For the Year Ended 31 December 2025
Dear Shareholders,
I am pleased to present the Audit Committee Report for the year ended December 31, 2025. This report outlines the Committee’s continued efforts to uphold the integrity, transparency, and reliability of the Company’s financial reporting and governance practices, and reflects our commitment to effective oversight, sound judgment, and the highest standards of accountability.
Throughout the year, the Committee maintained active oversight of the Company’s financial reporting process, internal control environment, and compliance framework. We worked closely with the Board of Directors and Management to monitor business developments, address emerging risks, and support the continued enhancement of the enterprise risk management framework.
The Committee remained actively engaged with Management on financial performance matters, providing constructive challenge and guidance on key financial assumptions, controls, and reporting practices, with a continued focus on safeguarding shareholder interests and supporting sustainable value creation.
The Committee continued to oversee the Internal Audit function, ensuring its independence, objectivity, and effectiveness. During 2025, Internal Audit delivered its approved plan in full and further strengthened its risk-based approach, advisory role, and digital capabilities. The Committee also reviewed Internal Audit’s conformance with the new Global Internal Audit Standards and supported actions taken to ensure full alignment.
Recognizing the growing importance of cybersecurity and technology risks, the Committee maintained a focused oversight on the Company’s cybersecurity posture and controls. During the year, attention was given to strengthening business continuity capabilities, identity and access management processes, and employee’s awareness programs, to enhance the Company’s overall resilience against potential cybersecurity threats.
The Committee also maintained close engagement and open dialogue with the External Auditor, to verify their independence, the audit scope quality, timeliness, and financial reporting transparency.
The Committee remains committed to supporting the Board in strengthening the Company’s overall governance, resilience, and long-term value creation for the shareholders.
Yours sincerely, Chairman of the Audit Committee Dr. Khalid D. Al Faddagh