Referring to the company's announcement on Tadawul dated March 5, 2023, regarding the fire incident at one of its subsidiaries’ factories (Zamil Air Conditioners and Home Appliances Company), the company announces that it has reached a full and final settlement with Gulf Insurance Group (GIG) on Wednesday, December 27, 2023, regarding the entire damage and losses caused by the fire incident on March 3, 2023. The final settlement amount was SAR 187 million, which is expected to have a positive impact during Q4 2023.
The company anticipates that this incident will not have a significant negative financial impact on the results.
The company emphasizes that the settlement was concluded within an outstanding turnaround period, given the size of the factory and the damage sustained. The company also extends its appreciation to all parties involved, including civil defense, Modon, insurance companies, and company employees who worked diligently to resolve the matter.
