Yanbu Cement Names Audit Committee with Petrochemical, Energy Expertise

Yanbu Cement Company formed its audit committee, appointing members with backgrounds in petrochemicals and energy finance, the cement producer said in a filing.

The committee includes the CEO of Alat, an executive formerly with Saudi Basic Industries Corporation, and a former Saudi Aramco leader who holds a PhD in chemical engineering. A fourth member brings actuarial and financial expertise from King Saud University.

The appointments come less than two months after shareholders approved a SAR 787.5 million reserve liquidation aimed at boosting distributable cash. The audit committee will oversee financial reporting, risk management, and internal controls, the company said.

The composition suggests a focus on rigorous financial oversight. The CEO of Alat, a PIF-backed industrial company, has held executive and advisory roles at the Royal Commission for Riyadh City and SABIC. The former Aramco leader helped found the YASREF refinery and served on multiple board committees, including audit and risk panels. The actuarial specialist holds a master's degree in actuarial and financial sciences.

Yanbu Cement has been managing capital allocation with an eye on shareholder returns. The reserve liquidation proposal, which shareholders ratified in late 2025, frees up cash that could support dividends or fund expansion. The new audit committee's expertise in capital-intensive industries may reinforce the company's ability to balance payout flexibility with investment needs.

The board expects the committee to provide independent oversight of financial disclosures and compliance with the Capital Market Authority's listing rules. The filing did not specify when the committee will hold its first meeting or how often it plans to convene.