Wafa Insurance says FY2019 financials to be disclosed before Jan. 31

A branch of Saudi Indian Company for Cooperative Insurance (Wafa Insurance)

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) expects financial statements of the fiscal year 2019 to be published before Jan. 31, 2021, the insurer said in a bourse statement on Thursday.

Wafa Insurance was unable to publish its financial results on time due to the resignation of the head of the audit committee and the lack of quorum for the committee, which led to the failure to complete the review of the annual financial statements for FY2019, in addition to waiting for a non-objection of the competent authorities to complete the quorum for the committee to review the aforementioned financial statements.

The insurer is currently undergoing a financial restructuring according to the Saudi bankruptcy law.

According to data compiled by Argaam, the Saudi insurer expected the dates for publishing the company's overdue financial statements as follows:

1) The annual financial results for the fiscal year 2019 are expected to be published before Dec. 31, 2020.

2) The preliminary financial results for the period ending on March 31, 2020 are expected to be published before Feb. 28, 2021.

3) The preliminary financial results for the period ending on June 30, 2020 are expected to be published before March 31, 2021.

4) The preliminary financial results for the period ending on Sept. 30, 2020 are expected to be published before April 30, 2021.