Saudi Ceramics Reaches SAR 120 Mln Settlement with Al-Tawuniya over Factory Fire

Saudi Ceramics Co. announced on Thursday reaching a full and final settlement of its insurance claim with Al-Tawuniya Insurance Co. for all damages resulting from the factory fire that occurred on July 15, 2023.

In a statement to Tadawul, the Company explained that the full settlement is SAR 120 million, which will have a positive financial impact during the second quarter of 2025, with the Company retaining the salvage value resulting from the fire damage.

The Company indicated that the claim amount was calculated based on cash indemnity in accordance with the terms of the insurance policy, which stipulates settlement after applying the principles of average, depreciation, and mandatory deductible.