Dubai’s Aramex estimates $15 Mn losses due to Beirut & Casablanca tragedy

Dubai's Aramex estimates $15 Mn losses due to Beirut & Casablanca tragedy
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Dubai, UAE headquartered logistics giant Aramax on Thursday has reported $15.1 million in losses in Q3 due to Beirut port explosion and fire in its warehouses in Casablanca, Morocco. The company said that it is expecting the insurance policies to cover the losses and damages but has made provision in Q3 financial statements as per the International Financial Reporting Standards (IFRS).

The company mentions that the losses are incurred by the blast damage to its entire warehouse facility in Beirut and partial damage to three storage units in Casablanca recently.

The company in a filing to the Dubai Financial Market (DFM), said, a non-recurring provision of $2.7 million is related to the damage to its entire Beirut warehouse facility and a $12.4m is related to the fire outbreak in Casablanca that damaged Aramax’s three storage units.

Aramex shares on the DFM were trading down by more than 2 percent in early trading after the company announced,

“The company would like to notify the market that Aramex maintains comprehensive insurance coverage policies which should cover both incidents and that the company’s management has appointed a loss assessor to manage both claims with the respective insurance companies,”

Aramex has reported a net profit of AED94.4 million for the quarter, with revenues up by 4 percent to AED 1,332 million, compared to the same period last year.

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