Saudi Arabian dairy firm Almarai has agreed a SAR790m (US$210m) payout with its insurers following the fire at its bakery facility in Jeddah.
It has reached a full settlement with Arabian Shield Cooperative Insurance Company (ASICO) and said the settlement will have a neutral effect on the income statement as of the end of June 2015, as the net proceeds will be used to offset various partial assets write-off and goodwill amortisation.
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The fire, which broke out on 9 October 2014, was said to have caused "significant damage" however no staff were injured in the incident.
In a stock exchange announcement, Almarai said the payout put it in a "strong position to re-invest as per its re-investment plan and regain its market presence, through improved operational efficiency and enhanced quality of services and products in the bakery segments that had been affected by this incident."
