Aramex said it would avoid allocations worth $ 15 million, the equivalent of 54.7 million dirhams, to cover the Beirut and Morocco port accidents.
The company confirmed in a statement today on the Dubai Financial Market that it maintains comprehensive insurance coverage documents that cover both the comprehensive damage that the company’s warehouses in the Lebanese capital Beirut suffered as a result of the port explosion and the damage to the company’s stores in its warehouse facility in Casablanca, Morocco, as a result of a fire. .
The company indicated that its management team has appointed a loss assessor to manage the two claims with the relevant insurance companies.
The company expects that these insurance policies will cover the losses and damages resulting from these two accidents, and that the final total compensation will be agreed upon based on the final reports issued by the concerned authorities in both countries.
The company stated that, in line with the requirements of International Financial Reporting Standards, Aramex will account for non-recurring provisions of US $ 15 million (54.7 million dirhams), which will appear in the company’s financial statements during the third quarter of 2020, which are as follows:
– Non-recurring appropriations of $ 2.7 million to cover comprehensive damage to the company’s warehouses in the Lebanese capital, Beirut, as a result of the big explosion that occurred in Beirut port.
– A non-recurring appropriation of $ 12.3 million to cover the loss arising from the damage to 3 stores in the company’s warehouse facility in Casablanca, Morocco, as a result of a fire.
The company added that it will disclose any potential compensation from insurance companies only when it is certain to receive it, and upon completion of all procedures in this regard.
The company’s warehouse facility in the Lebanese capital, Beirut, was completely damaged as a result of the big explosion that occurred in the Beirut port in August of this year 2020.
Also, 3 stores in the company’s warehouse facility in Casablanca, Kingdom of Morocco, were damaged as a result of the outbreak of a fire in late September of this year 2020.
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