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Saudi’s Almarai Says Gets $67m Compensation For Bakery Fire

Saudi’s Almarai Says Gets $67m Compensation For Bakery Fire

The fire in October 2014 caused “significant” damage at one of Almarai’s bakeries in Jeddah, the company said at that time.

Saudi Arabia’s Almarai, the Gulf’s largest dairy company, received 250 million riyals ($66.7 million) from an insurer in compensation for a fire at one of its bakeries, it said on Thursday.

“This payment on account is not in respect of a specific claim item, but intended only as a general on account payment until the full extent of the claim is assessed and finalised,” Almarai said in a bourse statement.

Almarai will book the payment, made by Arabian Shield Cooperative Insurance Company, in its first-quarter results.

The fire in October 2014 caused “significant” damage at one of Almarai’s bakeries in Jeddah, it said at the time, although the firm noted in November the fire should not have any “material adverse impact” on its finances.

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