Karachi: An oil and gas company has formally requested a 60-day extension for the release of its nine-monthly financial accounts, which were originally due for circulation by March 31, 2025, in accordance with Section 237 of the Companies Act, 2017. This extension request arises amidst the company's ongoing process of finalizing its financial statements for the fiscal year 2023-24, following the issuance of the Final Revenue Requirement (FRR) decision by the Oil and Gas Regulatory Authority (OGRA) on March 28, 2025.

The company anticipates that its board of directors will approve the financial statements during the last week of April 2025. Subsequently, the Annual General Meeting (AGM) is planned for the third week of May 2025, where the appointment of statutory auditors for the financial year 2024-25 will also be addressed.

According to information available from the Pakistan Stock Exchange (PSX), the company’s Half-Yearly Financial Statements are subject to a Limited Scope Review by the statutory auditors. The auditors, once appointed in the upcoming AGM, will need adequate time to conduct a limited review of the Half-Yearly Financial Statements for the period ending December 31, 2024.

In its communication, the company highlighted the legitimate constraints it is facing and requested the Commission to grant an extension of 60 days beyond the AGM date for the circulation of its Nine-Monthly Accounts. The company plans to release both the Half-Yearly Financial Statements (subject to limited review) and the Third Quarter Financial Statements simultaneously.