Logo of Riyadh Cement Co.
Riyadh Cement Co. clarified that the direct financial impact of the recent fuel price hike is expected to increase production costs by almost 24.7%.
In a statement to Tadawul today, Jan. 30, the company noted that this impact is likely to appear starting from the first quarter of 2024.
The price increase is due to the type of fuel used in the production process, in addition to the anticipated transportation cost of fuel and raw materials, the statement added.
Riyadh Cement will work during the coming period on exploring ways to reduce the impact of this amendment on the financial results.
According to data compiled by Argaam, the cement producer recently received a notice from Saudi Aramco on price adjustment of fuel products used in cement production, effective Jan. 1.
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