Wafa Insurance expects to disclose FY2019 financial statements before August-end

The Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced its inability to publish its annual financial results for the fiscal year 2019 on time.

The insurer said in a statement to Tadawul that it is still in the process of appointing external auditors to review the company’s consolidated financial statements for the periods ended on June 30, Sept. 30, and FY2019.

Meanwhile, the company has set new timeframes to disclose the statements as follows:

1) For the period ended June 30, 2019, preliminary financial statement will be discussed before June 30, 2020.

2) For the period ended Sept. 30, 2019, preliminary financial statement will be discussed before July 30, 2020.

3) For FY2019, the financial statement will be discussed before Aug. 31, 2020.

The company noted that it would be difficult to measure the financial impact of the delay, also adding that any development will be disclosed in due course.

Wafa Insurance is currently undergoing financial restructuring plan as per the Saudi bankruptcy law.