(MENAFN) Saudi Almarai, the Gulf's prime dairy firm, was granted USD66.7 million from an insurer as a recompense for a fire at one of its bakeries, Arabian Business reported.
The recompense is due by Arabian Shield Cooperative Insurance Company, which is set to be booked by Almarai in its first quarter results for this year.
The October 2014 fire ensued some serious damage at one of Almarai's bakeries in Jeddah, although the firm noted in November the fire should not have any 'material adverse impact' on its finances.
"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," the firm said in a statement.
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