Regarding the announcement made by SADAFCO on Tadawul on 07-02-1445H, or 23-08-2023G, regarding the approval of the Extraordinary General Assembly to amend article (48) of the Company's bylaws, which resulted in shifting the Company's financial year end to December 31 rather than March 31, SADAFCO announces its intention to carry out this transition as follows:
1) During the legal publishing window, which closes on March 31, 2024, SADAFCO will publish "audited" financial statements for the Short Annual Year (Nine Months), which begins on April 1, 2023, and concludes on December 31, 2023.
2) The Company will then release all financial statements for the financial periods from 2024 and onward in a regular manner and in accordance with the Gregorian Calendar Years, as well as during the regulatory publishing deadlines applicable to businesses whose fiscal year ends on December 31. This will begin with the First Quarter of the Gregorian Calendar Year 2023, which ends on March 31, 2023.
SADAFCO also wants to make it clear that there won't be any unfavorable effects on the Company's financial or operational performance as a result of how this transition is carried out.
