SVCP receives SAR 8.6 mln as final insurance payment for factory fire

Logo of Saudi Vitrified Clay Pipe Co. 

Saudi Vitrified Clay Pipe Co. (SVCP) received on Nov. 6, the final payment from the insurance firm valued at SAR 8.57 million, to cover the fire incident in the jointing department of its first factory, the company said in a statement to Tadawul.

Work at the affected section is expected to resume by the beginning of 2023, the statement noted, adding that any developments will be announced in due course.

The payment will be reflected in the other income item for Q4 2022 income statement.

The total value of compensation received amounted to SAR 13.07 million to cover the full value of damages resulting from the fire.

SVCP announced the occurrence of a fire incident in the jointing department of its first factory on July 30, without any casualties, Argaam earlier reported.