Maaden says Aramco ups fuel prices; impact valued at 3.2% of total cost of sales

04/01/2024 Argaam
Saudi Arabian Mining Co. headquarters

Saudi Arabian Mining Co. headquarters

Saudi Arabian Mining Co. (Maaden) received an official notice from Saudi Arabian Oil Co. (Saudi Aramco) amending the prices of fuel products used in operating the company’s activities starting from Jan. 1, according to a statement to Tadawul.

 

The relevant financial impact is estimated at approximately 3.2% of Maaden’s total cost sales, according to the latest audited annual financial statement. This impact is expected to appear starting from Q1 2024.

 

The company will also work to study ways to reduce the financial impact of this amendment on its financial results, the statement added.

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