Cenomi Retail determines fiscal year transformation plan

Logo of Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) 

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) determined a transformation plan to change the end of its fiscal year from March to December in three phases. 

Firstly, the company will issue reviewed financial statements for Q3 2022, starting October 1, 2022, until December 31, 2022, within the regulatory publishing deadline on Feb. 9. 

Cenomi Retail will also issue nine-month audited financial statements, starting April 1, 2022, until December 31, 2022, within the regulatory publishing deadline on March 31. 

Starting from Q1 2023 (ending on March 31), the company will issue all financial statements for fiscal periods of 2023 during a calendar year, within the regulatory deadlines applicable to companies that end for the fiscal year on Dec. 31. 

In a statement to Tadawul, Cenomi Retail pointed out that the execution of the fiscal year transformation will not result in any negative effects on its financial or operational performance. 

According to data compiled by Argaam, Cenomi Retail’s shareholders approved amending Article No. 43 of the Articles of Association related to the company's fiscal year, during the extraordinary general assembly meeting held on Dec. 29. 

The article before the amendment read as follows: "The company's fiscal year starts from April 1, and ends in March of each year. The company's first fiscal year, after conversion, will commence as of the date of the company's registration in the commercial register and will end at the end of March of the following Gregorian year". 

After the amendment, the article will state: "The company's fiscal year starts on the first day of January and ends on the last day of December of each year."