United Mining says gas price adjustment to raise sales costs by 4.5%

11/02/2024 Argaam

United Mining says gas price adjustment to raise sales costs by 4.5%

Logo of United Mining Industries Co.

United Mining Industries Co. (UMI) said that the approximate financial impact of adjusting gas prices is an increase in sales costs by 4.5%.

 

The company expected this impact to appear in Q1 2024, according to a statement to Tadawul.

 

United Mining will seek in the coming period to explore ways to reduce the impact of this adjustment on its financial results.

 

On Jan. 8, the Power and Water Utility Co. for Jubail and Yanbu (MARAFIQ) notified United Mining of gas price adjustments. This came after a communication from Saudi Arabian Oil Co. (Saudi Aramco) on hiking prices of the gas used in production, effective Jan. 1, according to Argaam's data.

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