Deadlines for Saudi firms to disclose FY 2019 earnings approaching

04/04/2019 Argaam Special

 

Saudi-listed companies will announce Q1 2019 financial results between April 1 and May 12, in line with the period specified by the Kingdom’s Capital Market Authority (CMA).

 

In early 2017, the Saudi market regulator amended the period of disclosing quarterly financial statements from 15 business days to 30 days. The regulator also extended the period of reporting annual financial statements to three months from 40 days.

 

The extension coincided with the challenges faced by companies shifting to International Financial Reporting Standards (IFRS).

 

A deadline is yet to be set for publishing Q4 2019 financial results, while the annual financial results of the current year should be disclosed no later than March 31, 2020, according to a bourse statement.

 

The market regulator had exempted listed companies from disclosing their financial results for the fourth quarter of 2017.

 

Financial Results Announcement Deadlines in 2019

Period

Start

End

Number of days*

Q1 2019

April 1

May 12

30 business days

Q2 2019**

July 1

August 21

30 business days

Q3 2019

October 1

November 11

30 business days

Q4 2019

Not determined

Not determined

--

Annual results

January 1, 2020

March 31, 2020

3 months

* Business days in Saudi Arabia according to the CMA.

** The results disclosing period coincides with Eid Al Adha.

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