Saudi Aramco could reveal accounts in early 2018: report

Saudi Aramco will be able to disclose its audited financial accounts early next year if the government decides on a venue for the oil giant’s initial public offering (IPO) and finalizes several reforms this year, Reuters reported, citing sources familiar with the matter.

It will be the first public disclosure of Aramco’s results ahead of the IPO, which is expected to raise as much as $100 billion from the sale of a five percent stake in the company.

Releasing the 2015-2017 accounts in Q1 2018 would be a major milestone ahead of the IPO, although the timing of the listing depends on several external factors, the sources said.

Earlier this month, Bloomberg reported that Riyadh is preparing contingency plans for a possible delay in the IPO, which has been scheduled for the second half of 2018. The company later said the listing remains on track.

Aramco’s accountants will send 2017 financial statements to external auditors when they have finished work on them at the beginning of next year, Reuters reported.

The company’s auditors – PwC, EY and BCG – have already audited 2015 and 2016 accounts.

A report on the accounts for all three years could be shared with a group of prospective large investors. Afterwards, a full prospectus will be available to all investors.

The accounts for 2017 will reflect Saudi Arabia’s new taxation system, while those for the two previous years would be done on a pro-forma accounting basis.

These accounts are expected to be released after the government has decided where the listing will take place, as different venues use different accounting standards, the sources said.