Saudi Cables unable to publish 9M 2023 financials on time

The company, in a statement to Tadawul, said the delay in publishing its financials was because the ongoing collaboration with the external auditor is still in progress to finalize the annual financial statements for 2022 and the preliminary financial statements for the three-month period ended March 31, 2023. Subsequently, efforts will be directed towards releasing the preliminary financial statements for the second and third quarters of 2023. 

Saudi Cables is currently in the process of convening a general assembly to appoint an external auditor to examine, review, and audit the financial statements for the second and third quarters and the annual financial statements for 2023, as well as that of Q1 2024. This step is necessary for the board's recommendation to hold a general assembly, enabling shareholders to appoint the external auditor. 

The company stated that the financial statements for the second and third quarters of 2023 will be announced and published after the appointment of the external auditor, and upon their approval by both the external auditor and the board of directors. 

Procedures for trading suspension of listed securities will apply to the company’s shares, according to the listing rules approved by the Capital Market Authority (CMA) and Tadawul, the statement added.