March 29, 2025 - Development Works Food Co. announces its inability to publish its annual financial results for the period ending December 31, 2024, along with the Board of Directors’ report, on the Saudi Stock Exchange (Tadawul) website within the specified regulatory deadline.
The company is working closely with its financial advisor and external auditor to resolve the reservation in the financial statements, which required a review of the application of the standard on asset usage rights, improvements, and the calculation mechanism for various revenue types—whether operational or financial—for the years 2022, 2023, and 2024, necessitating additional time.
The company is awaiting the draft financial statements and final report from the external auditors. Once received, the Audit Committee will convene to review the results and provide recommendations to the Board for approval. Based on these results, the Board of Directors will then prepare the required report within the designated period. The company anticipates announcing its annual financial results for the period ending December 31, 2024, before the close of business on Thursday, May 1, 2025.