Saudi Commerce Ministry sets June 30 deadline for companies to submit 2024 financial statements

RIYADH, May 17 (Saudi Arabia Breaking News) – The Ministry of Commerce has called on all companies with a fiscal year ending December 2024 to submit their audited financial statements no later than Monday, June 30, 2025, in order to avoid financial penalties under the Companies Law.

In a statement issued Thursday, the ministry reminded companies of Article 17 of the Companies Law, which requires financial statements to be prepared and submitted within six months of the end of the fiscal year, in accordance with national accounting standards.

The ministry clarified that the responsibility for submission lies with the company’s president, general manager, or board chairman, depending on the company's legal structure.

Timely submission ensures regulatory compliance, enhances transparency and governance, and strengthens trust among partners, shareholders, lenders, and investors, the statement said.

The ministry warned that failure to comply with these requirements will result in financial penalties under Article 262 of the law.

Companies are required to submit their financials electronically through the Qawaem platform at:🔗 https://qawaem.bc.gov.sa/en/Pages/default.aspx