AFAQ NEWS
The Arab Potash Company’s (APC) net profits reached JOD55 million by the end of last June, after deducting taxes, provisions and mining fees, marking a first in the company’s history in terms of production and sales, despite the COVID-19 fallout in Jordan and the world.
According to its mid-term financial results, the APC’s production increased to 1.11 million tons in the first half of this year, with a growth rate of 2 percent, while sales increased by 3 percent amounting to 1.29 million tons, compared to the same period of 2019.
In a press statement on Sunday, Chairman of the APC Jamal Sarayrah said that the company’s operating profits were affected by the global preventive and precautionary measures taken to curb the spread of the coronavirus, leading to a decline in global demand for potash-based fertilizers and a significant drop in its prices.
Of the net profits, he added, JOD 30 million were deducted as a contribution to the “Himmet Watan” fund, the Health Ministry’s bank account, and other national institutions and local communities within the framework of the company’s support for the state’s efforts to address the negative repercussions of the pandemic.
Sarayreh stated that the company continued its operations during the crisis, enabling it to achieve operating profits at rates similar to what was achieved last year. The Arab potash’s mid-term revenues for this year amounted to JOD 201 million, while the operating profits were at JOD 31 million during the same period last year.
He pointed out that the company will continue implementing projects to expand the production of derivative industries, noting that it began registering a development area at the Jordan Investment Commission that will be an incubator for a company owned by the Arab Potash company, which will in turn own and establish an integrated complex of specialized chemicals and fertilizers in the Dead Sea area.
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