneration.
- There are no arrangements or agreements under which one of the Company’s Shareholders waived any rights to profits.
SAL is committed to fully comply with and implement the mandatory provisions of Corporate Governance Regulations issued by the Capital Market Authority. The Board of Directors oversees the Company’s compliance with Governance standards and regulations issued by the Capital Market Authority.
The Executive Management and its committees work to review and update governance policies and practices, with the aim of enhancing integrity, transparency, and compliance.
SAL’s Investor Relations Department regularly provides the Board of Directors with shareholder feedback, including suggestions, comments, and inquiries related to the Company’s performance.
After thorough consideration of all material aspects relevant to SAL and its Stakeholders, the Board of Directors affirms that reasonable care has been taken in the preparation and presentation of this Integrated Annual Report, ensuring its accuracy and integrity.
Signed by the Board of Directors.