National Gypsum Company has announced that the increase in fuel prices by Saudi Arabian Oil Company (Aramco) as of 1 January is expected to raise the sales cost by 10.81%.

The impact of the raised fuel prices is expected to appear starting from the first quarter (Q1) of 2024, according to a bourse filing.

It is worth noting that National Gypsum reported a 235.95% year-on-year (YoY) surge in net profit after Zakat and tax to SAR 11.12 million in the first nine months (9M) of 2023, versus SAR 3.31 million.

Earlier in February, United Mining Industries Company announced that Aramco’s decision to increase gas prices was expected to increase the cost of goods sold (COGS) by 4.50%.

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