Oman’s Dhofar Insurance company has agreed to pay 850,000 Omani Riyals ($2.2 million) compensations to the Dhofar Cattle Feed company, whose dairy factory was damaged during a cyclone storm that hit Oman's southern Dhofar region in May. The firm was initially hit with a OR1.4 million insurance claim.
Following the devastating storm, Dhofar Cattle Feed, one of the main dairy suppliers to the Salalah region, announced in that it was unable to supply milk and milk products to supermarkets due to the flooding on its premises.
Dhofar Insurance is the only local insurance company listed on the Muscat Securities Market. The company recorded a net profit increase of over 11 percent for the first quarter of 2002. Earnings per share reached OR .26 and total assets rose to OR 21.5 million compared with OR 18.7 million in the corresponding period of the previous year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
