SABIC AN says Aramco raised feedstock prices

03/01/2024 Argaam
Logo ofSABIC Agri-Nutrients Co.

Logo of SABIC Agri-Nutrients Co.

SABIC Agri-Nutrients Co. (SABIC AN) announced receiving an official notice from Saudi Aramco on feedstock price hikes.

The relevant financial impact is estimated to be an increase of 3.8% in the company's annual cost of sales, as per the latest audited annual financial statement, the company said in a statement to Tadawul today, Jan. 3.

 

It pointed out that the related financial impact is set to appear in Q1 2024.

 

The company is still working to enhance its business efficiency and development in a responsible and sustainable manner. It also invests in innovation and development of production technologies and products, besides maximizing the use of the competitive edge of the Kingdom’s infrastructure to achieve its strategic objectives, the statement added.

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