Saudi-listed producers in Saudi Arabia said on Wednesday that Saudi Aramco’s new price increases for the year will increase production costs and impact corporate financial results.
The world’s largest oil exporter has sent out notices to businesses in the kingdom, informing them that the cost of Aramco’s feedstock and fuel products will increase effective January 1, 2024, according to multiple filings on the Saudi Stock Exchange (Tadawul).
The price adjustments, imposed on products used to operate plants of various manufacturers, including cement and petrochemical makers in the kingdom, were confirmed by Saudi Kayan Co., Saudi Cement Company, Yanbu Cement Company, Hail Cement Company and Umm Al-Qura Cement Co.
The price hikes could affect corporate results as early as the first quarter of the year, but businesses are assuring shareholders they are looking for ways to mitigate the financial impact.
Source: Zawya
