It is with great pleasure that I present to you our very first annual report as a listed entity, consequent to an Initial Public Offering (IPO) that generated much publicity and attracted considerable investor demand. The event, which occurred during the latter half of the reporting period, marked a historic milestone for CGS, ushering in a new phase of institutional maturity for the Company. The IPO’s resounding success has served to further strengthen our already solid foundations and has helped shape our outlook for the coming years, as we seek to move decisively, and with renewed vigour, towards our growth ambitions.
The strong oversubscription of our IPO revealed clear investor interest and confidence in our Group, increasing market recognition of a long-established business model. In preparation for the listing, CGS also undertook an important evolution in governance, transitioning from a largely family-run, shareholder-led structure towards a more independent and institutionally governed framework with Board oversight. This included, among other developments, the establishment of Board committees, whose stewardship helps unlock new strategic advantages and a newfound reporting discipline that has instilled a stronger sense of accountability.
While governance was always robust at CGS, post-listing it has been further strengthened through investments in in-house legal and audit capabilities, and enhancements in Financial Planning and Analysis (FP&A) as well as internal analytics. Another outcome has been increased transparency as we strive to honour all disclosure requirements mandated by regulators. The institutionalisation of management processes
has also served to increase efficiencies and drive growth as we move further along our strategic path as we try to find the optimal balance between the entrepreneurial spirit of a family owned businesses combined with the governance and efficiency of a publicly listed entity.
In 2026, as we gear up to celebrate our 50th anniversary since founding, CGS enjoys greater brand recognition than we had prior to our going public, resulting in improved talent attraction and stronger customer confidence. Although, it must be stressed that this reputation was not built overnight and, in fact, reflects decades of product development, engineering innovation and consistent execution that have helped establish CGS as a trusted name across the industries it serves. The increased visibility following the IPO has, however, broadened our engagement with the wider investment community, including institutional investors, highlighting the importance of clearly communicating the fundamentals of our business model. This was, in part, owing to a marked lack of comparable entities in the Gulf Corporation Council (GCC), which meant that CGS remained a challenge to benchmark as a business. The complexities involved in the nature of our business were also a factor, as were the varied drivers that create value. Going forward – and, indeed, starting with this very report – one of our priorities is to expound on our value proposition and provide clarity to our stakeholders on our unique model and the nuances therein.
The Company’s growth agenda intrinsically complements that of the Kingdom of Saudi Arabia. Our strategic alignment with Saudi Vision 2030 positions us as a direct enabler of the Kingdom’s ambitious food security objectives even as cold-chain regulation sees increased enforcement. Already ahead of the curve as a highly sought-after cold-chain solutions provider in the Kingdom, CGS is preparing to also tap into growing opportunities in defence localisation, healthcare, and tourism, with all four of its segments envisioned to directly benefit from these and other well-established megatrends over the next several years. The Customised Solutions segment, in particular, has proved promising, and we shall continue to invest heavily in its growth. While recent geopolitical tensions have certainly been a cause for concern in the near term, I am optimistic that our strategy and robust governance and management frameworks, coupled with the indispensability of our products and services offering, will ensure a degree of consistency and dependability that our stakeholders can rely on.
In conclusion, I wish to thank our Executive Management team and all our employees for delivering a solid performance at the Group-level during the reporting period, marking notable growth in key segments despite some challenges. As we enter a new fiscal year, I am confident that the foundations have been laid, particularly in the wake of the IPO, for a more determined push towards our strategic goals.
Speaking to the Group’s strong financial position, its future prospects and continued commitment to delivering shareholder value, the Board of Directors has recommended a dividend of X 23.3 Mn. (X 0.23 per share), subject to shareholder approval, following the interim dividend of X 10 Mn. (X 0.10 per share) already paid. This brings the total dividends for FY26 to X 33.3 Mn., equivalent to X 0.33 per share which translates to a total payout of 71.5% of net profit.
I must also take this opportunity to express my sincerest gratitude to former Chief Executive Officer (CEO), Peter Faerber, whose vision and exemplary leadership helped propel CGS to where it is today as a veritable giant in the industry. I also welcome Ruban Bilen, who took over from Peter as new CEO as of 1 May 2026. Ruban, who served as Group Chief Financial Officer (CFO) until the end of April and, under Peter’s leadership, helped ensure smooth sailing throughout the IPO process, brings with him a wealth of experience that I have no doubt will play a pivotal role in forging the future fortunes of our Company in the years ahead.
Sinan Al Saady
Chairman