Wafa Insurance unable to disclose 2020 financials on time

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said in a bourse filing today, March 31, 2021, that it was unable to disclose its financial results for 2020 within the specified time.

The company is subjected to financial reorganization procedures under the Saudi bankruptcy law. Thus, it is committed to finalize the publication of the previous financial results, starting from the annual financial results for 2019.

The insurer expects to disclose the financial results for 2019 before April 30, 2021.

The financial impact cannot currently be determined, and this impact - if any - will be disclosed in due course.

Earlier in February, the company said it expects to disclose the 2019 financials by Feb. 28, Argaam reported.

It also expected to issue its preliminary financial statements for the period ended March 31, 2020, by May 31, 2021; preliminary financial statements for the period ended June 30, 2020, by June 30, 2021; and preliminary financial statements for the period ended Sept. 30, 2020, by July 31, 2021.