Raydan Food unable to disclose 2020 financials on time

A branch of Raydan Food Co.

Raydan Food Co. said in a bourse filing today, March 31, 2021, that it was unable to disclose its financial results for 2020 within the specified time.

The company said that its inability to publish consolidated annual financial results is only due to the failure to complete the review process requirements for the consolidated financial statements for 2020 before March 31, 2021, to date by the external auditor.

The firm further explained that its inability to publish consolidated annual financial on time is only due to the non-completion of the audit procedures and not related to its operations and operating subsidiaries.

Raydan Food expects the external auditor to complete the work and publish the consolidated annual financial statements before April 20, 2021.

Trading will be suspended on the stock as per the listing rules announced by the Saudi Stock Exchange (Tadawul) on March 25, 2019, the statement concluded.