Arab Potash Company achieves record JD601 million in profits

industry Exports  Potash Company
(File photo: Jordan News)
AMMAN — The Arab Potash Company announced on Wednesday that it had achieved its highest-ever profits, reaching JD601 million by the end of last year, Al-Mamlaka TV reported. اضافة اعلان

The company attributed the increase in net profits, which is up from JD217 million at the end of 2021, to the "solid plans" it has been working on since 2019.

In addition to this, the consolidated net revenue increased to about JD1.3 billion, while the unified operating profit reached approximately JD738 million by the end of 2022, compared to JD239 million at the end of 2021.

Increase in state treasury paymentsShehadah Abu Hdaib, the chairman of the Board of Directors of the Arab Potash Company, emphasized the importance of the financial results achieved. He said the "solid plan developed and implemented by the company's executive management with high efficiency and support from the board of directors contributed to the improvement of the company's performance level over the past few years and enabled it to achieve distinguished results in all its activities related to planning, production, and marketing".

Abu Hdeib added that the “distinguished financial results” achieved by the company in 2022 had a positive impact on its payments of fees, taxes, mining revenues, and profit distributions to the state treasury.

The company's payments to the treasury increased at the end of last year to reach approximately JD404 million.

The financial performance of the company also contributed to its reserves of foreign currencies in Jordan, where the total amount of foreign currencies supplied by the company and its subsidiaries and affiliates increased to about $2.4 billion last year, compared to about $1.3 billion during the same period of the previous year.

In addition, Abu Hdaib praised the Jordanian government's role in creating a favorable investment environment that contributed significantly to the company's success in achieving its main objectives.

Abu Hdaib explained that the economic modernization vision launched under Royal directives highlighted the pivotal and developmental role of the mining and fertilizer sector in Jordan over the next 10 years.

He emphasized that the government's laws and legislation governing investment in the Kingdom have enabled the company to operate in an environment conducive to growth and expansion.

Expansion Meanwhile, the CEO of the Arab Potash Company, Maen Nsour, announced that the company is implementing future plans and expansion projects in the production of potash and other derivative industries, investing in the company's infrastructure for the next five years at an estimated cost of JD1.2 billion.

According to Nsour, the company's expansion plans include entering new global markets and improving its competitive position in the markets it already operates in.

The company is studying several major investment projects, including a specialized fertilizer complex, expansion of the production of other derivatives through its subsidiaries and allies, as well as the production of other fertilizers that are not currently produced in the Kingdom.

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