The National Agricultural Development Company (NADEC) announces receiving a notification regarding the adjustment of fuel prices from Aramco

The National Agricultural Development Company (NADEC) announces receiving a notification regarding the adjustment of fuel prices from Aramco

The National Agricultural Development Company (NADEC) hereby announces that it has received notification from Saudi Aramco of an adjustment in fuel product prices used in its operations and distributions, effective January 1, 2024. The company would like to emphasize to its esteemed shareholders that the amendment would lead to an increase in production and distribution costs. However, the Company will be working on: Minimizing the impact: Implementing operational efficiency measures and exploring alternative energy sources to mitigate cost increases. Investing in innovation: Continuing research and development in sustainable agriculture technologies to enhance productivity and reduce reliance on traditional fuels. Collaborative approach: Working closely with partners and suppliers to identify mutually beneficial solutions to address the challenges posed by the fuel price increase. The company is currently studying the financial impact of prices changes on the company’s production cost, to reflect the impact in the first quarter results of the fiscal year 2024.

The National Agricultural Development Company (NADEC) announces receiving a notification regarding the adjustment of fuel prices from Aramco