Saudi Lime says impact of fuel price hike includes 11% rise in production costs

Logo of Saudi Lime Industries Co.

Saudi Lime Industries Co. stated that the direct financial impact of the fuel price increase is estimated at a nearly 11% rise in production costs, according to a filing to Tadawul.

The company seeks to explore ways to reduce the financial impact of this adjustment on its earnings. It will also continue to implement its plans to cut costs as well as improve production and operating efficiency, the statement added.

Earlier last month, Saudi Lime received an official notice from Saudi Arabian Oil Co. (Saudi Aramco) on the increase in prices of fuel products used in operating the company’s activities as of Jan. 1, Argaam earlier reported.