The Arab Potash Company (APC) announced that it achieved a pre-tax profit for the first half of this year of JD138 million, while the post-tax net profit, provisions and mining fees amounted to JD98 million.
The positive results came despite the fluctuations in the global fertilizer market, including the potash market, which confirms the effectiveness of the APC’s plans to enhance and increase the efficiency of its operational system, which led to an increase in production and sales quantities, which in turn reflected in the pre-tax operating profit from potash operations during the first half of this year, which amounted to about JD97 million.
The APC’s financial statements showed that net sales revenues achieved by the APC and its subsidiaries reached JD325 million by the end of the first half of this year, driven by sales volumes of more than 1.4 million tons.
In terms of the APCs investment activities, the company’s investments in allied companies contributed to increasing profits, as APC’s share of th
e profits of these investments in the first half of this year amounted to about JD17 million.
Shehadah Abu Hdaib, Chairman of the Board of Directors, explained that the positive results reflect the flexibility of the company’s operational and marketing model, which enabled it to deal with the challenges the global fertilizer market facing, including the negative price pressures caused by geopolitical factors.
He added that the APC continues to implement its various plans based on several themes, including the expansion of sustainability projects in energy and water and the promotion of complementary investment opportunities between Jordanian companies operating in the fertilizer and chemical sectors in the Kingdom.
Abu Hdaib said that the company applies governance systems in line with international best practices, which has enabled it to strengthen its presence in different markets with strict environmental and governance requirements, underscoring the APC’s role in supporting the national economy, as the
company’s operations in the first half of this year contributed to about $634 million to the foreign currency reserves of the Jordanian banking system, pointing to the company’s contributions in terms of social responsibility and support for many sectors such as health, education, water, environment, and other sectors.
He expressed the APC’s appreciation for the government’s role in creating a suitable investment environment for the fertilizer and chemical sectors by developing and implementing laws and legislations regulating investment in the Kingdom, stressing the company’s commitment to continue working with various government agencies to enhance the Kingdom’s role in achieving global food security.
For his part, Maen Nsour, President and CEO of the company, said that the APC’s executive management has developed a business plan for the next ten years, which aims to improve the company’s performance, financial position and competitiveness in the foreseeable future by focusing on several themes, foremost
of which are expanding production and increasing the efficiency of operations, expanding the company’s presence in new markets with high returns, expanding in derivative industries through its subsidiaries and allied companies (including Jordan Bromine), and entering new industries with high added value in fertilizers and derived chemicals fields, by building on local, regional and international partnerships.
Nsour explained that the implementation of the new strategic plan (2024-2028) and the ten-year financial plan will enhance the company’s performance and its global competitive position in line with the objectives of the economic modernization vision in the mining and fertilizer sectors, noting that the company is closely following up with the government and concerned parties on the stages of implementing the vision initiatives to achieve the desired goals on time.
He added that the company managed to reduce the cost of producing one ton of potash by 5 percent in the first half of this year, by focusing
on prudent cost management and raising the efficiency of manufacturing processes and various activities in the company, stressing the important role of efficient human capital to implement the company’s plans and achieve its goals in the short, medium and long term.
Source: Jordan News Agency