National Gypsum Co. (NGC) will likely see its cost rise by SAR 3.5 million to SAR 4 million due to a recent hike in energy and electricity prices in Saudi Arabia, the company said in a statement to Tadawul.
Financial impact will be reflected on results during the 2016 fiscal year.
Gypsco will work to cut costs and boost production efficiency to offset the impact, the statement added.
Last month, the Saudi cabinet agreed to cut energy subsidies in an effort to shrink its budget deficit and increase non-oil revenue.
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