Maadaniyah sees SAR 4 mln rise in costs on energy price hikes

06/01/2016 Argaam

National Metal Manufacturing and Casting Co. (Maadaniyah) expects costs to rise by nearly SAR 4 million per year due to higher energy prices, the company said in a statement to Tadawul on Wednesday.

 

The financial impact will be booked from this year onward, the company added.

 

Last week, the Saudi cabinet decided to cut energy subsidies to reduce public spending and increase non-oil revenue. 

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