National Gypsum takes action on fine levied by GAC

Logo of National Gypsum Co.

National Gypsum Co. appealed the administrative decision issued by the General Authority for Competition (GAC) on Sept. 10, 2024, which imposed a fine of SAR 10.7 million on the company and other firms for violating Article 5/1 of the Competition Law.

In a statement to Tadawul, the company said the appeal was filed with the Administrative Court in Riyadh. A ruling was issued on Jan. 17, 2024, revoking the decision to levy the SAR 10.7 million fine on the company.

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GAC also appealed the preliminary ruling before the Administrative Appeal Court. On May 14, 2024, the ruling was revoked and the case was dismissed.

Accordingly, GAC’s decision was published on Sept. 10, 2024, after the company’s financial statements were endorsed for H1 2024. National Gypsum fully allocated a provision for the said fine in its nine-month statements.

National Gypsum fully repaid the fine on Oct. 2, 2024, and appealed the ruling before the Supreme Administrative Court, which rejected the appeal.