Riyadh – Mubasher: United Mining Industries Company has announced that the increase in gas prices by Saudi Arabian Oil Company (Aramco) is expected to raise the cost of goods sold (COGS) by 4.50%.
The increased COGS will come into effect starting from the first quarter (Q1) of 2024, according to a bourse disclosure.
United Mining Industries said that it will work in the coming period on exploring how to mitigate the impact of the cost increase on its financials.
Meanwhile, Aramco recently stated that its maximum sustainable capacity (MSC) will remain unchanged at 12 million barrels per day (MMBD).
On 8 January 2024, United Mining Industries received a letter from the Power and Water Utility Company for Jubail and Yanbu (Marafiq) amending gas prices based on a notice from Aramco.
It is worth noting that United Mining Industries started trading its shares on the Parallel Market (Nomu) on 22 October 2023. Following the listing, the company’s board decided to pay SAR 0.70 per share as a cash dividend for the first half (H1) of 2023.
