Several Saudi-listed companies have announced that they received a notice from Saudi Aramco to increase fuel prices from January 1 this year, a decision they said could affect finances and production costs.
Saudi Aramco, the world's largest oil-producing company, increased retail diesel prices for 2024 by 53 per cent to 1.15 Saudi riyals ($0.31) per litre, its third increase since 2016.
In their filings to the Tadawul stock exchange, companies warned the rise in feedstock and fuel prices would have a direct consequence on production costs, affecting their earnings starting from the first quarter of this year.
Saudi Basic Industries Corporation (Sabic), Saudi Kayan Petrochemical Company, Saudi Ceramic, Qassim Cement, Saudi Aramco Base Oil, Rabigh Refining and Petrochemical, Almasane Alkobra Mining and Nama Chemicals are among the dozens of companies that commented on the fuel price increase.
Sabic, the Middle East's biggest petrochemicals company, said in a filing to the Tadawul stock exchange that its annual cost of sales was expected to rise by about 1.7 per cent.
“This impact will appear starting from the first quarter of 2024,” it said.
Sabic Agri-Nutrients estimates the financial bearing at about 3.8 per cent of its annual sales costs based on the latest audited annual financials, while Yanbu National Petrochemical expects a 2.8 per cent rise in its annual cost of sales, the company said.
Saudi Kayan Petrochemical also predicted an increase of about 1.2 per cent in its annual cost of sales, based on its recent audited financial statement. The financial impact will likely show in the first quarter.
Sahara International Petrochemical said that it expected a 3.18 per cent rise in costs.
The companies said they were looking for ways to offset the rising costs.
In November, Saudi Aramco reported a 23 per cent drop in third-quarter net profit amid the kingdom's voluntary production cuts and a fall in crude prices.
Net profit after zakat for the three-month period to the end of September fell to 122.2 billion riyals, the state oil company said.
Revenue during the period also declined by 22 per cent to 424 billion riyals.
Brent, the benchmark for two thirds of the world’s oil, surged to nearly $140 a barrel after the invasion of Ukraine in March 2022, but has since given up most of its gains due to resilient Russian crude supply and fuel demand concerns.
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
