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Saudi Azm Elects New Board, Updates Governance and Reports Strong Nine-Month Profit
On June 14, shareholders in Riyadh approved a fresh slate of directors and a tightened governance framework for Saudi Azm for Communication and Information Technology Company, while the firm disclosed a 37 percent rise in its nine‑month net profit.
The meeting saw the election of a five‑member board that will serve a four‑year term from 22 June 2026 to 21 June 2030. Ahmed Abdulaziz Al Haqbani, Majed Saad Al‑Osaimi, Mohammed Ibrahim Al Qunaibit, Ali Mohammed Al Balla and Omar Abdulrahman Al Jeraisy were chosen to steer the company’s strategic direction and operational integrity.
Shareholders also approved amendments to Article 4 of the company’s bylaws, clarifying Saudi Azm’s primary objectives and purposes. The change aligns the legal framework with the firm’s evolving activities in the digital and communications sectors, a common practice among listed companies seeking to keep governance documents current.
In a move that underscores the firm’s commitment to robust oversight, the meeting ratified new conflict‑of‑interest standards for board members. Directors will now be required to disclose any business activities that compete with Saudi Azm or its subsidiaries, thereby strengthening compliance with the Saudi Capital Market Authority’s regulatory environment.
Audit‑committee chair Mohammed Amin Merah highlighted the importance of rigorous oversight during the transition, reaffirming the company’s dedication to sound financial governance.
Financially, Saudi Azm reported a net profit of SAR 34.74 million for the first nine months of fiscal year 2025/2026—up 37 percent from SAR 25.4 million in the same period a year earlier, according to the company’s published results. Management attributed the improvement to higher revenue and disciplined cost management.
The company trades on the Saudi Stock Exchange (Tadawul) and operates in the telecommunications and information technology space, sectors that are central to the Kingdom’s Vision 2030 diversification agenda. The governance updates come as the Capital Market Authority has tightened corporate governance requirements for listed firms.
Saudi Azm’s board election and bylaws amendment reflect a broader trend among Saudi listed companies to enhance transparency and align governance structures with international best practices. Recent CMA regulatory updates emphasize shareholder rights, board independence and conflict‑of‑interest disclosures.
The new board will face a series of challenges, including sustaining growth momentum in a competitive digital market and navigating regulatory changes that affect data privacy, spectrum allocation and cross‑border data flows. Leadership will also need to manage the transition of strategic initiatives launched under the Vision 2030 framework.
By tightening disclosure requirements, Saudi Azm signals a proactive stance on governance risks, aiming to mitigate potential conflicts that could arise from directors’ external business interests.
The firm’s recent profit performance, coupled with the governance reforms, positions it to pursue further expansion in the communications sector. Investors will likely monitor upcoming quarterly reports and any announcements related to new service offerings or partnerships.
In short, Saudi Azm has elected a new board, updated its bylaws and conflict‑of‑interest policies, and reported a robust nine‑month profit—setting the stage for continued growth in Saudi Arabia’s evolving digital economy.
The meeting saw the election of a five‑member board that will serve a four‑year term from 22 June 2026 to 21 June 2030. Ahmed Abdulaziz Al Haqbani, Majed Saad Al‑Osaimi, Mohammed Ibrahim Al Qunaibit, Ali Mohammed Al Balla and Omar Abdulrahman Al Jeraisy were chosen to steer the company’s strategic direction and operational integrity.
Shareholders also approved amendments to Article 4 of the company’s bylaws, clarifying Saudi Azm’s primary objectives and purposes. The change aligns the legal framework with the firm’s evolving activities in the digital and communications sectors, a common practice among listed companies seeking to keep governance documents current.
In a move that underscores the firm’s commitment to robust oversight, the meeting ratified new conflict‑of‑interest standards for board members. Directors will now be required to disclose any business activities that compete with Saudi Azm or its subsidiaries, thereby strengthening compliance with the Saudi Capital Market Authority’s regulatory environment.
Audit‑committee chair Mohammed Amin Merah highlighted the importance of rigorous oversight during the transition, reaffirming the company’s dedication to sound financial governance.
Financially, Saudi Azm reported a net profit of SAR 34.74 million for the first nine months of fiscal year 2025/2026—up 37 percent from SAR 25.4 million in the same period a year earlier, according to the company’s published results. Management attributed the improvement to higher revenue and disciplined cost management.
The company trades on the Saudi Stock Exchange (Tadawul) and operates in the telecommunications and information technology space, sectors that are central to the Kingdom’s Vision 2030 diversification agenda. The governance updates come as the Capital Market Authority has tightened corporate governance requirements for listed firms.
Saudi Azm’s board election and bylaws amendment reflect a broader trend among Saudi listed companies to enhance transparency and align governance structures with international best practices. Recent CMA regulatory updates emphasize shareholder rights, board independence and conflict‑of‑interest disclosures.
The new board will face a series of challenges, including sustaining growth momentum in a competitive digital market and navigating regulatory changes that affect data privacy, spectrum allocation and cross‑border data flows. Leadership will also need to manage the transition of strategic initiatives launched under the Vision 2030 framework.
By tightening disclosure requirements, Saudi Azm signals a proactive stance on governance risks, aiming to mitigate potential conflicts that could arise from directors’ external business interests.
The firm’s recent profit performance, coupled with the governance reforms, positions it to pursue further expansion in the communications sector. Investors will likely monitor upcoming quarterly reports and any announcements related to new service offerings or partnerships.
In short, Saudi Azm has elected a new board, updated its bylaws and conflict‑of‑interest policies, and reported a robust nine‑month profit—setting the stage for continued growth in Saudi Arabia’s evolving digital economy.
