Wafa Insurance announces expected dates for disclosing delayed financial statements

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) updated the expected dates for publishing the company's overdue financial statements.

The company added in a statement on Tadawul that the expected dates are as follows:

1- The annual financial result for the fiscal year 2019 is expected to be published before Dec. 31, 2020.

2- The preliminary financial results for the period ending on March 31, 2020 is expected to be published before Feb. 28, 2021.

3- The preliminary financial results for the period ending on June 30, 2020 is expected to be published before March 31, 2021.

4- The preliminary financial results for the period ending on Sept. 30, 2020 is expected to be published before April 30, 2021.

It stated that the reason for the delay from the previously announced date is the necessity to publish the overdue financial statements sequentially in accordance with the arrears.

It further added that due to the lack of time, it was not permitted to review and approve the preliminary financial statements for the periods referred to above.

There are no costs related to the update, Wafa Insurance noted.

It affirmed that it is difficult to determine the financial impact, highlighting that it will be disclosed in case of its occurrence.

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