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Addendum announcement from Almasane Alkobra Mining Company (AMAK)regarding its receipt of notice of an adjustment in the prices of fuel products used in production.
| Element List | Explanation |
|---|---|
| Introduction | Further to Almasane Alkobra Mining Company (AMAK)’s announcement published on Tadawul website on 22/06/1445 AH corresponding to 04/01/2024 AD regarding its receipt of notice of an adjustment to the prices of fuel products, the company would like to clarify the expected financial impact of this amendment. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-01-04 Corresponding to 1445-06-22 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The company announces that the direct financial impact is estimated to be an increase of approximately 3% in the company's cost of sales. This impact is expected to appear starting from the first quarter of the fiscal year 2024. The company would also like to assure its esteemed shareholders that it will work during the coming period to explore ways to reduce the financial impact of this adjustment on the company’s profits, and will continue to implement its plans to reduce costs and improve production and operating efficiency. It will also work with government agencies to explore ways to diversify energy sources. |
| Financial Impact on the change | The direct financial impact is estimated to be an increase of approximately 3% in the company's cost of sales. This impact is expected to appear starting from the first quarter of the fiscal year 2024. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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