Almarai gets SAR 790 mln as final payout for Jeddah bakery fire

Almarai Company, the Gulf’s largest dairy producer, said it has settled on a final amount of SAR 790 million as compensation from its insurance company over fire damage to its bakeries in in Jeddah in October.

Almarai said in a statement to Tadawul on Saturday that the SAR 250 million received by the company on March 25, 2015, as payment on the account will be off-set against this final payment.

 “This 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 amortization,” the company said in the statement.