QAF receives final insurance payment of RM21 mil for factory flooding

The total amount received under the group’s applicable insurance policies is RM109 million, with tax liabilities of RM24 million.

QAF Limited Q01 has announced its final receipt of RM21 million ($6.3 million) in insurance claims relating to flooding at the group’s Malaysian bakery factory in December 2021.

This payment will be recognised as an exceptional gain in the group’s financial results for 2HFY2023 and FY2023, with an estimated tax liability arising from this payment will be RM5 million.

Including the interim payment of RM12 million received by the group in October 2022, QAF and its insurer have reached a final settlement sum of approximately RM33 million for its consequential loss claims.

Including this latest payment, the total amount received to-date under the group’s applicable insurance policies — for consequential loss as well as damage to stock, property, plant and equipment — is approximately RM109 million, with estimated tax liabilities of RM24 million.

Shares in QAF closed 0.5 cents or 0.61% up at 82 cents on Nov 20.

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