Yanbu Cement building
Yanbu Cement Co. estimated a 13% increase in the cost of production as a direct financial impact of the recent adjustments in fuel product prices.
In a statement to Tadawul, the company said that it will seek ways to lessen the financial impact of this amendment on the financial results.
The cement producer is continuing to implement cost-reduction plans, as well as increase production and operation efficiency.
According to data available on Argaam, Yanbu Cement announced, on Jan. 3, receiving a notification from Saudi Aramco on raising the selling prices of fuel products used in cement production, starting Jan. 1. The financial impact of fuel price adjustment will reflect on Q1 2024 financials.