Sedania Innovator Bhd (Sedania) announced that it has changed its current financial year end to 30 June 2024 from 31 December 2023.
“The Board of Directors has approved a change in the financial year end. Consequently, the current financial year will now span from 1 January 2023 to 30 June 2024.
“Subsequent financial years will conclude on 30 June,” it said in a statement on Wednesday.
The group said this strategic decision aligns with the recent appointment of Messrs. Baker Tilly Monteiro Heng PLT (Baker Tilly) as the group’s external auditor effective 11 January 2024.
“The Board of Directors is confident that this adjustment will facilitate a seamless transition for Baker Tilly, enabling the Group to strategically plan, coordinate, and manage audit deliverables more effectively,” it said.
It added that the change of financial year end is expected to enhance the operational efficiency of Sedania and optimise the group’s resources by avoiding the peak financial reporting season in December.
“The board believes that this move will also contribute to a more streamlined and effective financial reporting process.
Sedania chairman Tan Sri Abdul Halim Ali said good governance and the pursuit of excellence are hallmarks of Sedania.
“In observance of good governance practices, demonstrated in the recent rotation of long-serving Board members and external auditors, the Board breathes new life into leadership, fosters diversity of thought, and embraces fresh perspectives on the group’s practices.
“In the same spirit, the shift in our financial year end is grounded in our commitment to preserving and upholding stakeholder value by ensuring continuous improvement in our audit and financial reporting process.
“The Board believes the series of measures taken will lay the foundation for robust and sustained growth for Sedania in the years to come,” Abdul Halim added.