Article 221 of Companies Law

The company shall have a financial year of not less than twelve months, the beginning and end of which shall be specified in the company's memorandum of association. The first financial year shall be excepted from this: it shall begin on the date of the company's registration in the commercial register and end on the date specified for the end of the following financial year. The board of directors shall prepare an annual report on the financial year ended, and the Executive Regulations shall specify the details thereof.