SIECO unable to disclose Q1 2021 financials on time

Logo of SIECO

Saudi Industrial Exports Co. (SIECO) said in a bourse filing today, May 23, 2021, that it was unable to disclose its financial results for Q1 2021 within the specified time.

The company attributed it to the failure to complete the entry of the opening balances for 2021, which are also the results of the closing balances for 2020.

Work is still ongoing to end the reservations of the company's external auditor with the 2020 financial results, and finalizing the annual closing balances.

SIECO expects the external auditor to complete the work and publish the financial statements before June 30, 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.

According to the data compiled by Argaam, trading on SIECO shares was suspended on Tadawul from April 29, 2021, after the external auditor refused to express an opinion on the company's financial statements for 2020.

The company further said that the audit committee had difficulty finalizing the observations of the external auditor, and also monitored administrative and financial violations of the previous executive management.

It indicated many reservations due to the unavailability of data from the company’s branches outside the Kingdom. This was due to the precautionary measures in these countries to prevent the spread of COVID-19, as well as the conditions preventing travel to and from those countries.

The company appointed one of the certified legal accounting firms specialized in forensic auditing to list all violations and take legal action regarding them.