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Southern Province Cement anticipates 12.5% higher costs amid increased fuel prices

Southern Province Cement anticipates 12.5% higher costs amid increased fuel prices
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Riyadh – Mubasher: Southern Province Cement Company announced that the increase in fuel prices used in production would raise production costs by 12.50%.

The company stated that it is researching ways to mitigate this impact on its financial results, according to a bourse filing.

In January, Southern Province Cement appointed a new Chairman and Deputy Chairman.

The company posted 49.16% lower net profits after Zakat and tax at SAR 121 million in the first nine months (9M) of 2023, versus SAR 238 million a year earlier.

City Cement Company announced earlier today that the hike in fuel prices for cement production, as declared by the Saudi Arabian Oil Company (Aramco) in January, would result in an approximate 8% increase in its total costs.