|16 February, 2020

Arab Potash achieved $214mln in profits in 2019

The company has managed to penetrate new markets

Dealers watch price movements on the electronic board in the investors' gallery of the Amman Stock Exchange.

Dealers watch price movements on the electronic board in the investors' gallery of the Amman Stock Exchange.

REUTERS/Muhammad Hamed

AMMAN — The Arab Potash Company (APC) announced on Saturday that its net profit after taxes, provisions and royalties amounted to JD152 million in 2019, recording an increase of 21 per cent from the JD125 million generated in 2018.

Commenting on the company's financial results last year, APC Chairman of the Board of Directors Jamal Al Sarayrah said that the country's mining firm has realised "remarkable development" in terms of production costs, explaining that the cost of producing one tonne decreased by 10 per cent, the Jordan News Agency, Petra, reported.

Sarayrah added that the company has managed to penetrate new markets, such as Brazil, saying that efforts are under way to access other promising markets, including Australia.

In regards to the APC's direct contributions to the national economy, Sarayrah explained that APC paid the Treasury a total of JD124 million in 2019 in royalties, taxes, and dividends, up by 75 per cent from 2018.

The chairman added that the company, its subsidiaries and affiliates contributed to increasing the Kingdom's foreign currency reserve by some $1.1 billion in 2019.

APC President and CEO Maen Nsour said that the 2019 results are "very good", especially that part of these profits were generated after lowering the production costs.

Nsour added that the APC has achieved record production volumes of potash, hitting 2.486 tonnes — "the highest in the history of the company".

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