Annual Report Advisory
The annual report is the most consequential document a listed company publishes each year. It speaks to regulators, investors, analysts, and the public at once — and it is read as the definitive statement of how the company performed and how it is governed.
Elevare Partners produces annual reports for Saudi listed companies that clear the regulatory bar first and carry a credible message second, in that order. We map the board of directors' report against the content the Capital Market Authority requires, reconcile every number in the document to the audited financials, and surface discrepancies before a regulator or an analyst does. Then, with compliance cleared and the numbers locked, we shape the narrative — the investment case, the strategy, the governance story — so the report reads as one coherent document rather than a set of sections stitched together by a committee.
Reporting is bilingual by obligation: since 2021 every Main Market notification must appear in Arabic and English. We draft both natively, so the Arabic reads as Arabic and the English as English, and the two say the same thing. Most companies experience the annual-report cycle as months of drafts and numbers that do not tie. It does not have to be that way.
The Challenge
Annual reporting fails in two predictable places: compliance gaps in the board report against CMA content requirements, and numbers that do not reconcile across the financial statements, the management commentary, and the governance disclosures. Both draw regulatory findings and erode investor trust. Both are avoidable with the right reconciliation discipline before publication.
Elevare PRISM runs a structured scan of the draft against CMA disclosure requirements and Tadawul listing rules, and reconciles the report's figures to the audited financials, flagging every discrepancy. It compresses what is normally weeks of manual cross-checking into a documented, repeatable review — so our advisors spend their time on the message, not on hunting for mismatched numbers.
What We Deliver
- ✓Board of directors' report drafted and checked against CMA content requirements
- ✓Full financial reconciliation of every figure to the audited statements
- ✓Governance, related-party, and director-dealing disclosures
- ✓Investment narrative and strategy section, written to read as one document
- ✓Bilingual production — Arabic and English drafted natively, identical in substance
- ✓Design-grade report layout consistent with the company's brand
- ✓Pre-publication compliance and reconciliation review
Who This Is For
- ✓Tadawul-listed companies preparing their annual report
- ✓Nomu issuers building reporting capability for the first time
- ✓Boards and audit committees that want the report de-risked before sign-off
- ✓Companies that have had disclosure findings and want a cleaner cycle
Who we work with
Frequently asked questions
What must a Saudi board of directors' report contain?
Under the CMA's rules, a Main Market board report must include a review of the year's operations and the factors affecting the business, a five-year summary of assets, liabilities, and results, a geographical revenue analysis, an explanation of any material variance from prior results or announced forecasts, an explanation of any departure from the accounting standards, and the governance disclosures required by the Corporate Governance Regulations. We map the draft to each requirement.
When is the annual report due?
Audited annual financial statements must be published within 90 days of the financial year-end for Main Market issuers, after board approval and before being shared with shareholders or third parties; the board report is filed alongside. Nomu issuers report half-yearly. We plan the production schedule backward from your deadline.
Can you work from our auditors' figures and our existing draft?
Yes. We work from the audited financials and any draft you have, reconcile the report to those numbers, close the content gaps, and lift the narrative. You keep your auditors and your existing relationships; we make the report compliant, consistent, and credible.
The Annual Report Guide for Saudi Listed Companies
The annual report is the most consequential document a listed company publishes each year. This guide covers the board-report content the CMA requires, the financial reconciliation, the deadline, and how to make the report credible rather than merely compliant.
CMA and Tadawul Disclosure Requirements: The Listed-Company Calendar
What a Saudi listed company must disclose, when, by whom, and how. The continuing-obligation regime — periodic reporting, material-event disclosure on Efsah, and the bilingual rule — set out as a practitioner's reference.