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Riyadh-Arriyadh: Abdullah Abdulmohsen Al-Khodari Sons Company announced that she had not been able to release her preliminary financial results for 2018 and the first quarter of 2019 over the previously expected period.
The company is expected to release its financial results for 2018 by the end of August 2019, the company said in a statement released Thursday in Tadawul.
The company expects to report its financial results for the first quarter of 2019, before mid-September 2019, following the release of its financial results from the prior year.
The Company noted that it was not currently possible to determine the financial impact that could result from the inability to publish the initial financial results in a timely manner. This effect will be disclosed if it is found at that time.
He also pointed out that his inability to publish his preliminary financial results for previous periods is solely due to a procedural order relating to the audit process, and not to the company's operational operations.
The company will continue to suspend trading in accordance with the listing rules.
Al Khudari explained that the management of accumulated losses requires the implementation of a sound business plan and financial restructuring based on sound foundations, without which the viability of the company could be put questioned.
"Thus, since March 2019, management has been working hard to develop this plan with the services of a world-renowned consulting firm and a legal advisory firm."
In the opinion of the management of the Company, it is in the shareholders' interest to ensure that this plan is an essential element of what must be submitted to the auditors to complete its audit of the financial statements. Exercise and get an unqualified opinion from the listener.
A cautious approach was needed to test and evaluate the badumptions used in the business plan and the financial restructuring on several occasions, taking into account the multiple options available to cope with the accumulated losses and liquidity needs necessary to achieve the projected growth. plan.
The company confirmed that the work on the plan had been finalized.
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