APC and the need to clone a success story

Sunday Review

Khalid Dalal (Photo: JNews)
The Arab Potash Company (APC) stands out not only as a successful and profitable business, but also as a model of sound management and out-of-the-box thinking that all our national corporations should seek to follow.اضافة اعلان

It has impressively survived the fatal blows of a stubborn economic crisis during the pandemic that has pushed entire industries over the edge during the past year. And during these dark times, it extended a helping hand to support the country’s efforts to fight COVID-19, giving away JD30 million, the highest figure among all donors to Himmat Watan Relief Fund.

The year 2020 witnessed a lot of firsts. The firm hit a new record in the volume of production, exceeding 2.6 million tonnes of potash sold to more than 40 countries in six continents, including new markets, thanks to a well-knitted strategic plan to address the challenges posed by the pandemic that paid off well, as figures meaningfully show.

The net profits recorded last year amounted to JD127 million, and dividends distributed to shareholders equaled 100 percent of the company’s capital of JD83 million. With these record results, the APC funneled JD80 million into the Treasury. The state, for its part, extended full support to the mining firm, to sustain the operation of the award-winning blue chip, which is never satisfied with its results, regardless of how remarkable they are.

Top executives say they are working on expansion plans to boost profits and remain a forerunner locally, regionally, and globally.

At the macroeconomic level, the APC and its subsidiaries contributed 10 per cent of the total national exports.

The good news comes as a breath of fresh air in a situation that has seen hope dimming and public morale in a dire need for a boost.

We ought not stop at rejoicing in the achievements declared by the APC. The company is exactly what Jordan needs as a role model for mining firms, and others across the board.

There are several useful lessons to learn from a company that in a coronavirus year, when supply chains were disrupted and well-established companies collapsed, gives us hope that whatever the set goals are, they are attainable when we put our heart into the mission at hand.

A major lesson is that our industries should believe that “challenges turned into opportunities” is not only a slogan or mere words packed into company profiles. Profitability is the primary goal of all businesses, but if accompanied with a spirit of patriotism and eagerness to serve higher national goals, it would double the impact and sustain the momentum.

Another lesson is that cost cutting is vital for survival. The APC’s results show that the plan devised for that purpose has paid off and offered a motive for other companies to follow suit.

A third has to do with the undisputable fact that meritocracy is the magic word that is the catalyst of success. Manning a company with highly-qualified, dedicated personnel cannot but be conducive to harvesting the best fruits. It goes without saying that training, skill polishing, and incentivization would yield a productive matrix that renders success part of a culture and a heritage that have made us, Jordanians, proud and more confident to move on.

Read more Opinions.