Addendum announcement from Almasane Alkobra Mining Company (AMAK)regarding its receipt of notice of an adjustment in the prices of fuel products used in production.
| Element List | Explanation |
|---|---|
| Introduction | Further to Almasane Alkobra Mining Company (AMAK)’s announcement published on Tadawul website on 22/06/1445 AH corresponding to 04/01/2024 AD regarding its receipt of notice of an adjustment to the prices of fuel products, the company would like to clarify the expected financial impact of this amendment. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-01-04 Corresponding to 1445-06-22 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The company announces that the direct financial impact is estimated to be an increase of approximately 3% in the company's cost of sales. This impact is expected to appear starting from the first quarter of the fiscal year 2024.
The company would also like to assure its esteemed shareholders that it will work during the coming period to explore ways to reduce the financial impact of this adjustment on the company’s profits, and will continue to implement its plans to reduce costs and improve production and operating efficiency. It will also work with government agencies to explore ways to diversify energy sources. |
| Financial Impact on the change | The direct financial impact is estimated to be an increase of approximately 3% in the company's cost of sales. This impact is expected to appear starting from the first quarter of the fiscal year 2024. |
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