Aramco hikes fuel prices for 14 cement firms

Najran Cement Co., Al Jouf Cement Co., Southern Province Cement Co., Northern Region Cement Co., Tabuk Cement Co., City Cement Co., Riyadh Cement Co., Hail Cement Co., Umm Al-Qura Cement Co., Yanbu Cement Co., Saudi Cement Co., Arabian Cement Co., Yamama Cement Co. and Qassim Cement Co. received notifications from Saudi Aramco about adjustments to prices of fuel products used in cement production, effective Jan. 1.   

In separate statements on Tadawul, the companies stated that this price change would increase production costs.

The companies are calculating the expected financial impact, which will be announced once determined. They are also exploring ways to minimize the financial implications of this adjustment on their profits, the statements added.

The related financial impact is anticipated to appear in the first quarter of 2024.