SACO receives insurance settlement of SAR 23.8 mln from Allianz SF

13/01/2016 Argaam

Saudi Company for Hardware (SACO) received on Jan. 7 the final insurance settlement of SAR 23.8 million from Allianz Saudi Fransi Cooperative Insurance Co.

 

The settlement is related to losses incurred due to a fire at Al Takhasosi branch in Riyadh in Sept. 2013.

 

The amount represents the full settlement and will have a positive impact on Q4-2015 financial statements, the company said in a statement to the Saudi bourse, Tadawul on Wednesday.

 

SACO is currently one of the largest companies providing home improvement products in the kingdom. It operates 23 stores in 12 cities across the country. 

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