14 Saudi Cement Companies Receive Notification from Aramco on Fuel Price Adjustments for Production
Saudi Aramco notifies 14 cement companies in Saudi Arabia about adjustments in fuel prices used in cement production, signaling a potential rise in production costs from January 2024.
Fourteen cement companies in Saudi Arabia, including Najran Cement, Jouf Cement, Southern Province Cement, Northern Region Cement, Tabuk Cement, Medina Cement, Riyadh Cement, Hail Cement, Umm Al-Qura Cement, Yanbu Cement, Saudi Cement, Arabian Cement, Yamama Cement, and Qassim Cement, have received notifications from Saudi Aramco regarding adjustments in fuel prices used in cement production, effective from January 1, 2024.
These companies, in separate statements on Tadawul, the Saudi stock exchange, indicated that this adjustment is expected to result in an increase in production costs. They are currently working on calculating the expected financial impact and will announce it once completed.
Furthermore, these companies are exploring ways to mitigate the financial impact of this adjustment on their profits. The financial effect of this change is anticipated to become apparent in the financial results for the first quarter of 2024.
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