| Element List |
Explanation |
| Introduction |
Further to the company’s announcement published on the Tadawul website on 04/01/2024 (G) corresponding to 22/06/1445 (H), regarding the company’s receipt of a notification from Saudi Aramco with adjustment of fuel prices used in the company’s activities, the company would like to clarify the expected financial impact. |
| 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 its participation in the Industrial Sector Competitiveness Program by signing the “Framework Agreement for Industrial Sector Competitiveness” that provides several immediate and development solutions, aim to enhance the competitiveness of existing industrial companies in the Kingdom of Saudi Arabia, which mostly affected by the implementation of the energy price adjustment plan. The program will contribute to reducing the impact of the immediate increase in the energy prices. The company reaffirms its full dedication to minimize the financial impact and safeguarding the interests of its esteemed shareholders through enhanced business efficiency, responsible and sustainable development, and the implementation of the most effective measures. |
| Financial Impact on the change |
The financial impact of the change is represented in the decrease in the impact of adjusting the prices of fuel products used in the company's activities on the total cost from an increase of 18% before signing the agreement to an increase of approximately 8% after the signing of the agreement, starting from 01/01/2024. |
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