Development Works Food delays 2024 results release

Logo of Development Works Food Co.

Development Works Food Co. said it is unable to publish its annual financial results and the board of directors’ report for 2024 on the Tadawul website within the specified regulatory deadline.

The company said that it is working with its financial advisor and external auditor to resolve reservations in the financial statements. This process requires a review of the application of standards related to the right-of-use assets and improvements, as well as the mechanism for calculating other revenues—both operating and financing—for the years 2022, 2023, and 2024. The review process necessitated additional time.

The company awaits receipt of the draft financial statements and final report approved by the external auditors. The audit committee will hold a meeting to discuss the results and recommend them to the board for approval.

The board will then prepare the board of directors' report within the prescribed period. The board of directors will prepare the report based on the results. The company expects to announce its 2024 financial results before the end of the business day on May 1.

The board is actively working to address the reservations previously noted in the 2023 financial statements and to prevent similar issues in the 2024 financial statements. However, ongoing efforts to resolve these reservations have contributed to the delay.

Development Works Food also clarified that procedures for suspending trading in listed securities will be implemented in accordance with listing rules.

The company will provide monthly updates regarding its inability to publish the financial results on time and will promptly disclose any material developments.