SIIG Reports 1% Increase in Sales Costs Due to Feedstock and Fuel Price Adjustments

The Saudi Industrial Investment Group (SIIG) announced on Thursday that its subsidiaries received an official notification from the Saudi Arabian Oil Company (Saudi Aramco) stating that the prices of some products (feedstock/fuel) will be adjusted, effective from Jan. 01, 2025.

The Company expected that the financial impact of this increase would be about 1% of sales costs for jointly managed companies, according to the latest audited annual financial statements, with this impact to appear starting from the first quarter of the fiscal year 2025.

The Company indicated that it continues to work on enhancing the efficiency of its business and developing it in a responsible and sustainable manner, and investing in innovation and development of production technologies and products, in addition to maximising the benefit from the advantages of the competitive infrastructure available in the Kingdom to achieve its strategic objectives