Al-Khodari close to finalizing draft work plan, restructuring procedure

Abdullah A. M. Al-Khodari Sons Co. is close to finalizing and discussing its draft work plan and financial restructuring procedure with auditors – a key perquisite for issuing its FY18 consolidated financial results.

Accordingly, the Saudi contractor expects to issue FY 2018 financial statements by the end of October, Al-Khodari said in a bourse statement.

The company also expects to publish Q1 2019 figures by mid-November following the disclosure of its annual financial results.

It is difficult to estimate the financial impact, which could arise from the company’s failure to publish its annual and first quarter results on time, the Saudi contractor said, adding the related financial impact will be disclosed in due course.

Al-Khodari had earlier attributed delays in disclosing its financial statements to audit requirements, Argaam reported.

It expected to disclose FY18 financial statements by the end of August 2019 and Q1 2019 results in mid-September.

The stock has been suspended from trading since April 30.