Saudi Cable says unable to publish Q1 financials on time

23/05/2023 Argaam
Logo ofSaudi Cable Co.

Logo of Saudi Cable Co.

Saudi Cable Co. announced its inability to disclose its preliminary financial results for Q1 2023 within the specified deadline.

 

The company is still working with the external auditor to issue the annual financial statements for 2022 and will work on publishing the preliminary financial statements for Q1 2023 after that, according to a statement to Tadawul.

 

Furthermore, the cable manufacturer is facing severe challenges in the human resources necessary to complete the audit process in a satisfactory professional manner, while the audit process for the entire group was not completed on time.

 

Saudi Cable said the financial statements will be announced after being approved by the external auditor and board of directors.

 

The company clarified that the procedures for suspending trading of listed securities will be applied according to the listing rules approved by the Capital Market Authority’s decision on March 25, 2019.

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