Jordan's Arab Potash Company profits increased to $847mln in 2022

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AMMAN — The Arab Potash Company on Wednesday announced that its profits in 2022 increased to JD601 million, compared with JD217 million in 2021.

The company's net consolidated revenue at the end of last year rose to some JD1.3 billion, and its consolidated operating profit to almost JD738 million, compared with JD239 million in 2021, the Jordan News Agency, Petra, reported.

APC Chairman Shehada Abu Hdeeb said that the "outstanding" financial results achieved by the company at the end of 2022, which are the highest in the company's history, reflected positively on the company's payments of fees, taxes, mining returns and distribution of profits to the Treasury, rising at the end of last year to some JD404 million.

He added that the company's financial performance was reflected in its contribution to the Kingdom’s foreign currency reserves, as the company, its subsidiaries and its allies contributed $2.4 billion in 2022, up from $1.3 billion in 2021.

The APC chairman also referred to external factors affecting the global fertiliser market in 2022, which suffered from volatility and instability as a result of the Russian-Ukrainian war that resulted in shortage of potash supplies, which has increased the company's “pivotal responsibility” in securing the needs of its global partners, and boosted global food security levels.

Abu Hdeeb also praised the government's role in providing a proper investment environment through laws and regulations that contributed to enabling the company realise its main goals.

APC CEO Maen Nsour said that the company seeks to implement future plans and expansion projects in the production of potash and other derivative industries, with investments estimated cost of JD1.2 billion in the company’s infrastructure over the next five years.

The company's capital expenditure during 2019-2022 stood at some JD600 million, he added.

Nsour noted that the company in 2022 sought to meet the needs of various markets for potash, the most important of which is the European market,

He added that APC also continued to honour its contractual obligations to supply its traditional markets with the quantities required in those markets, where the company was able to sell 2.621 million tons of potash last year.

The CEO also referred to the role of the new industrial port that His Majesty King Abdullah inaugurated in June in enabling APC to increase its potash exports.

He said that the project will increase the company's handling capacity from 5 million tons to about 10 million tons of industrial products of APC, the Jordan Phosphate Mines Company and other firms using this vital facility.