Riyadh January 3 2024: Saudi Basic Industries Corporation (SABIC) has reported that its affiliates in Saudi Arabia have officially received notification from Saudi Arabian Oil Co. (Saudi Aramco) regarding an increase in feedstock prices.
Consequently, SABIC anticipates a nearly 1.7% rise in its annual cost of sales, starting from the first quarter of 2024, according to the latest audited annual financial statements disclosed to Tadawul.
In a separate statement to Tadawul, Yanbu National Petrochemical Co. (Yansab) anticipates a 2.8% increase in its annual cost of sales, while Saudi Kayan Petrochemical Co. foresees a nearly 1.2% rise in its annual cost of sales, both based on their recent audited financial statements. The financial impacts for Yansab and Saudi Kayan Petrochemical Co. are expected to materialize in the first quarter of 2024.
Najran Cement Co., Al Jouf Cement Co., Southern Province Cement Co., Northern Region Cement Co., Tabuk Cement Co., City Cement Co., Riyadh Cement Co., Hail Cement Co., Umm Al-Qura Cement Co., Yanbu Cement Co. and Saudi Cement Co. received notifications from Saudi Aramco about adjustments to prices of fuel products used in cement production, effective Jan. 1.
