Eastern Textile Company loses SAR 52.3 mln to fire damages

Al Abdullatif Industrial Investment Company said on Thursday that its subsidiary Eastern Textile Company ​has lost ​a total of ​SAR 52.3 million due to a fire that broke out in one of its warehouses​ last November.

​Al Abdullatif said it spent SAR 46.63 million for raw materials and final products after the fire, SAR 5.17 million for building repairs, and SAR 505,600 for other losses, including air conditioners and compressors.

The textile company's insurer covered some costs of​ materials and building repairs,​ it said in its statement to Tadawul, Saudi Arabia’s bourse. 

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However, the insurance company asked for more funds as​ offsets.

The company will announce any further developments in the future, the statement added.

Last November, the company announced that a fire had broken out in one of its warehouses where it stores some of its finished products, according to Argaam.