Dubai – Mubasher: Aramex will book provisions of $15.095 million for the damage caused to its warehouse facility in Lebanon’s Beirut as a result of the port explosion and the partial damage to its three storage chambers in Morocco’s Casablanca as a result of a fire outbreak.

“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,” according to a statement to the Dubai Financial Market (DFM) on Thursday.

A total of $15.095 million of non-recurring provision will appear in the company's financial statements for the third quarter (Q3) of 2020.

A non-recurring provision of $2.7 million is related to the damage of the company’s warehouse facility in Beirut as a result of the explosion that blasted Beirut port and an additional $12.4 million is related to the partial damage in three storage chambers of the company’s warehouse facility in Casablanca due to the fire outbreak in Morocco.

The company said that the insurance policies are likely to cover the losses and damages resulted from the two incidents