External auditor flags going concern on Wafa Insurance

The external auditor of Saudi Indian Company for Cooperative Insurance (Wafa) cast substantial doubt on the entity’s ability to continue as a going concern, citing its weak, full-year interim financial results.

Wafa's ability to continue as a going concern is likely to depend on the company successfully concluding its recapitalization to reduce capital deficit, subject to regulatory approval, the auditor added. 

By the end of December, Wafa’s accumulated losses reached SAR 70.8 million, or 70.8 percent of its capital, according to data compiled by Argaam.