UCA says unable to post Q3 2026 financials on time

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) said it is unable to publish on Tadawul its preliminary financial results for the period ended on Sept. 30, 2026 within the specified timeframe.

In a statement to Tadawul, the company explained that a first instance judgment was issued by the Commercial Court on 29 September 2026 to open a liquidation procedure in respect of the company and to appoint a trustee to manage its affairs. An appeal has been filed against that judgment, and the appeal proceedings remain ongoing.

As the judgment was issued one day before the end of the financial period, the outcome of the appeal proceedings has a material effect on the accounting basis for the preparation of the financial statements and the related disclosures, it added.

In addition, discussions with the external auditors regarding certain examination requirements necessary for finalizing the review of the interim financial statements for the period ending 30 September 2026 have not yet been concluded.

The financial results will be published on Tadawul’s website once the review has been completed and the financial statements approved.

The company also said it is working in coordination with the procedural trustee to complete the requirements, and to conclude discussions with the auditors on the examination requirements necessary for finalizing the review of the interim financial statements, which will be published immediately upon approval.

It added that the expected date for posting the financial results is Jan. 31, 2027, subject to the outcome of the appeal proceedings and the completion of the review and approval of the financial statements.

The Capital Market Authority (CMA) previously announced on Tadawul website suspending the company’s shares, effective from Sept. 13 2026. The company is subject to the "Procedures for Suspending the Trading of Listed Securities in accordance with the Listing Rules".

The company noted that it will announce without delay any material developments regarding its inability to publish the financial results.

As per Argaam’s data, UCA announced that it filed an appeal against the ruling to commence liquidation proceedings against the company on Oct. 13, 2026, in accordance with the relevant regulations.

The company’s accumulated losses reached SAR 459.57 million, representing 115% of its capital, as of the end of Q2 2026.