2 stories mentioning SASE:3003Updated 1d ago
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Sadif Investment Analytics on Wednesday lowered the price target for cement products manufacturer City Cement Co. (SASE:3003) to 8.93 Saudi riyals from 12.51 riyals, while maintaining a hold rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
City Cement Co. (SASE:3003) expects the fuel price adjustment disclosed by Saudi Arabian Oil Co., d/b/a Saudi Aramco, in January to result in a 2.32% increase in its production costs.The cement products manufacturer said Tuesday that it has incorporated the estimated increase in its first-quarter results. It added that its participation in Saudi Arabia's Industrial Sector Competitiveness Program helped soften the price adjustment's financial impact.In January, the state-owned oil giant notified City Cement about the changes in prices of fuel products used in the latter's production activities.
