Riyadh – Mubasher: Jazan Development and Investment Company (Jazadco) will hold its Ordinary General Assembly Meeting scheduled on 30 June 2026 to address a comprehensive agenda, according to a bourse disclosure.
Key items will include the ratification of the 2025 fiscal year financial statements, the approval of board remunerations, and the review of significant related-party transactions and competitive interest disclosures.
A primary focus of the meeting will be the review and discussion of the board and auditor reports for the 2025 fiscal year. Financial data provided in the disclosure indicates that Jazadco recorded a total comprehensive profit of SAR 831,620 for 2025, a significant recovery from the comprehensive loss of SAR 164.6 million reported in 2024.
However, the company continues to face financial challenges, with accumulated losses reaching SAR 130.8 million as of the end of 2025.
Furthermore, the independent auditor’s report highlighted that current liabilities exceeded current assets by approximately SAR 111.3 million, signaling ongoing liquidity pressures.
Shareholders will also vote on the appointment of an external auditor from among candidates recommended by the Audit Committee. The selected firm will be responsible for reviewing and auditing the financial statements for the second (Q2), third (Q3), and annual periods of 2026, as well as Q1-27. The candidates include Al Zoman, Al Fahad & Al-Hajjaj (A&Y) with a proposed fee of SAR 550,000 and PKF Al Bassam with a bid of SAR 568,000.
Additionally, the assembly will vote on a proposed remuneration of SAR 700,000 for the Board of Directors for the 2025 fiscal year.
The agenda includes critical governance items regarding conflicts of interest. Shareholders are asked to approve transactions conducted during 2025 with the National Aquaculture Group (NAQUA), totaling SAR 358,408. These transactions, involving the purchase of feed and raw materials, are noted for the indirect interest of former board member Abdullah bin Ali Al Dubaikhi. The board maintains that these dealings were conducted under standard commercial terms without preferential conditions.
Furthermore, the assembly will vote on authorizing board member Jaber bin Mohammed Al Sahli to engage in business activities that compete with the company. Al Sahli is involved in the ownership and management of Sea Treasures Saudi Fish Company, a firm specializing in fish production with a shrimp farming license under development, which directly overlaps with Jazadco’s core business segments.
