Wafa Insurance says Q2 2019 financials to be delayed

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) expects financial statements of Q2 2019 to be delayed until Oct. 31, 2019, the insurer said in a bourse statement on Wednesday.

Wafa Insurance was unable to publish its financial results on time due to a delay in completing all required procedures to prepare the statements. In addition, the insurer also has to disclose the financial statements of Q4 2018 and Q1 2019 first.

The delay was also attributed to the procedures taken to complete the financial restructuring plan which was submitted to the court on July 10, 2019.

It would be difficult to measure the financial impact of delaying the publication of the period financials, the Saudi insurer stated.

Trading suspension rules for listed companies announced on March 25, 2019 will apply to the company, the statement added.