AMAK says fuel prices adjustment to raise cost of sales by 3%

15/01/2024 Argaam

AMAK says fuel prices adjustment to raise cost of sales by 3%

Logo of Almasane Alkobra Mining Co. (AMAK)

Almasane Alkobra Mining Co. (AMAK) said that the direct financial impact of the fuel products’ prices increase is estimated to be a rise of approximately 3% in the company's cost of sales.

 

This impact is expected to appear starting from the first quarter of 2024, the company noted in a statement to Tadawul.

 

AMAK added that it is keen to explore ways to mitigate the expected financial impact on the company’s earnings and it will continue to implement plans to reduce costs, improve production and raise operating efficiency. It will also work with government agencies to explore ways to diversify energy sources.

 

According to data compiled by Argaam, AMAK announced receiving an official notice from Saudi Arabian Oil Co. (Saudi Aramco) as regards an increase in fuel prices as of Jan. 1, 2024.

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