Osool & Bakheet explains delay in publishing 2025 results

Logo of Osool & Bakheet Investment Co.

Osool & Bakheet Investment Co. said on Wednesday it is unable to publish its financial results for 2025, due to the ongoing audit process that is in its final stages.

The company explained in a statement on Tadawul that technical procedures are currently being completed to determine the fair value of its investment in Mustaqbal Al-Ibda Digital Brokerage, in coordination with external consultants and the external auditor.

This includes completing valuation under International Financial Reporting Standards (IFRS), addressing technical comments, and finalizing related accounting treatments.

The company confirmed that intensive work is ongoing to complete these procedures as soon as possible, stressing its commitment to promptly disclose any material developments.

It noted that there are no significant additional costs related to this matter at present, and any potential financial impact, if any, will be reflected in the financial statements upon publication.

The impact of the delay is limited to the timing of publishing the financial statements and does not currently have a material effect on the company’s operations, Osool & Bakheet said. It noted that the impact is mainly related to investments measured at fair value through profit or loss (FVTPL), pending completion of the valuation process.

Trading suspension procedures will be applied in accordance with Tadawul listing rules, with trading to resume one session following the publication of the financial statements.

The company confirmed its commitment to duly disclosing any material developments, noting that updates on the delay will be announced on a monthly basis.

An independent external advisor had been appointed to verify the assumptions and inputs used in the valuation process to enhance the reliability of the results and accounting measurement.

Previously, the company received a notice from Mustaqbal Al-Ibda Digital Brokerage indicating that some requirements for license renewal had not been met, leading to a temporary suspension of services until compliance is achieved. This required additional extensive procedures to reassess valuation assumptions and reflect the impact of this development on the valuation process.