October 3 2022 3:03 PM E-paper Subscribe Sign in My Account Sign out

JPMC nets JOD579m

Jordan Phosphate Mines Company  JPMC
(File photo: Jordan News)
AMMAN — The Jordan Phosphate Mines Company (JPMC) reported a significant increase in earnings before tax (EBT) in the first half of 2022, with JD579 million, compared with JD177.6 million in the same period in 2021, according to the Jordan News Agency, Petra.اضافة اعلان

The net profit after tax amounted to JOD371.8 million in the first half of 2022, compared with JD90 million recorded in the same period in 2021, a whopping 313 percent jump.

JPMC Chairman Muhammad Al-Thneibat said that the financial statements of production and marketing reports and the results of the company’s business during the first half of 2022 showed a significant increase in the production and marketing of crude phosphate, fertilizer and phosphoric acid, in addition to a 40 percent decrease in the mining operational costs.

On the results of the company’s business and its allied companies and subsidiaries during the reporting period, Thneibat said that the report showed a significant improvement in most items of the income statement compared to the same period last year.

He added that the company’s sales during the reporting period amounted to JD885.4 million, compared with JD405.4 million in the same period last year, a 118 percent increase. He said that the the ratio of cost of sales to sales in the first half of this year decreased by 18 percent, compared with the same period last year.

In relation to the group’s balance sheet figures, Thneibat said that the report showed a significant improvement in its results for the end of the first half of this year, compared with the end of last year.

The company’s total net assets increased by JD223,000, a 14.8 percent improvement. The company’s indebtedness decreased at the end of the first half of this year, compared with the end of last year, by JD12.5 million, a 19 percent decrease.

He added that the value of property rights increased by JD206.8 million, an improvement of 22.2 percent after distributing profits.


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