Wafa says Q1 financials to be delayed until Feb. 29

Saudi Indian Co. for Cooperative Insurance (Wafa Insurance) announced postponing the announcement of its financial statements for the period ended March 31, 2019 until February 29, 2020, the company said in a bourse statement on Thursday.

Wafa Insurance was unable to publish its financial results on time as it hasn’t completed the required procedures to prepare the statements.

It would be difficult to measure the financial impact of delaying the publication of Q1 2019 financials, the insurer added.

Procedures for restructuring capital in accordance with the Saudi Bankruptcy Law are applicable to Wafa Insurance.

On December 1, 2019, the insurance company said it would publish its financials for Q1 2019 by December 31, 2019, according to data compiled by Argaam.