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Saudia Dairy and Foodstuff Co. ("SADAFCO") Announces an update on Change of the Fiscal Year and the Transition Plan
| Element List | Explanation |
|---|---|
| Introduction | With reference to SADAFCO’s announcement on Tadawul on 02-08-1445H corresponding to 08-24-2023G regarding the Change of its Fiscal Year and the related Transition Plan, SADAFCO would like to provide further details for more clarity to our previously announced transition plan. * Transition Plan: 1- SADAFCO will issue “reviewed” financial statements for the period of the Second Financial Quarter (Three Months), which starts on 01-July-2023 and ends on 31-Sep-2023, during the regulatory publishing deadline that ends on 09-Nov-2023. 2- SADAFCO will issue “reviewed” financial statements for the period of the Third Financial Quarter (Three Months), which starts on 01-Oct-2023 and ends on 31-Dec-2023, during the regulatory publishing deadline that ends on 11-Feb-2024. 3- SADAFCO will issue “audited” financial statements for the Short Annual Year (Nine Months), which starts on 01-Apr-2023 and ends on 31-Dec-2023, during the regulatory publishing deadline that ends on 31-Mar-2024. 4- Starting from the First Quarter (ending on 31-Mar-2024) of the Gregorian Calendar Year 2024, the Company will issue all financial statements for the financial periods from 2024 and beyond in a normal manner and in correspondence with the Gregorian Calendar Years, and during the regulatory publishing deadlines applicable to companies with fiscal year ends on 31 December. |
| Previous Announcement | Change of the Fiscal Year and the Transition Plan |
| Date of Previous Announcement on Tadawul's Website | 2023-08-24 Corresponding to 1445-02-08 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | Starting from the First Quarter (ending on 31-Mar-2024) of the Gregorian Calendar Year 2024, the Company will issue all financial statements for the financial periods from 2024 and beyond in a normal manner and in correspondence with the Gregorian Calendar Years, and during the regulatory publishing deadlines applicable to companies with fiscal year ends on 31 December. |
| Reasons for Exceeding the Announced End Date | Not Applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The execution of this transition will not have any negative effects on the Company’s financial or operational performance. |
| Impact of the Delay on the Company's Financial Results | Not Applicable |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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