AMMAN — The General Assembly of the
Jordan PhosphateMines Company (JPMC) has approved the Board of Directors' recommendation to
distribute cash dividends to shareholders at 300 percent of the company's
paid-up capital, amounting to JD82.5 million.
اضافة اعلان
It also approved the annual budget and profit and loss
accounts, and discharged the Board of Directors from liability for the fiscal
year 2022, the Jordan News Agency, Petra, reported.
At an
extraordinary meeting chaired by Muhammad Thuneibat,
the chairman of the company's Board of Directors, the General Assembly gave the
thumbs up to a proposal put forth by the board to pump up the company's capital
from JD82.5 million to JD247.5 million via the capitalization of JD165 million
from retained profits, amounting to 200 percent of the capital, and dishing out
the amount as bonus shares to shareholders.
Thuneibat emphasized that last year saw "a remarkable
triumph" in the company's progression since its establishment due to its
ability to turn obstacles into opportunities, by means of a sweeping reform
initiative to restructure the company and slash mining, production, and sales
costs by percentages ranging from 25–50 percent of previous outlays.
Reform strategiesThe company's actions included channeling expenditure
towards capital schemes, conducting sustainable maintenance operations on
factories and production facilities located in diverse regions, and enforcing a
fair job substitution strategy, he said.
Last year saw "a remarkable triumph" in the company's progression since its establishment due to its ability to turn obstacles into opportunities
Thuneibat noted that the reform strategies have propelled
the company forward among the world's foremost corporations in the mining and
fertilizer sector, thanks to its aptitude for elevating production volumes,
enhancing product quality, boosting sales, and exploring untapped international
markets.
Expanding operationsThe chairman highlighted the company's triumph in creating
production industries that buttress the phosphate mining and phosphate
fertilizer sectors, such as its washing and flotation plant, and its aluminum
fluoride plant situated in Al-Shidiyah.
The company has also managed to fortify its ties with global
and domestic corporations, with a view to setting up additional manufacturing
industries that boost its global standing, such as a poultry feed factory and a
white phosphoric acid factory, Thuneibat said.
The earnings per share for the fiscal year of 2022 totaled JD8.672, in contrast to the preceding year's earnings of JD4.06 per share, representing a “substantial boost”.
He explained how these endeavors would shore up the
company's financial stability for the long haul, curtail the effects of
international price volatility, and forestall the reoccurrence of financial
crises that had harmed the company before 2018.
Future trajectoryThe JPMC has devised strategic blueprints to be executed
between 2022 and 2027 involving the creation of fresh manufacturing industries
in partnership with local and international collaborators, costing an estimated
$1.6 billion, the chairman said.
He emphasized that these plans would act as a safeguard for
the company and the national economy, and would generate additional employment
opportunities for Jordanians.
The
company's Board of Directors proposed to the General Assembly to allocate nearly 35 percent of the net profits for this year to
shareholders, and to transfer the remainder of the profits to retained
earnings.
A golden yearThe company's balance at the end of the previous year
approximated JD1.17 billion, according to Thuneibat, who said the company
“struck gold” in 2022, securing an all-time high profit margin which, after
taxes were deducted and before employee bonuses were doled out, summed up to a
staggering JD734.8 million, soaring by approximately 113 percent in comparison
to the gains realized in 2021.
The company and its affiliates raked in export revenues of around $3 billion in 2022, making a significant dent in the trade deficit.
The earnings per share for the fiscal year of 2022 totaled
JD8.672 in contrast to the preceding year's earnings of JD4.06 per share,
representing a “substantial boost”, he said.
The chairman said the company saw a “remarkable spike” in
the volume of sales last year, selling 1.1 million tonnes of phosphate, up by
11.3 percent compared to the quantity sold during 2021.
“These feats paved the way for a momentous surge in
operating profit,” he said. Operating profit rose above the JD1 billion mark,
exhibiting a growth of 51 percent relative to 2021.
Meanwhile, the cost of sales plummet significantly — by 21
percent throughout the year — despite the increase in raw material prices by
over 30 percent.
Thunaibat noted that the company's assets saw a substantial
uptick of 39 percent relative to 2021, surpassing the JD2 billion threshold by
the close of 2022.
The company's equity also expanded at an “unprecedented” pace
of 60 percent in 2022, culminating in a significant JD1.484 billion by the
year-end.
National contributionsRegarding JPMC's role in boosting the national economy and
bolstering Jordan’s economic growth, Thuneibat affirmed that the company and
its affiliates raked in export revenues of around $3 billion in 2022, making a
significant dent in the trade deficit.
In terms of the company's role in boosting the state's
general budget and treasury revenues, the chairman said the JPMC’s direct
support to public funds reached approximately JD347 million last year.
This figure primarily encompasses income tax on annual
profits, mining royalties, customs fees, and foreign payment sales tax, he
noted.
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