jordan pulse -
The Arab Potash Company achieved net profits at the end of the first quarter of this year amounting to about (114) million dinars, after deducting income tax, allocations and mining fees, while the company is moving forward towards implementing expansion projects in the production of potash and other projects in derivative industries, and investing in its infrastructure at a cost Estimated to exceed (1.2) billion dinars for the next five years.
The financial statements of the Arab Potash Company showed that the company's net revenues from potash manufacturing operations amounted to about (221) million dinars at the end of the first three months of this year, while the operating profit for the same period of the current year amounted to about (118) million dinars.
Commenting on these results, the Chairman of the Board of Directors of the Arab Potash Company, Eng. Shehada Abu Hudaib, said: “Despite the great fluctuations in the global fertilizer markets as a result of the war in Europe and its repercussions on various countries of the world on the economic and logistical levels and its effects on the global fertilizer trade movement. However, the Arab Potash Company has maintained distinct levels of productivity and profitability, as a result of its commitment to its strategic plans.
Engineer Abu Hudaib confirmed that these projects will have a major role in strengthening the company's position in its traditional markets, as well as in increasing the efficiency of its production operations, maximizing its revenues, as well as improving the added value of its products to enable it to enter new global markets with high returns, indicating that the company will continue Through its center for research, development and innovation, which is nearing the completion of its establishment, equipment and operation, it explores innovative ways to meet the growing global demand for potash fertilizer of all kinds, develop new diversified products and enhance the sustainability of the company's business.
Engineer Abu Hudaib pointed out that the company's share of the profits of its investments in allied companies and joint ventures amounted to about (27) million dinars at the end of the first quarter of this year, which reflected positively on the total financial results of "Arab Potash".
Engineer Abu Hudaib pointed out that the Arab Potash Company and its subsidiaries and allies are among the largest contributors to the Kingdom's reserves of hard currencies, which amounted to about $470 million in the first three months of this year.
For his part, the CEO of the Arab Potash Company, Dr. Maen Ensour, said that the Arab Potash Company continued to play its effective role as a reliable partner in enhancing global food security through the production of high-quality fertilizers, as the company's production quantities of potash increased by the end of the first quarter of the year. current year compared to the same period last year by 7% to reach (726) thousand tons, while the company was able to reduce the average production cost by 17% per ton.
Dr. Ensour added that the Arab Potash Company is currently implementing a set of expansion projects aimed at increasing its production capacity of potash products of all kinds, as well as expanding its operations, in a way that contributes to upgrading the company to new horizons and strengthening its position as a leading producer of potash fertilizer in the world.
Dr. Ensour explained that the estimated costs of the company's expansion projects will exceed over the next five years an amount of (1.2) billion dinars, explaining that these projects are a milestone in the path of the company's growth and expansion within the regional and global markets, in addition to their great positive repercussions on increasing the company's revenues. And achieve better profitability in the long term, and enable the company to play a pivotal role in the country's overall economy.
According to Dr. Ensour, the Arab Potash Company is currently studying the implementation of a group of major investment projects, the most important of which are; The specialized fertilizer complex, and the expansion of the production of other derivative materials through its subsidiaries and affiliates such as the Jordan Bromine Company, in addition to the production of other fertilizers that are not currently produced in the Kingdom, which will give the company an opportunity to expand its growing customer base and enter new non-traditional markets in addition to improving its competitive position. in the markets you deal with.