AICC pays Zahid Tractor SR201m in damages

06/04/2014 08:56 AST

Arabia Insurance Cooperative Co. (AICC) has paid SR201 million in damages claimed by Zahid Tractor & Heavy Machinery Co. following a gas truck explosion in 2012, local media said.

Some 26 people were reported killed and 111 injured after a fuel truck crashed into a concrete flyover and exploded in eastern Riyadh on Nov. 1, 2012, where the buildings of Zahid Tractor were located.

In a statement posted on the Saudi stock exchange (Tadawul), AICC said the payment of the claim would not materially affect the company's financial position as the losses emerging from the incident are re-insured by 99.51 percent at a re-insurance company.

Meanwhile, Zahid Tractor said the financial impact of the claim is expected to appear on the financial statements of the company from the first quarter of the current year.


Arab News

News

AICC announces the annual financial results

25/02/2013

Arabia Insurance Cooperative Company - AICC announces the financial results for the year ended 31/12/2012 as follows:

1.The net loss is SR 2,859 thousand riyals, before Zakat and income

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AICC Announces the Interim Financial Results

21/01/2013

ARABIA INSURANCE COOPERATIVE COMPANY (AICC) ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31/12/2012 (TWELVE MONTHS).

1.The net loss before Tax and Zakat for the fourth q

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