Yanbu Cement says increased production cost to drop 23%

Logo of Yanbu Cement Co. 

Yanbu Cement Co. announced its enrollment to the Industrial Sector Competitiveness Program by signing an agreement that includes several solutions to help raise the efficiency and quality of energy sources used in industrial facilities.

In a statement to Tadawul, the company said that the program will reduce the production costs.

Accordingly, the financial impact of the increase in the production cost will be reduced by approximately 23%, as the increase in the production cost, starting from Jan. 1, 2024, will be 10% instead of 13%, as a result of signing the agreement.

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The cement producer said it will explore additional ways to raise production efficiency and reduce costs during the upcoming period.

According to data compiled by Argaam, Yanbu Cement announced in January that the direct financial impact of increased energy prices will be a 13% rise in production cost.