Al Sagr Insurance says auditors to complete Q2/Q3 2021 review by Nov. 23

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced that independent auditors are expected to finalize the audit of financial statements for Q2 and Q3 2021 by Nov. 23, according to a bourse filing.

The insurer appointed an adequate number of auditors – who began the auditing process on Oct. 31 -- and they are doing their best to complete the process on time, especially for the second quarter, the statement added.

The insurer will later hold a board meeting to review and approve the audited financial statements and take the related necessary disclosure measures.

It will be difficult to determine the relevant financial impact at present, the company indicated, adding that updates will be duly revealed.

In September, the insurer said it expected to publish financial statements for the first half of 2021 before Nov. 10, and was in the process of finalizing the procedures for appointing auditors, according to data compiled by Argaam.