Dar Almarkabah Board Member Quits, Cites Governance Failure

Dar Almarkabah for Renting Cars Co. said board member Saleh Al-Harithi resigned, citing weak corporate governance. The resignation takes effect immediately.

The company gave no further details on the governance issues or any board-level response. Al-Harithi had served on the board since 2022, according to the company's filings.

Dar Almarkabah trades on the Saudi exchange under the ticker 9090. The stock closed flat on the day of the announcement, with no unusual volume.

The resignation follows a period of mixed earnings for the car-rental operator. The company reported a 12% drop in net profit for the first half of 2024 compared with the same period a year earlier. Revenue fell 8% over the same stretch.

Al-Harithi's departure leaves the board with five members, down from six. The company said it would announce a replacement in due course.