Losses and inefficiency sink Shams Board

The General Assembly of Al-Mashrou'at Al-Siyaha "Shams" approved the removal of the current board members due to repeated financial and operational results below expectations, and accumulated losses that led to a decline in shareholders’ equity, as well as ineffective utilization of resources. A new board was elected for a four-year term, headed by Nasser Al-Barrak, who decided to terminate the relationship with the previous CEO and appoint Majed Al-Atibi as CEO, bringing 25 years of experience in investment and asset management. The company incurred a loss of 4.5 million riyals in the first quarter of the year, compared to a profit of 726,000 riyals during the same period last year, while its revenues increased by 11.6% to 1.5 million riyals amid a declining market, with a market value of 933 million riyals.

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