United Oil Projects Company will address the cash dividends in its upcoming ordinary general assembly for the fiscal year ending December 31, 2024, scheduled for Sunday, May 4, 2025.
The assembly will review the Board's recommendation to distribute a 20% cash dividend (20 Fils per share) for shareholders registered on the company’s records as of the date of the meeting.
Other agenda items include:
• Hearing and discussing the Board’s performance report for the fiscal year ending December 31, 2024, and approving it.
• Hearing and approving the auditor's report for the fiscal year ending December 31, 2024.
• Discussing and approving the financial statements and final accounts for the fiscal year ending December 31, 2024.
• Reviewing reports of any violations observed by regulatory authorities and any resulting penalties, both financial and non-financial.
• Approving transactions with related parties conducted during the fiscal year ending December 31, 2024, and permitting similar transactions for the fiscal year ending December 31, 2025.
• Discussing the Board's recommendation to allocate a bonus of 45,000 Kuwaiti Dinars to Board members for the fiscal year ending December 31, 2024.
• Allocating 10% of the net profit to the legal reserve and the same percentage to the optional reserve, designated for strengthening the financial position of the company.
• Authorizing the Board to deal with the company’s shares (buy, sell, or dispose of shares) up to 10% of the total shares according to Law No. 7 of 2010 and its executive regulations.
• Allocating 1% of net profit to charitable donations through the Good Projects Foundation.
• Clearing the Board members of legal responsibilities for the fiscal year ending December 31, 2024.
• Appointing or reappointing the company auditor for the fiscal year ending December 31, 2024, and authorizing the Board to set their fees.