Saudi Lime's subsidiary to join Industrial Competitiveness Program

Saudi Lime Industries Co.'s subsidiary Astra Mining Co. Limited has submitted a request to join the Industrial Competitiveness Program by signing the "Framework Agreement for the Competitiveness of the Industrial Sector", the company said, in a statement to Tadawul.

This agreement includes the provision of a number of immediate and developmental solutions aimed at enhancing the competitiveness of existing industrial facilities in the Kingdom of Saudi Arabia. As a result, the financial impact of the increase in production costs has decreased from 6% to 2%, the company added.

Saudi Lime also indicated that the financial impact will be reflected in the reduction of the effect on its plant operation on the total cost, with an increase of 6% before signing the agreement, which has now reduced to approximately 2% after signing the agreement, effective from Jan. 1, 2024.