Amwaj identifies SAR 28.7m inventory discrepancies at one branch

Logo of Amwaj International Co.

Amwaj International Co. announced the latest developments related to financial irregularities at one of its branches, confirming the completion of the physical inventory count and the technical assessment conducted by an independent external auditor.

The inventory results showed discrepancies totaling SAR 28.66 million, the company said in a statement to Tadawul today.

Amwaj said it has started strengthening internal controls and is reviewing related receivables, noting that any confirmed discrepancies will be handled in line with accounting standards and regulations.

The company stressed that the incident did not affect the progress of its business or the efficiency of its operations, adding that activities continue according to approved plans.

Amwaj’s board of directors and audit committee remain committed to compliance and protecting shareholders’ funds, the statement added.

According to data available with Argaam, the company announced in December that preliminary indicators of financial and procedural irregularities were detected at one of its branches.

At the time, inventory committees observed differences between physical stock counts and recorded balances, and reports were submitted to the audit committee.