Al Abdullatif receives SAR35 million insurance claim for fire in subsidiary’s warehouse
Al Abdullatif Industrial Investment Company (2340.SE) announced that it was able to settle a compensation value of SAR35 million with the insurance company related to a fire in one of the company’s subsidiary’s warehouses (Eastern Textile Company). The company had previously estimated that losses for the fire amounted to cSAR52.3 million. However, the company expects to receive cSAR45.1 million (after adjusting for provisions), reducing net losses to SAR10.1 million and will record the compensation from the claim in its 1Q2016 results. (Tadawul)
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