Disclosure on lifting the reservation of the external auditor Rodel & Partner on Qatar Oman Investment Co financial statements ending December 31, 2022:
The external auditor Rodl & Partner has reservations about the final financial statements of Qatar Oman Investment Co that ended on December 31, 2022.
Their reservation is due to the delay in receiving the final financial statements ending on December 31, 2022 for the associate companies (Tilal Real Estate and Muzn Oman Trading).
1- The financial statement for Muzn Company that ended on December 31, 2022, was received on the same day of the Qatar Oman Investment Ordinary General Assembly meeting on March 21, 2023 (34 days after disclosure).
2- The Financial Statement for Tilal Company that ended on December 31, 2022, was received on March 26, 2023 (39 days after disclosure).
After receiving the financial statements from the associate companies, Qatar Oman Investment recorded the results of (Tilal and Muzn) in the semi-annual financial statements for the six-month period ending on 6/30/2023.
To lift the current reservation:
On April 6, 2023, a meeting was held with the external auditor Rodel & Partner, and we provided them with the final financial statements that ended on December 31, 2022, for Muzun & Tilal. We received an official response from them on June 11, and all the accounting results will be in the semi-annual financial statements for the six-month period ending June 30, 2023, for Qatar and Oman Investment.
Necessary Procedures in the future to avoid this reservation:
Qatar Oman Investment will disclose the final financial statements of each year on the 30th or 31st of March, and the General Assembly Meeting will be held in April.
Impact of the results of the associate companies:
The final outcome of that will be negatively affected by the accumulated losses in the amount of QR 7,360,421 within Qatar Oman Investment’s semi-annual financial statements for the six-month period ending on June 30, 2023.