Al Sagr says financial statements drafted, expects to disclose results by Dec. 1

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. said the external auditors completed drafting the company’s financial statements. 

The company is waiting for the board of directors’ approvals to disclose the financial results as soon as possible, according to a statement to Tadawul. 

Al Sagr will publish its financial results for the six-months period ended June 30, 2021 and the nine-months period ended Sept. 30, 2021 by Dec. 1.

The company’s shareholders approved, on Oct. 28, appointing PricewaterhouseCoopers and Al-Kharashi & Co. as external auditors. The auditors, who started the audit processes for the second and third quarters of 2021 on Oct. 31, 2021 completed their tasks as planned, and currently awaiting the board of directors’ nod.

On the other hand, Al Sagr added that it is difficult to determine the financial impact of the delayed statements, noting that any impact will be announced in due course.

The company’s stock was suspended by Tadawul and will resume trading once the financial statements are disclosed, the statement concluded.

In August, Al Sagr said it was not able to publish its financial statement for the first half of 2021 in the specified time, Argaam reported.