AMAK: Financial Impact of adjusting fuel prices is sales costs increase by 3%

Almasane Alkobra Mining Company (AMAK) announced on Monday 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 assured 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. It 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.

This comes further to Almasane Alkobra Mining Company (AMAK)’s announcement published on the Tadawul website on 04/01/2024 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.