Obeikan Glass Co receives notification from Marafiq about adjusting gas prices

Obeikan Glass Company announced on Sunday to its esteemed shareholders the receipt of a notice from the Power and Water Utility Company for Jubail and Yanbu (Marafiq) regarding the adjustment of gas prices used in the company’s operational processes, effective from 01-January-2024.

The company would like to clarify to its esteemed shareholders that the amendment will result in an increase in production costs. The company has initiated procedures to enhance operational efficiency and optimize energy use to mitigate the impact of rising costs.

Currently, the company is assessing the financial impact of the price changes on the company’s production costs, and the financial effect will be reflected in the results of the first quarter of the fiscal year 2024.