Wafa Insurance unable to disclose Q1 2020 financials within regulatory period

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said in a bourse filing on Sunday that it was unable to disclose its financial results for Q1 2020 within the regulatory period.

The appointment of external auditors and audit committee formation, as approved by shareholders on June 2, were the reasons behind the company’s delay in issuing its financials, the insurer said in a statement to Tadawul on Sunday.

Accordingly, Wafa Insurance added that it expects to disclose H1 2019 financials by Aug. 31, 2020, the nine-month results for 2019 by Sept. 30, and FY19 results by Nov. 30.

It also expects to issue Q1 2020 financial statements by Dec. 15, 2020.

It is currently difficult to assess the relevant financial impact, Wafa Insurance said, adding that it will be disclosed in due course.

The company is subject to financial reorganization under the Saudi bankruptcy law.

Trading will be suspended on the stock, according to the rules announced by Tadawul on March 25, 2019, the statement concluded.