Asset management firm, Royal Exchange Plc, has said that it may be unable to release its financial results for 2023 and for the first quarter of 2024 within the regulatory timeframe.
In a statement filed with the Nigerian Exchange Limited on Wednesday, the firm said that the delay was because it had yet to conclude the year-end audit exercise for the group.
It said, “The company may not be able to release its audited financial statements for the year ended December 31, 2023, within the regulatory timeframe. This delay will also affect the timely submission of the unaudited financial statements for the period ending March 31, 2024.
“As a holding company with various associates and a subsidiary, the yearend audit exercise for the group is yet to be concluded, and this may likely lead to delays in obtaining necessary regulatory approvals before filing the accounts.”
The firm projected that the audited financial statements for 2023 and the first quarter of 2024 would be filed with the NGX on or before June 29 and July 29, 2024, respectively.
Royal Exchange filed its audited results for 2022 later than required and was fined N7.5m by the NGX.
According to the X-Compliance report of the NGX RegCo, the financial institution also submitted its first and second quarter results for 2023 late and was fined NN4.5m and N4.4m, respectively.
Royal Exchange Plc has said that it was restructuring to focus on assets management after suffering a N288.47m loss at the end of 2022.
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