Wafa Insurance unable to disclose H1 2020 financials within regulatory period

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said it was unable to disclose its financial results for H1 2020 within the regulatory period.

The appointment of external auditors and the 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.

Accordingly, Wafa Insurance said it expects to disclose H1 2019 financials before Aug. 31, 2020, while financials for the nine months ending Sept. 30, 2019 are expected to be disclosed before Sept. 30, 2020. FY2019 financials are forecast to be published before Nov. 30, 2020.

It also expects to issue Q1 2020 financial statements by Dec. 15, 2020 and financials for H1 2020 before Jan. 31, 2021.

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.