Al-Khodari announces new dates for disclosing financial results

Abdullah A. M. Al-Khodari Sons Co. announced on Tadawul that it expects to publish its financial results within the following timeframe:

1) Annual financial results for FY 2018 are expected to be published before Dec. 20, 2019.

2) Preliminary financial results for the period ended March 31, 2019 are expected to be published before Dec. 31, 2019.

3) Preliminary financial results for the period ended June 30, 2019 are expected to be published before Feb. 15, 2020.

4) Preliminary financial results for the period ended Sept. 30, 2019 are expected to be published before Feb. 28, 2020.

The company received the draft audit report for FY 2018 which included a disclaimer opinion.

Al Khodari said that the auditors’ disclaimer opinion did not fully comply with the detailed information and documents provided by the company during the audit period, which lasted for more than ten months. The draft also did not consider the positive connotations of some regulatory facts supported by documents.

Thus, on Nov. 21, 2019, the company's management has addressed the auditors with its objections to the draft audit report for the year ended Dec. 31, 2018, and is still waiting the response.

The company added that it would disclose any developments in a timely manner, stressing that there were no costs associated with the event. It also noted that it is currently impossible to identify the financial impact of delay, and it will be disclosed, if any, in due course.

Procedures for suspending the trading of listed securities as announced on the Saudi Stock Exchange website (Tadawul) on March 25, 2019 are applicable to Al Khodari’s stock.

Al-Khodari has previously announced end of October that it expects to publish its financial results for FY 2018 before Nov. 21, 2019.