A manufacturing facility of Al Jouf Cement
Al Jouf Cement Co. said today, Jan. 21, that raising fuel prices will have an estimated impact on total costs of 9%, based on its latest audited financial statements.
The impact is expected to appear starting in the first quarter of 2024, according to a statement to Tadawul.
The company emphasized its commitment to investigating methods to lessen the financial effect of this change on its earnings in the upcoming period. Moreover, it will persist in executing strategies to cut expenses and enhance efficiency in production and operations.
Further, the company will collaborate with government agencies to explore ways to diversify energy sources, the statement added.
The cement manufacturer also plans to initiate an alternative fuel system to boost production. In addition, it is working on a renewable energy project to reduce fuel usage for electricity and studying a waste heat recovery project (WHR).
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