MEPCO says Aramco ups fuel prices, expects 3% rise in cost of sales

Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co. (MEPCO) announced receiving an official notice from Saudi Aramco that the prices of some feedstock products has been increased, as of Jan. 1.

The relevant financial impact is estimated to be an increase of 3% 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. 4.

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

The company is 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.