Al-Jouf Agricultural receives notification of fuel price adjustments

Al-Jouf Agricultural Development Co. received a notification from Saudi Arabian Oil Co. (Saudi Aramco) concerning adjustments to the prices of fuel products used in production, effective Jan. 1.

The company said the pricing adjustment will result in an increase in production costs, with the financial impact expected to appear in the first quarter of 2024, according to a statement to Tadawul.

The company is presently in the midst of assessing the anticipated financial impact and will disclose the details upon completion of the assessment.

Al-Jouf Agricultural highlighted its continuous efforts to improve operational efficiency and advance responsible, sustainable development.

The company emphasized its commitment to investing in innovating and developing its production technologies and products. Furthermore, it aims to optimize the advantages of the competitive infrastructure within the Kingdom to achieve its strategic objectives, the statement added.