AMAK: Fuel Price Adjustments Lead to 2.5% Increase in Sales Cost

Almasane Alkobra Mining Company (AMAK) announced on Thursday that it received a notification from Saudi Aramco stating that the prices of fuel products used in operating activities will be adjusted starting from Jan. 01, 2025.

The Company explained that the direct financial impact is estimated at an increase in the cost of sales for such Company by approximately 2.5%, and this impact is expected to appear starting from the first quarter of the fiscal year 2025.

The Company confirmed that it will work during the coming periods to explore ways to reduce the financial impact of this adjustment on the Company’s profits, and will continue to implement its plans to reduce costs and improve production and operational efficiency, and will work with government agencies to explore ways to diversify energy sources